Galaxy Digital shares began trading on the Nasdaq stock exchange May 16, completing a years-long process that CEO Mike Novogratz called unfair and infuriating, CNBC reported.

The crypto and infrastructure company, which is also listed in Canada, opened trading at $23.50 in its Nasdaq debut.

Trading began on the same day Galaxy disclosed that it is working with the US Securities and Exchange Commission (SEC) to tokenize its shares. According to Bloomberg, the tokens representing Galaxy Digital’s shares could be used in decentralized finance applications, like borrowing or lending.

Galaxy is among several crypto companies looking to access the US markets under a friendlier regulatory regime in the country. Companies that are also exploring or working on a US listing include Metaplanet, Circle, Kraken, and Gemini. Trading platform eToro completed a listing on May 14.

The company has $7 billion in assets on its platform, according to its website. It suffered a loss of $295 million in the first quarter of 2025.

Galaxy Digital’s last two quarters. Source: Galaxy Digital

Real-world asset (RWA) tokenization is gaining traction in crypto, though it still represents a small share of the market. Data from RWA.xyz shows the sector’s market cap at $22.5 billion — a fraction of both global real-world asset values and major cryptocurrencies like Bitcoin (BTC). However, it’s growing fast, with a 111.8% increase over the past year.

One rising trend is tokenizing securities, essentially turning assets like stocks and treasury bonds into tradable tokens on the blockchain. Robinhood is considering building a blockchain that would allow retail investors in Europe to trade tokenized US securities like stocks. Galaxy Digital has plans to tokenize everything from stocks and fixed income to ETFs.

At the SEC’s crypto roundtable on May 12, Chair Paul Atkins compared the tokenization of assets to the music industry moving from analog to digital, which, according to Atkins, greatly benefited the American economy.

The closer relationships that US President Donald Trump has developed with the industry have sparked new enthusiasm for crypto activity in the country. In addition to the flurry of companies preparing for a US public listing, some other crypto companies have announced their reentry into the local market.

Magazine: X Hall of Flame: Bitcoin will ‘start ripping’ as Trump’s polls improve — Felix Hartmann 

Key takeaways:

The total altcoin market cap (excluding ETH) gained $126 billion in Q2, fueling speculation of an altseason.

The altcoin market cap, excluding Ether (ETH), has added $126 billion in Q2, sparking enthusiasm from analysts who have been waiting for an altseason. Crypto analyst Javon Marks noted a breakout that could rival the explosive 2017 bull run. 

In a recent post on X, Marks highlighted a chart comparing the TOTAL3 index (total market cap of altcoins excluding Bitcoin (BTC) and Ethereum) against the US money supply, suggesting that altcoins may be on the verge of a significant rally. 

A rise in TOTAL3 against the US money supply suggests that altcoins are gaining value relative to the total liquidity in the US economy, reflecting increased investor interest and capital inflow into altcoins. 

TOTAL3/US Money supply. Source: X.com

Marks emphasized that altcoins have recently bounced off a critical retest level following a breakout, and said, 

“Altcoins have bounced off of the breakout retest against the US money supply and can deliver one of their most powerful runs since 2017!”

Likewise, anonymous crypto trader Moustache shared an analysis on X, highlighting a weekly inverse head-and-shoulders pattern in the TOTAL3 chart. Comparing 2021 and 2025, the chart mirrors the 2021 altcoin season when top altcoins surged 174% against Bitcoin’s 20% during the final leg. The pattern, a bullish reversal indicator, suggests a rally, with the analyst forecasting “much higher levels” for altcoins.

Moustache’s TOTAL3 analysis. Source: X.com

“Altseason” sparks mixed sentiment among analysts

While some analysts are on the altcoin rally bandwagon, others are approaching with caution. Technical analyst Crypto Scient explained that the recent rise in altcoin market cap is yet to reflect a higher time frame (HTF) bullish trend shift. The analyst noted that the TOTAL2 trend remained bearish after hitting resistance at the $1.25 trillion level, and said, 

“Since both BTC and TOTAL are near the resistance zone and TOTAL2 still has some room, I am inclined to believe that we are distributing.”

