Galaxy Digital may be first Nasdaq-listed firm to tokenize shares on Solana, suggesting equities could move onchain

• Galaxy tokenizes actual Class A shares on Solana, not synthetic derivatives.

• Superstate’s Opening Bell acts as the SEC-registered transfer agent, recording ownership onchain.

• Tokenized stocks market size is ~ $341 million and tokenization expanded 380% since 2022 (industry data).

Galaxy tokenizes shares on Solana — read how GLXY shares are fractionalized and tracked onchain. Learn implications for tokenized stocks today.

Galaxy becomes the first Nasdaq-listed company to tokenize its shares on Solana, highlighting how equity markets are starting to move onchain.

Galaxy Digital, the cryptocurrency investment firm founded by Mike Novogratz, has tokenized its publicly traded stock, positioning the shares for use within decentralized finance (DeFi) as institutional interest in tokenization grows.

The company said Wednesday that its Class A common shares, listed on both Nasdaq and the Toronto Stock Exchange under the ticker GLXY, can now be tokenized and fractionalized on the Solana blockchain through Superstate’s Opening Bell, a platform for tokenizing public companies. Superstate will act as the SEC-registered transfer agent.

Unlike synthetic products or derivatives, the initiative involves tokenizing Galaxy’s actual Class A shares. Trades executed on Opening Bell will generate an instant record of ownership onchain.

Galaxy first went public on the Toronto Stock Exchange in 2018 and expanded to the Nasdaq Global Select Market earlier this year. The company now carries a market capitalization of nearly $9 billion.

Galaxy (GLXY) stock performance since joining the Nasdaq. Source: Yahoo Finance

Galaxy shares join dozens of other equities already available in tokenized form. Platforms such as xStocks have tokenized more than 60 public companies across Solana, BNB Chain and Tron. Some notable names include tokenized versions of Netflix, Meta Platforms and Nvidia; those assets are tradable on centralized and decentralized venues.

On Tuesday, xStocks announced that its tokenized equity offerings are now available on Ethereum. Mentions of exchanges and platforms are provided as plain text sources for context.

What is Galaxy tokenizing its shares on Solana?

Galaxy tokenizes shares on Solana by converting its actual Class A common shares into blockchain tokens via Superstate’s Opening Bell, enabling fractional ownership and immediate onchain ownership records while keeping regulatory transfer-agent oversight.

How does Superstate’s Opening Bell tokenize Galaxy shares?

Opening Bell mints tokens representing custody-held shares and records transfers on Solana. Superstate, as the SEC-registered transfer agent, maintains the legal register while the onchain token provides a cryptographic ownership record.

Trades on the platform produce instant settlement records onchain, improving transparency and enabling fractionalization for DeFi use cases.

Why is the RWA tokenization trend expanding to stocks?

Tokenization of real-world assets (RWA) surged in 2025, with market growth of about 380% since 2022. Early adoption focused on private credit and US Treasuries where yields and institutional demand were strong.

Now, tokenization is broadening into public equities as platforms and intermediaries standardize custody and transfer-agent roles. Industry data estimate the total value of tokenized stocks at roughly $341 million, underscoring early-stage but accelerating adoption.

Tokenized stock offerings have expanded notably this year, though the market remains in its early stages. Source: RWA.xyz

What are the regulatory and custody concerns?

Observers caution that tokenized stocks can sit in a regulatory gray area depending on jurisdiction and product structure. Some token providers issue tokens backed by custodied shares rather than transferring legal title to token holders.

“It is crucial to understand that investors do not own actual shares; they hold tokens issued by intermediaries, which may entitle them to payouts if the underlying shares increase in value or are sold,” said John Murillo, chief business officer at fintech firm B2BROKER.

Frequently Asked Questions

How do tokenized stocks differ from synthetic derivatives?

Tokenized stocks represent custody-backed tokens tied to actual shares, while synthetic derivatives replicate price exposure without direct custody of the underlying equity. Tokenization aims to mirror ownership records onchain.

Are tokenized stocks widely liquid today?

Liquidity varies by platform and listing. While some tokenized equities trade on multiple venues, overall market size (~$341 million) shows the sector is still developing compared with traditional equity markets.

Key Takeaways

• First Nasdaq-listed tokenization: Galaxy’s tokenization on Solana is a milestone for equities moving onchain.
• Custody & compliance: Superstate serves as transfer agent, blending legal oversight with onchain records.
• Early-stage market: Tokenized stocks total ~ $341M; adoption is accelerating but regulatory clarity is evolving.

Conclusion

Galaxy tokenizes shares on Solana, demonstrating how established issuers and fintech intermediaries are bridging traditional equity markets and DeFi. This approach combines legal transfer-agent oversight with onchain settlement records, advancing tokenized stocks while raising important regulatory and custody questions. Watch for further institutional adoption and evolving guidance.