Nasdaq-listed crypto company Galaxy Digital has started allowing its stockholders to turn their SEC-registered shares into digital tokens on Solana blockchain.
Through a partnership with fintech firm Superstate, Galaxy’s Class A common stock, GLXY, is now tradable as digital tokens on the Solana blockchain through Superstate’s Opening Bell platform.
This project seeks to connect conventional equity markets with blockchain technology, providing advantages such as 24/7 market potential and near-instant settlement.
Galaxy’s tokenized shares are actual Class A Common Stock, preserving full shareholder rights. While other tokenized stock issuances that employed synthetic representations or wrappers. Superstate serves as the SEC-registered transfer agent.
Galaxy and Superstate are looking to combine Automated Market Makers (AMMs) and decentralized finance (DeFi) platforms to boost liquidity and trade opportunities.
Galaxy’s tokenized shares will be available only to verified investors who have completed KYC checks. Such investors can store and transfer the shares in their crypto wallets. Whenever tokens are transferred on-chain, Superstate updates the official ownership records as the registered transfer agent.
Mike Novogratz, Founder and CEO of Galaxy, “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.”
Robert Leshner, CEO of Superstate, said that this is the first time a Nasdaq-listed company’s shares have been tokenized on a major public blockchain. He added, “When tokens change hands, the registered shareholder list of Galaxy updates in real-time. Financial markets are undergoing a massive upgrade with Superstate.”
Galaxy’s tokenized shares are actual Class A Common Stock. Unlike previous tokenized stock offerings that used synthetic models or wrappers, they preserve full shareholder rights. Superstate acts as the SEC-registered transfer agent, ensuring legal ownership is recorded on-chain in real time.
