Galaxy Digital Tokenizes GLXY Shares on Solana

Nearly $29 billion in real-world assets (RWA) have been tokenized on public blockchains. While a new record, this number is still just a fraction of where the market is ultimately estimated to reach, with McKinsey projecting $2 trillion by 2030.

The momentum surrounding tokenization is simply undeniable. Currently, interest in tokenization is centered around US Treasury bonds and private credit, where attractive yields and institutional demand have made these two asset classes dominant in the space. Collectively, they account for more than 80% of the total value tokenized.

Global bonds, commodities, institutional funds, and fiat currencies are also increasingly being put on-chain. The trend has now extended to public equity, with the total value of tokenized stocks reaching $385 million.

Network-wise, Algorand accounts for the majority of this value at 57% followed by XRP (XRP +4.97%) Ledger (14.4%), Solana (SOL +6.32%) (13.3%), Ethereum (ETH +6.2%) (7.3%), Stellar (XLM +5.9%) (5.5%), and Gnosis (GNO +5.12%) (1.35%), according to data from RWA.xyz.

As for tokenization platforms, Securitize leads with $218.6 million in value. A leader in tokenizing RWAs, having issued over $3.5 billion in assets on-chain, Securitize is working with top-tier asset managers, including Apollo, BlackRock (BLK +0.94%), Hamilton Lane, and KKR.

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Next, Backed Finance has issued $57 million in tokenized value, while the count of RWA is the third-highest at 64. Its tokenized stock product, xStock, has been launched on Ethereum, Solana, BNB Chain (BNB +5.27%), and Tron (TRX +0.77%), and it has partnered with leading crypto exchanges Bybit and Kraken.

In terms of total value, Archax is at the 3rd spot at $55.4 mln, followed by Ondo at $26.6 mln, though its count is highest at above 100.

Just this week, Ondo Finance launched tokenized versions of 100-plus US stocks and ETFs on Ethereum with plans to expand to BNB Chain, Solana, and Ondo Chain. Meanwhile, Stellar Foundation has invested in UK-based Archax to boost tokenized RWAs.

Other prominent names include Wisdom Tree, Dinari, Swarm, and Superstate.

Created in 2023 by Robert Leshner, co-founder of the DeFi protocol Compound Finance, Superstate is an Ethereum-based tokenization platform that gives access to traditional investment solutions on-chain. As the investment manager, it is legally responsible for the management of funds. 

The goal of the fintech company is to reshape capital markets by expanding access and improving liquidity through on-chain public listings and tokenized investment products. Its offerings include two tokenized funds: one is USCC, which is optimized for crypto-based exposure, and the other is USTB, which is backed by US Treasuries. 

There’s yet another product, Opening Bell, for compliant on-chain equity listings.

This week, Galaxy Digital (GLXY +5.9%) tokenized its publicly traded stock on the Solana blockchain through this platform. Superstate called this “a milestone for modern capital markets.”

Galaxy Digital Bridges TradFi and Crypto Through Tokenized Shares

Galaxy Digital is a crypto investment firm founded by Mike Novogratz, a hedge fund billionaire who first entered the space back in 2013 when he began investing in Bitcoin.

Novogratz believes the Bitcoin price could climb to $150,000 in the near term, driven by strong market momentum and favorable macro conditions. “Bitcoin has become a macro asset,” he said. “It’s just becoming institutionalized.”

In the long term, Novogratz envisions the $2.2 trillion crypto asset replacing gold one day and potentially reaching $1 million per coin, thanks to its fixed supply, increased institutional adoption, and weakening USD.

Since first buying Bitcoin over a decade ago, he has also invested in a range of tokens and crypto-related projects. Novogratz was famously invested in algorithmic stablecoin Luna, which collapsed in 2022. He even had its logo tattooed on his arm.

A former Goldman Sachs partner, Novogratz founded Galaxy in 2018 as a way to bridge traditional finance (TradFi) and the digital economy through a suite of products and services. 

Since then, the platform has expanded to data centers, which aim to operate AI and high-performance computing (HPC) infrastructure, with a total approved capacity of 800 MW.

Galaxy also invests in crypto startups using capital from its own business. A few months ago, it announced the expansion of its venture business with a $175 million fund to broaden its bets on projects driving the growing convergence of TradFi and crypto, as the sector undergoes a “fundamental shift” from blockchain’s more speculative use cases to more tangible ones.

This fund marks the first time Galaxy is taking outside capital, though the company still serves as a limited partner and holds a general partner stake as well. An investor in crypto custodian Fireblocks, the firm has also deployed some of its fresh capital in synthetic dollar protocol Ethena and trading-focused blockchain Monad.

Galaxy boasts having $9 billion in assets and counts more than 1,400 institutional trading counterparties.

After Nasdaq Listing Comes On-Chain Expansion

The crypto investment company Galaxy has been listed on the Toronto Stock Exchange (TSX) for the last five years. 

