TLDR
- Galaxy Digital becomes first Nasdaq-listed company to tokenize real Class A shares on Solana blockchain
- 21 investors tokenized 32,374 shares through SEC-compliant Superstate partnership
- Offers 24/7 global trading and instant settlement for tokenized Galaxy Digital stock
- SEC hasn’t approved automated market makers yet, limiting trading to peer-to-peer transactions
- Move comes as tokenized stock market reaches $341 million, growing 380% since 2022
Galaxy Digital made crypto history by becoming the first Nasdaq-listed company to tokenize its actual stock shares. The crypto investment firm partnered with Superstate to put Galaxy Digital stock on the Solana blockchain.
🚨UPDATE: Nasdaq-listed @galaxyhq's tokenized $GLXY shares officially go live on @Solana. pic.twitter.com/838sHyRcSv
— SolanaFloor (@SolanaFloor) September 3, 2025
The tokenization launched Tuesday with strong early adoption. Twenty-one investors have already tokenized 32,374 Galaxy Digital shares through the program.
Unlike synthetic stock tokens, Galaxy’s approach involves real ownership. Tokenized shares maintain full legal rights and voting power of traditional Galaxy Digital stock.

Real Stock Ownership on Blockchain
Galaxy Digital worked with Superstate, an SEC-registered transfer agent, to ensure regulatory compliance. The partnership allows investors to convert physical Galaxy Digital shares into blockchain-based tokens.
“It literally is our class A common stock,” said Alex Thorn, Galaxy’s Head of Firmwide Research. Investors retain all economic claims and legal rights when tokenizing Galaxy Digital shares.
The tokenized Galaxy Digital stock trades on Solana’s blockchain network. This enables 24/7 global trading compared to traditional market hours for Galaxy Digital stock.
Settlement happens almost instantly through blockchain technology. Traditional Galaxy Digital stock trades require standard clearing and settlement periods.
Current limitations exist for tokenized Galaxy Digital stock trading. The SEC hasn’t approved automated market makers for blockchain securities trading yet.
This means Galaxy Digital tokenized stock holders can only trade peer-to-peer. They cannot access on-demand liquidity through automated systems.
Regulatory Compliance Strategy
Galaxy Digital chose a front-door regulatory approach. The company worked directly with SEC staff before launching tokenized Galaxy Digital stock.
SEC Chairman Paul Atkins has directed staff to work with companies on tokenized securities. He acknowledged new rules may be needed for blockchain-based stock trading.
Galaxy Digital believes their compliant approach will help expand tokenized stock adoption. The company hopes other firms will follow their Galaxy Digital stock tokenization model.
The broader tokenization market has grown rapidly. Total tokenized stock value reached $341 million, up 380% since 2022.
Other companies have tested similar approaches. Robinhood launched European stock tokens earlier this year. Kraken introduced tokenized trading on Ethereum.
Growing Market Adoption
Galaxy Digital went public on Toronto Stock Exchange in 2018. The company joined Nasdaq earlier this year with nearly $9 billion market cap.
The tokenization trend extends beyond Galaxy Digital stock. Private credit and Treasury bonds have seen heavy tokenization activity.
Real estate and money-market funds have also attracted blockchain tokenization interest. Galaxy Digital’s stock tokenization represents the latest evolution.
Superstate CEO Robert Leshner called Galaxy Digital’s tokenization “a necessary first step” for the industry. The partnership aims to create a blueprint for other public companies.
Galaxy Digital and Superstate continue working with SEC regulators on automated market maker approval. This would enable on-demand trading for tokenized Galaxy Digital stock.
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