Mike Novogratz describes ‘unfair, infuriating’ path to Galaxy Digital’s Nasdaq listing
TORONTO — Mike Novogratz said he spent nearly four years and more than $25 million trying to take crypto firm Galaxy Digital public in the United States.
“It felt un-American, unfair, infuriating,” Novogratz said.
Novogratz told CNBC that a process that should take 45 to 90 days stretched out to 1,320 days. He said it took nine rounds of comments with the Securities and Exchange Commission.
“One of the things that people didn’t understand about the crypto tax is that you needed to be very well capitalized — and a pretty big, strong company — just to stay in the game,” he said.
The billionaire crypto mogul will finally ring the opening bell at the Nasdaq Friday under the ticker GLXY with his company trading on U.S. public markets for the first time in a direct listing.
Novogratz said Galaxy’s auditing costs were significantly higher than those of firms like Jefferies — a consequence of the regulatory scrutiny that comes with being a crypto company. He said he expects those fees to drop by as much as 40% now that Galaxy is listed on the Nasdaq.
Yet instead of breaking Galaxy, the ordeal seemed to harden it.
“Scarcity makes you tougher,” Novogratz said. “We funded our company mostly through investment gains and trading.”
“We weren’t the only company that suffered,” Novogratz said, pointing to eToro, the Israeli trading platform, that went public on Nasdaq this week. Its listing was one of the first major fintech IPOs since 2021, signaling that investor appetite for crypto-adjacent firms is returning after years of regulatory caution and market volatility.
Until now, Galaxy Digital’s home on the public markets has been on the Toronto Stock Exchange, where the New York-based company went public in 2020, because U.S. regulators were too wary of crypto.
The TSX has become a testing ground for digital asset firms that couldn’t gain traction in American markets, even as U.S. investors and capital loomed just across the border.
But for Novogratz, whose ambitions were always bigger, the U.S. was the stage that mattered.
“Our visibility, volume, and notoriety in the Canadian market versus the U.S. is one to 30 — the U.S. market is 30 times deeper,” he said. “If we had been in the U.S. markets those four years, we’d be a different company.”
The former hedge fund manager turned crypto entrepreneur has built a reputation for direct and candid conversations. In Washington, he witnessed first-hand how crypto evolved from a fringe curiosity to a central issue in American politics.
“I was at the vice president’s inaugural ball as a representative Democrat,” Novogratz said.
In a room of roughly 300 attendees, he said he counted around 20 crypto CEOs — a striking show of the industry’s growing influence in Washington.
“I mean, it was shocking — the crypto representation down in D.C. over the inauguration — and Democrats noticed that. So I think, in earnest, there’s a core group of Democrats, and a big one, probably the majority of Democrats, that just want to pass crypto legislation that’s good for America, and move on, and, quite frankly, get crypto off the map as an electoral issue,” he said.
The turning point came with the election of President Donald Trump, a political shift that Novogratz saw unfolding in real-time.
“The flip got switched… the old regime knew the new regime was coming, and so they started to be much more supportive,” he said.
Conversations that had once been closed suddenly opened.
Novogratz met incoming SEC Chair Paul Atkins around the time of the inauguration. Atkins wasn’t yet in the role, but his stance was clear — he prioritized fair disclosure and leaned pro-business, pro-risk. Their conversation was high-level, focused on the regulator’s approach, but it left Novogratz with a sense of optimism.
“Ringing the bell is kind of the starting line, not the finish line,” said Novogratz.
The Honda Ruckus has earned cult status thanks to its minimalist styling, exposed frame, and seemingly endless customizability. The scooter, also known in international markets as the Honda Zoomer, has spent years being seen as a blank canvas for scooter tuners, urban commuters, and anyone who just wanted something simple, small, and kind of weird to zip around town. A few years ago, Honda finally answered the call for an updated version by announcing and producing the “Zoomer e:”, which was an electric version of the Honda Ruckus. So where is it?
When Honda launched the all-electric version of the Ruckus, the Zoomer e:, back in 2023, many fans hoped it was only a matter of time before we saw it quietly glide onto U.S. streets.
But two years later, there’s still no sign of a stateside release, and no indication that Honda plans to change that anytime soon.
The Zoomer e: was first introduced in China in early 2023 alongside two other retro-inspired electrics: the Cub e: and Dax e:.
The Zoomer e: keeps the stripped-down, industrial look of the classic gas-powered Ruckus, but swaps the 49cc engine for a 400W rear hub motor and a 48V 24Ah battery (around 1.15 kWh).
It was originally given a top speed of a mere 25 km/h (15.5 mph) to keep it street legal as an electric bicycle in its first market of China, where it also came with functional but stubby pedals so riders could pretend it was actually pedalable.
The first version of the electric scooter claimed a range of up to 80–90 km (50–56 miles) from its removable lithium-ion battery, depending on conditions.
We’ve since seen the performance bumped up to 40 km/h (25 mph) top speeds when the scooter was introduced into the Philippines market, where the local L1B classification allowed for higher speeds. It’s fairly obvious that the performance can be software-tweaked by Honda depending on the market, though likely to a limit. To achieve speeds much higher than 25 mph, a motor and controller swap may be required, though neither would be complicated.
In other words, the electric Ruckus’ debut revealed an ultra-lightweight, street-legal runabout designed for countries with expansive low-speed e-bike laws. But in the U.S., these types of quasi-e-bikes that are actually scooters are few and far between. The same performance can be had from a $1,000 electric bicycle, and in fact, Class 3 e-bikes in the US can go nearly twice as fast as the original electric Ruckus.
