Galaxy Digital has taken a groundbreaking step by tokenizing its Nasdaq-listed Class A shares on Solana.
Galaxy Digital, the crypto investment firm led by Mike Novogratz, has become the first publicly traded company to tokenize its SEC-registered equity directly on a major blockchain.
Through a partnership with fintech firm Superstate, Galaxy’s Class A common shares can now be tokenized and held on Solana. Notably, the move could signal the start of a new trend for crypto-focused entities.
A First in Tokenized Public Equities
Unlike earlier tokenized stock products, which often use synthetic models without issuer involvement, Galaxy’s shares are directly tokenized.
BREAKING: Galaxy and Superstate tokenized GLXY on Solana, the first time a public company has natively issued SEC-registered equity on the network 🔥🪙 pic.twitter.com/G0is2gqSPz
— Solana (@solana) September 3, 2025
Superstate, a Galaxy Ventures portfolio company and SEC-registered transfer agent, will manage the process.
Each transfer on-chain will update the official shareholder registry in real time, making the tokens legally recognized Galaxy shares.
“This is the first instance of a Nasdaq-listed company being tokenized on a major public blockchain,” said Robert Leshner, CEO of Superstate. “Financial markets are undergoing a massive upgrade with Superstate.”
For investors, the benefits include 24/7 trading potential, faster settlement, and blockchain transparency.
Early Adoption and Regulation
Galaxy said 21 investors have already tokenized a total of 32,374 shares on Solana through Superstate’s Opening Bell platform.
Adoption so far is small, but the program is aimed at institutions and professional traders familiar with KYC requirements.
While the Trump administration has shown a more supportive stance on digital assets, challenges remain, particularly around the use of Automated Market Makers (AMMs). However, Galaxy and Superstate are working with regulators to build compliant frameworks.
“We want to do what we can under the existing rules without skirting them,” said Alex Thorn, Galaxy’s Head of Research, adding that the firm will work with the SEC to write new rules and adapt to this new reality.
A Bigger Bet on Solana
Galaxy revealed last month that it is reportedly building a $1 billion Solana treasury, which would make it one of the largest SOL SOL $89.75 24h volatility: 6.7% Market cap: $51.08 B Vol. 24h: $6.65 B holders worldwide, about three times bigger than the current leader, Upexi.
The strategy could make Galaxy stock a proxy for Solana’s performance, offering investors indirect exposure to SOL through regulated markets, making SOL one of the best crypto to buy in 2025.
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