But it was in May this year that Galaxy made its debut on Nasdaq. It was around the same time that crypto exchange Coinbase joined the S&P 500 and became the first pure crypto player to be included in the benchmark.

“I think we’re at the beginning of the race, not the end of the race. Sometimes it feels like it’s been such a struggle. You ring the bell and you’re crossing the finish line, but it really is the starting bell.”

– Novogratz said in an interview with Reuters at the time

According to him, Galaxy’s Nasdaq listing was “the beginning of what will be a trend of other (crypto) companies going public.”

Galaxy shares began trading on the Nasdaq at $23.50 per share. As of writing, it is trading at $24.12, up 33.4% year-to-date (YTD).

It has a market cap of $9.17 billion, an EPS (TTM) of -0.69, and a P/E (TTM) of -35.33.

As for financially, Galaxy reported net income of $30.7 million and adjusted EBITDA of $211 million for the second quarter of 2025. Total equity, as of June 30, 2025, was $2.6 billion, while the company’s holdings were $1.2 billion in cash and stablecoins.

Its average loan book size, meanwhile, increased to $1.1 billion, fueled by a growing client base and continued demand for margin lending.

Galaxy reported July to be its “strongest” one ever in terms of monthly financial performance.

The company’s balance sheet net digital asset and investment exposure included $748 million in Bitcoin, $196 million in Ether, $330 million in other tokens, and $718 mln in other investments.

Following the strong rebound and profitability, Galaxy is now tokenizing its publicly traded shares, which will allow the shares to be used within DeFi. The move comes as institutional interest in tokenization grows substantially, with the likes of BlackRock, JPMorgan (JPM -0.12%), Goldman Sachs (GS +1.12%), Citi, BNY, Franklin Templeton, and others actively exploring the sector.

Tokenized Stocks Breaking Barriers in Global Finance

Tokenization is one of the rapidly growing trends in the crypto sector, which simply means putting items on the blockchain.

When it comes to tokenized stocks, they are the digital versions of real stocks that exist on-chain. Each token represents shares of a company like Apple (AAPL +2.24%), Nvidia (NVDA +0.68%), or Tesla (TSLA +2.39%), and mirrors their price. Depending on the platform issuing the tokens, they are backed 1:1 by the actual shares, which are held by a regulated institution in custody or are structured via synthetic models.

These digital tokens do not trade on a traditional stock exchange, but rather on decentralized platforms.

This frees them from the constraints of traditional stock markets, which have set trading hours, high fees, lots of paperwork, regional barriers, and limited access. Tokenized stocks simplify access through lower fees, fast settlement, 24/7 trading, fractional ownership, and no geographic restrictions.

DeFi integration, meanwhile, allows tokenized stocks to be used to provide liquidity and earn yield. They can also be used as collateral for lending and borrowing.

Last month, eToro announced its plan to offer access to tokenized stocks for flexibility and the ability to trade in response to market events in real-time. “Tokenization removes boundaries, providing transparency and control. It has the potential to democratize finance, making assets more accessible to more people,” said eToro CEO Yoni Assia.

In June, meanwhile, zero commission brokerage Robinhood (HOOD +2.24%) officially launched tokenized stocks in the European Union, offering access to over 200 US stock and ETF tokens. This also included tokens for private firms like OpenAI and SpaceX.

The tokens don’t represent actual equity but are backed by a special purpose vehicle (SPV). This was admitted by Vlad Tenev, the CEO of the popular retail trading platform, who said the tokens are not “technically” equity but still give ‘indirect’ exposure to private assets. 

With these offerings, the idea is to lay “the groundwork for crypto to become the backbone of the global financial system,” said Tenev.

When it comes to crypto-native firms, Coinbase, Kraken, and Gemini are also among the platforms offering tokenized stocks.

Coinbase (COIN) plans to offer its users everything that they want to trade “in a one-stop shop, on-chain.” By bringing all kinds of assets on blockchain, the leading US exchange is building an ‘everything exchange’ and ‘the foundations for a faster, more accessible, more global economy.” 

Tokenized stocks, along with derivatives, early token sales, and prediction markets, are expected to be launched in the US in the coming months before expanding worldwide based on jurisdictional approvals.

Unlike Coinbase, Kraken is offering over 60 tokenized US stocks and ETFs to its users in Europe through Backed Finance’s xStocks, as the future of trading is borderless.

“This is the beginning of an always-on equity market — one that is permissionless, transparent, and built for the internet.”

– Kraken co-CEO Arjun Sethi

Gemini, meanwhile, partnered with the regulated platform Dinari to offer its users “a frictionless experience in one place.” The exchange is giving access to tokenized versions of Strategy (MSTR +0.73%), Coinbase, Riot Platforms (RIOT +5.43%), Marathon Digital , and other stocks.

Even tech giant Google unveiled its institutional-grade ledger that supports tokenization.

While tokenization is gaining a lot of traction, some argue that these products still operate in a regulatory gray area. As a result, availability may be limited, and because investors do not own actual shares, they may not even receive dividends.

