Key Takeaways
Galaxy Digital has launched GLXY tokenized shares on the Solana blockchain, offering real equity with full shareholder rights.
Stockholders can now tokenize their GLXY shares through Superstate’s Opening Bell platform.
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Global investment firm Galaxy Digital has joined forces with fintech startup Superstate to tokenize its shares on Solana, according to a Wednesday release. It is the first time shares of a Nasdaq-listed company registered with the SEC have been tokenized on a major public blockchain.
San Francisco-based Superstate, founded in 2023, builds tokenized investment products that connect traditional finance with crypto markets. It operates “Opening Bell,” a platform for issuing and trading SEC-registered shares on blockchain networks.
Discussing the partnership with Superstate, Galaxy CEO Mike Novogratz said the effort is aimed at demonstrating how tokenized equity can deliver transparency and programmability at scale, both for Galaxy and the market.
“Our goal is a tokenized equity that brings the best of crypto – transparency, programmability, and composability – into the traditional world. And we’re taking part in building a model that can scale, not just for Galaxy, but for the market more broadly,” said Novogratz.
The initiative allows Galaxy’s public shares to be managed on-chain using Superstate’s Opening Bell platform.
Unlike other tokenized stock offerings that use wrapper or synthetic models, these tokens represent actual Galaxy Digital Class A Common Stock with full shareholder rights, the company noted. The tokenized shares maintain full compliance while gaining the advantages of blockchain technology, including 24/7 market potential and near-instant settlement.
Superstate serves as the SEC-registered transfer agent, recording legal ownership on-chain in real-time as tokens are transferred.
Investors who complete KYC verification can purchase Galaxy Digital’s tokenized shares through Superstate’s Opening Bell platform. These shares, issued as Solana-based tokens, can be held in personal wallets and transferred between approved participants.
Each on-chain transfer is recorded instantly on the blockchain, while Superstate updates Galaxy’s official shareholder registry in real time to ensure legal ownership is synchronized.
“This is the first instance of a Nasdaq-listed company being tokenized on a major public blockchain. When tokens change hands, the registered shareholder list of Galaxy updates in real-time. Financial markets are undergoing a massive upgrade with Superstate,” said Robert Leshner, CEO of Superstate.
Galaxy and Superstate are exploring regulatory-compliant trading of tokenized public equities via Automated Market Makers as part of the SEC’s Project Crypto innovation agenda.
Galaxy Digital began trading on Nasdaq under the ticker GLXY in May. Novogratz said upon the company’s US market debut that the team was exploring tokenization of its shares with the SEC for potential use in DeFi applications.
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