So Honda obviously hasn’t been in a rush to bring its low-spec version of the bike to the US market, where it would be a slower and heavier competitor to the wide range of cheap imported electric bicycles. However, its iconic design and cultural legacy have kept enthusiasm up for riders who have managed to privately import their own models. One Redditor appears to have imported two Honda Zoomer e: models in parts to assemble in the US, while someone else posted a YouTube video of his completely assembled Honda Dax e: model that was launched along the Zoomer e:.
Despite clear consumer interest and a growing market for low-speed electric vehicles, as well as Honda’s own proven interest in growing its electric scooter market, the company hasn’t made any moves to release the Zoomer e: in the US. That’s not surprising since America still lacks a robust electric scooter culture (or even a gasoline scooter culture, for that matter), and anything motorcycle-shaped that doesn’t hit 30+ mph tends to get passed over by mainstream buyers.
But perhaps that could change one day. Technically, bringing the Zoomer e: to the US wouldn’t be a monumental task for Honda. The U.S. is a self-certify country, meaning Honda could design a version that meets federal vehicle safety standards, beef up the motor and controller for higher speeds, and sell it as either a Class 2/3 e-bike, or perhaps more appropriately, as a low-speed motorcycle with a top speed in the 35-45 mph range (55-70 km/h).
With the rise of micromobility, electrification, and growing frustration with car-centric cities, now might actually be the perfect time for a reborn electric Ruckus to hit US roads. But until Honda decides to take that step, American riders will have to keep dreaming – or start importing.
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BMW Motorrad’s futuristic electric scooter just got its first real refresh since beginning production in 2021. The BMW CE 04, already one of the most capable and stylish electric maxi-scooters on the market, now gets a set of upgraded trim options, new aesthetic touches, and a more robust list of features that aim to make this urban commuter even more appealing to riders looking for serious electric performance on two wheels.
The BMW CE 04 has always stood out for its sci-fi styling and high-performance drivetrain. It’s built on a mid-mounted liquid-cooled motor that puts out 31 kW (42 hp) and 62 Nm of torque. That’s enough to rocket the scooter from 0 to 50 km/h (31 mph) in just 2.6 seconds – quite fast for anything with a step-through frame.
The top speed is electronically limited to 120 km/h (75 mph), making it perfectly capable for city riding and fast enough to hold its own on highway stretches. Range is rated at 130 km (81 miles) on the WMTC cycle, thanks to the 8.9 kWh battery pack tucked low in the frame.
But while the core performance hasn’t changed, BMW’s 2025 update focuses on refining the package and giving riders more options to tailor the scooter to their taste. The new CE 04 is available in three trims: Basic, Avantgarde, and Exclusive.
The Basic trim keeps things clean and classic with a Lightwhite paint scheme and a clear windshield. It’s subtle, sleek, and very much in line with the CE 04’s clean-lined aesthetic. The Avantgarde model adds a splash of color with a Gravity Blue main body and bright São Paulo Yellow accents, along with a dark windshield and a laser-engraved rim. The top-shelf Exclusive trim is where things get fancy, with a premium Spacesilver metallic paint job, upgraded wind protection, heated grips, a luxury embroidered seat, and its own unique engraved rim treatment.
There are also a few new tech upgrades baked into the options list. Riders can now spec a 6.9 kW quick charger that reduces the 0–80% charge time to just 45 minutes (down from nearly 4 hours with the standard 2.3 kW onboard charger). Tire pressure monitoring, a center stand, and BMW’s “Headlight Pro” adaptive lighting system are also available as add-ons, along with an emergency eCall system and Dynamic Traction Control.
BMW has kept the core riding components in place: a steel-tube chassis, 15-inch wheels, Bosch ABS (with optional ABS Pro), and the impressive 10.25” TFT display with integrated navigation and smartphone connectivity. The under-seat storage still swallows a full-face helmet, and the long, low frame design means the scooter looks like something out of Blade Runner but rides like a luxury commuter.
With these updates, BMW seems to be further cementing the CE 04’s role at the high end of the electric scooter market. It’s not cheap, starting around €12,000 in Europe and around US $12,500 in the US, with prices going up from there depending on configuration. However, the maxi-scooter delivers real motorcycle-grade performance in a package that’s easier to live with for daily riders.
Electrek’s Take
I believe that the CE 04’s biggest strength has always been that it’s not trying to be a toy or a gimmick. It’s a real vehicle. Sure, it’s futuristic and funky looking, but it delivers on its promises. And in a market that’s still surprisingly sparse when it comes to premium electric scooters, BMW has had the lane mostly to itself. That may not last forever, though. LiveWire, Harley-Davidson’s electric spin-off brand, has teased plans for a maxi-scooter-style urban electric vehicle in the coming years, but as of now, it remains something of an undefined future plan.
Meanwhile, BMW is delivering not just a concept bike but a mature, well-equipped, and ready-to-ride electric scooter that keeps improving. For riders who want something faster and more capable than a Class 3 e-bike but aren’t ready to jump to a full-size electric motorcycle, the CE 04 hits a sweet spot. It delivers the performance and capability of a commuter e-motorcycle, yet with the approachability of a scooter. And with these new trims and upgrades, it’s doing it with even more style.
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