Just this week, the EU’s top markets regulator called for striking a balance between innovation and investor protection.

“Tokenization … could lead to a transformational change of our markets,” said Natasha Cazenave, executive director of the European Securities and Markets Authority (ESMA). “For regulators and policymakers, the priority must be to ensure that such innovation develops within a framework that safeguards investors’ interests and preserves financial stability.”

While regulators continue to debate the risks and limitations of tokenized equities, Galaxy Digital is taking a more direct and legally compliant approach, putting its actual Nasdaq-listed shares on-chain through Superstate.

Galaxy Tokenized Shares: Compliance Meets Blockchain Innovation

Galaxy Digital announced on Wednesday that its Class A common shares, which are listed on both Nasdaq and TSX under the ticker GLXY, are now tokenized and fractionalized through Superstate’s Opening Bell, which is currently live on Solana with support for Ethereum to be introduced soon.

Trades executed on the platform will generate an instant record of ownership on-chain.

The tokens are issued on the Solana blockchain with the SEC-regulated Superstate to act as the transfer agent, ensuring compliance and maintaining official shareholder records. 

Besides Galaxy, Superstate has also listed consumer product manufacturer Upexi (UPXI +7.5%), crypto software solution provider Exodus (EXOD +2.2%), and investment company SOL Strategies Inc (CSE: HODL) (OTCQX: CYFRF).

“Galaxy is the first Nasdaq-listed company to tokenize its equity on a major blockchain. Thanks to our partnership with Superstate, shareholders can now hold $GLXY on-chain on Solana. This is a milestone for capital markets.”

– Novogratz said in a social media post.

Notably, the tokenized stocks aren’t derivatives or synthetic tokens but actual Galaxy Class A Common Stock, which carries all the benefits and rights of traditional shares.

So far, the tokenized equity movement has involved third parties issuing ‘wrapper’ representations of public stocks without the involvement of the company itself. And while these products track the price of the underlying equity, they don’t give out the same legal rights and shareholder benefits as the actual shares. Moreover, they didn’t integrate with the shareholder registry of the related company.

“They aren’t stock. They’re financial abstractions,” stated Superstate.

This is what both Superstate and Galaxy are finally changing by tokenizing the latter’s shares. Its tokenized version will be the very same Class A Common Stock that is already trading on major, mainstream exchanges and will now be recorded directly on blockchain.

This means that the company’s official shareholders will have their records updated in real time.

The idea is to bring transparency to the share ownership and provide companies with real-time visibility into their shareholder base. By tokenizing shares, companies can also reach a new crypto-native audience, which can be tapped for raising capital or airdropping shares to customers.

Tokenized shares can further be transferred peer-to-peer (P2P) between verified addresses, with each movement instantly reflected on Galaxy’s cap table.

This isn’t just about putting shares on-chain but laying “the groundwork for what comes next: streamlined settlement, new liquidity venues, and integration with on-chain decentralized financial infrastructure,” stated Superstate. “Tokenization sets the stage for public equities to operate in a global, programmable, and always-on market.”

Structured in strict compliance with existing US securities laws, Galaxy’s tokenized equity isn’t yet available for direct trading on DEXs. But this is being actively explored and in the future could be made available on AMMs and other DeFi platforms to unlock broader liquidity and utility for both investors and issuers.

Here’s How to Tokenize and Hold Galaxy Stock on Solana

The tokenization of Galaxy’s equity marks a big moment as the shares of an SEC-registered, publicly traded company become transferable P2P and tradeable directly on a major blockchain.

Notably, one doesn’t need to be an accredited investor to buy publicly traded US stocks. 

Superstate CEO Leshner called this “a necessary first step…a massive milestone that will shape how markets evolve.” 

GLXY stockholders now have the option to tokenize and hold their shares on the fast and cheap Solana blockchain, pointing to the modernization of public markets, which can now operate on more transparent and programmable rails.

To do so, interested stockholders first have to register with Superstate, which requires KYC verification and a Solana address. Then have your brokerage firm perform a DRS transfer to Equiniti (“EQ”), Galaxy’s transfer agent.

This will move shares from your brokerage firm’s account at the DTC into your name on Galaxy’s books and records at EQ. You must then instruct EQ to move your GLXY shares into Superstate’s Onchain Eligible Shares account. 

Superstate will mint 1 GLXY token per share. By pressing the “Tokenize” button, the platform delivers your on-chain GLXY shares to your Solana wallet. You are then free to store these GLXY tokens in self-custody, or send, receive, or transfer them to other onboarded addresses.

To convert your tokens back into shares, simply ask Superstate to move your shares back to EQ and then instruct EQ to transfer them to your brokerage account.

Final Thoughts

Galaxy’s tokenization marks a structural shift toward public equities existing natively on-chain, backed by legal clarity and institutional-grade compliance. If tokenized equities with all the rights and benefits of the underlying shares scale, capital markets could be restructured into a more efficient and transparent system, while crypto integrates even deeper into the global financial system, unlocking new products and opportunities for issuers and investors alike.