Similarly, Crypto commentator DonaXBT argued that a significant breakdown in Bitcoin’s dominance trendline is essential for altcoins to experience a substantial move. The accompanying chart reveals that Bitcoin dominance is above 60%, with the weekly uptrend still intact. 

Bitcoin dominance. Source: Cointelegraph/TradingView

According to the analyst, a decline below the 60% level, followed by a retest of the support zone between 56% and 58%, could serve as the initial catalyst for a full-fledged altcoin season to emerge.

Related: Warren Buffett exits crypto-friendly Nubank holdings, netting $250M profit

Altcoin spot trading volume is still under $10 billion

Data from CryptoQuant indicates that altcoin spot trading volumes remain subdued, averaging $3-$5 billion/per day compared to $8-$12 billion/per day in Q4 2024, indicating that altcoins are in the early stages of a rally. Despite these lower volumes, market observers see this as a precursor to significant growth, suggesting that altcoins have yet to reach their peak momentum.

Bitcoin and Altcoins spot trading volume. Source: CryptoQuant

The Altcoin Season Index, currently at 24, further supports this outlook by confirming that the market is in Bitcoin season, as noted by Blockchaincenter.net. Historically, an index below 25 indicates Bitcoin dominance, but this can be a positive setup for altcoins. When the index climbs above 30-40, altcoins often experience significant pumps, driven by capital rotation from Bitcoin. 

With trading volumes showing early signs of recovery and the Altcoin Season Index pointing to a shift, investors’ optimism for an altcoin rally is growing.

Related: Spot Bitcoin ETF inflows fall, but BTC whale activity points to bull market acceleration

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Shares of Basel Medical Group are down around 15% after the healthcare company announced plans to buy $1 billion in Bitcoin for its corporate treasury. 

On May 16, Singapore-based Basel said it was “in advanced discussions with a consortium of institutional investors and high-net-worth individuals […] to acquire a US$1 billion BTC through an innovative share-swap arrangement.

The company said the benefits of its planned purchase include creating “one of the strongest balance sheets among Asia-focused healthcare providers” and providing “unmatched financial flexibility for mergers and acquisitions.”

It also said the Bitcoin (BTC) treasury would help Basel “[e]stablish “a diversified asset base to weather market volatility.”

But the company’s shareholders weren’t sold. Basel’s stock, BMGL, has dropped around 15% on the announcement, according to data from Google Finance.

Basel Medical’s shares are down 15% intraday on May 16. Source: Google Finance

Related: Strive to become Bitcoin treasury company

Fueling acquisitions

In April, Basel announced that it had acquired a peer healthcare provider, Bethesda Medical, for an undisclosed sum.

The deal marked “the beginning of Basel Medical Group’s expansion strategy in Singapore and the broader Southeast Asian healthcare market.”

Basel’s management team expects that accumulating Bitcoin will aid in these plans. “Our expanded balance sheet will allow us to move quickly on strategic opportunities as we build a premier healthcare platform across high-growth Asian markets,” Darren Chhoa, Basel’s CEO, said in a statement. 

Bitcoin treasury metrics. Source: Bitcointreasuries.net

Corporate Bitcoin treasuries

This isn’t the first time a company’s shareholders have punished it for announcing plans to build a Bitcoin treasury. 

GameStop shed nearly $3 billion in market capitalization during a single trading day in March as investors questioned the videogame retailer’s plans to stockpile Bitcoin.

“There are question marks with GameStop’s model. If bitcoin is going to be the pivot, where does that leave everything else?” Bret Kenwell, US investment analyst at eToro, told Reuters in March. 

Corporate treasuries collectively hold roughly $80 billion worth of Bitcoin as of May 16, according to data from BitcoinTreasuries.NET. 

Bitcoin can “potentially be a valuable hedge against growing fiscal deficits, currency debasement, and geopolitical risks” for corporations, asset manager Fidelity Digital Assets said in a 2024 report.

Magazine: Bitcoin’s $100K push wakes taxman, Vitalik visits real Moo Deng: Asia Express