Key Takeaways
- • Galaxy Digital (Nasdaq/TSX: GLXY) and Superstate launched tokenized GLXY shares on Solana on September 3, 2025, making Galaxy the first public company to tokenize its SEC-registered equity directly on a major blockchain.
- • Tokenized shares are Galaxy Digital Class A Common Stock with full shareholder rights, not derivatives or wrapped representations, with Superstate acting as the SEC-registered transfer agent recording ownership onchain in real time.
- • Access is limited to approved, KYC-verified investors who can hold and transfer tokens in their own crypto wallets, and Galaxy warns that tokens from other contract addresses claiming to represent GLXY are fraudulent.
- • Galaxy and Superstate are exploring trading of tokenized public equities via automated market makers and DeFi platforms, subject to regulatory considerations under the SEC's Project Crypto agenda.
Summary
Galaxy Digital Inc. announced on September 3, 2025 that it has partnered with Superstate to allow stockholders to tokenize and hold GLXY shares onchain. According to the company's press release, the launch is the first time a public company has tokenized SEC-registered equity directly on a major blockchain. Stockholders can tokenize their shares effective immediately through Superstate's Opening Bell platform, which launched in May 2025 as a regulated onchain tokenization platform for SEC-registered public equity.
The companies differentiate their model from wrapper or synthetic tokenized stock offerings, which are often created without issuer involvement. Superstate works directly with Galaxy, and the press release states that the tokens are not derivatives or representations but Galaxy Digital Class A Common Stock carrying all associated rights. As the SEC-registered transfer agent, Superstate records legal ownership onchain as tokens transfer. Galaxy's tokens are offered on Solana, which the company says gives its equity 24/7 market potential and near-instant settlement.
Mike Novogratz, Founder and CEO of Galaxy, said the company is helping to build an onchain capital market bridging traditional equities with next-generation infrastructure, with the goal of bringing transparency, programmability, and composability into traditional markets. Robert Leshner, CEO of Superstate, said the registered shareholder list updates in real time when tokens change hands and described the development as the first instance of a Nasdaq-listed company being tokenized on a major public blockchain.
Galaxy and Superstate are continuing to explore how tokenized public equities could trade via automated market makers in a regulatory-compliant manner, as part of the SEC's Project Crypto initiative. Subject to those considerations, Galaxy's tokenized shares and future Opening Bell listings could be made available on AMMs and other DeFi platforms. Galaxy published the Solana contract address for its tokenized shares and cautioned investors that any other addresses claiming to be GLXY onchain shares are fraudulent. The company also referenced a white paper and FAQs with further detail.
The companies differentiate their model from wrapper or synthetic tokenized stock offerings, which are often created without issuer involvement. Superstate works directly with Galaxy, and the press release states that the tokens are not derivatives or representations but Galaxy Digital Class A Common Stock carrying all associated rights. As the SEC-registered transfer agent, Superstate records legal ownership onchain as tokens transfer. Galaxy's tokens are offered on Solana, which the company says gives its equity 24/7 market potential and near-instant settlement.
Mike Novogratz, Founder and CEO of Galaxy, said the company is helping to build an onchain capital market bridging traditional equities with next-generation infrastructure, with the goal of bringing transparency, programmability, and composability into traditional markets. Robert Leshner, CEO of Superstate, said the registered shareholder list updates in real time when tokens change hands and described the development as the first instance of a Nasdaq-listed company being tokenized on a major public blockchain.
Galaxy and Superstate are continuing to explore how tokenized public equities could trade via automated market makers in a regulatory-compliant manner, as part of the SEC's Project Crypto initiative. Subject to those considerations, Galaxy's tokenized shares and future Opening Bell listings could be made available on AMMs and other DeFi platforms. Galaxy published the Solana contract address for its tokenized shares and cautioned investors that any other addresses claiming to be GLXY onchain shares are fraudulent. The company also referenced a white paper and FAQs with further detail.
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