Galaxy Digital has tokenised its Nasdaq-listed stock on Solana, marking the first on-chain equity move by a public company.
Galaxy Digital has taken a historic step by bringing its stock on-chain through Solana. The cryptocurrency investment firm announced that its Class A shares listed on Nasdaq and the Toronto Stock Exchange can now be tokenised.
The initiative runs through Superstate’s Opening Bell, which is a platform designed to tokenise publicly traded companies.
Unlike synthetic products, Galaxy’s tokenisation involves its real shares. This makes sure that ownership records update instantly on-chain whenever trades occur.
A First for Nasdaq-Listed Companies
Galaxy is the first Nasdaq-listed company to tokenise its equity directly on a public blockchain. Robert Leshner, CEO of Superstate, pointed out the importance of this step. He explained that each time shares change hands, the shareholder registry updates in real time.
BREAKING:
🇺🇸 GALAXY DIGITAL TOKENIZES SEC-REGISTERED SHARES ON SOLANA. pic.twitter.com/7APySvJqdp
— Ash Crypto (@Ashcryptoreal) September 3, 2025
Mike Novogratz, CEO of Galaxy, said that the goal is to combine the strengths of crypto with traditional finance. He noted benefits like transparency, programmability and composability as reasons for this change, and added that Galaxy is helping to create a model that can scale across capital markets.
Tokenisation Extends Into Public Equities
Tokenisation has grown rapidly over the past three years, and the market has expanded 380% since 2022. Early adoption has focused on private credit and US Treasuries, where investors have sought better yields and liquidity.
Real estate and money-market funds have also been popular targets.
The move into public equities points towards a new stage. Data from RWA.xyz shows that tokenised stocks now represent about $341 million in value. While the market is still in its early phase, Galaxy’s entry gives it a major boost.
Other firms are also pushing tokenised equities. Backed Finance has already tokenised more than 60 companies, including Netflix, Meta Platforms and Nvidia. As of writing, these assets trade on platforms like Kraken, Bybit and Solana-based decentralised exchanges.
How Galaxy’s Tokenised Shares Work
Galaxy’s Class A shares trade under the ticker GLXY. Its approved tokenisation means that approved investors can fractionalize and transfer shares using their own crypto wallets.
This creates new flexibility for how shares are held and exchanged.
Trades made through Opening Bell create a secure and permanent record on Solana. Since Superstate is an SEC-registered transfer agent, the process is compliant with existing securities rules.
This makes sure that investors are not dealing with synthetic products but with registered equity.
The tokenised shares may also be integrated into Automated Market Makers and other DeFi applications. This could expand liquidity far beyond traditional stock exchanges.
Rising Interest in RWA Tokenisation
The move comes as real-world asset (RWA) tokenisation gains ground among institutions. BlackRock, Franklin Templeton and WisdomTree have all launched tokenised funds or initiatives in recent years.
Galaxy’s step into public equity tokenisation fits this wave. Many firms find that blockchain offers a way to improve efficiency, transparency and access to capital markets.
By making assets available on-chain, investors can trade outside of traditional market hours and use new financial tools.
Still, there are a few challenges. Some regulators have warned that tokenised stocks sit in a grey area. Questions about investor protections and market stability continue to arise so far, and Galaxy’s collaboration with Superstate helps address these issues by keeping tokenisation tied to actual registered shares.
Market Effects and Future Potential
Galaxy went public in 2018 on the Toronto Stock Exchange before joining Nasdaq earlier this year. It now holds a market capitalisation near $9 billion. With tokenisation, the company may unlock new liquidity and attract a broader investor base.
The success of this initiative could inspire other publicly traded firms to follow, in the same way MicroStrategy inspired other Bitcoin treasury companies.
Solana, Ethereum, and other blockchains are already hosting tokenised assets across asset classes. This means that the expansion into regulated equities could be the first step towards an on-chain capital market that blends with Wall Street.
