Galaxy and Superstate just launched GLXY tokenized public shares on Solana. This is the first time a public company’s SEC-registered equity has been tokenized on a major blockchain.
GLXY shares are now tradable on-chain as SEC-registered tokens through Superstate’s Opening Bell platform.
Unlike many existing tokenized stock offerings that use wrapped or synthetic models, this is a direct on-chain issuance.
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Other models often operate without the company’s involvement. Here, Superstate acts as a transfer agent, instantly updating the shareholder register as tokens move between verified wallets.
This direct-issuance approach aims to merge the best of both worlds: traditional equity compliance and blockchain’s efficiency. The firm believe this model will bring features like quick settlement, transparency, and 24/7 availability to traditional markets.
Galaxy founder and CEO Mike Novogratz stated,
“We’re proud to be working with Superstate to help lay the groundwork for an on-chain capital market that bridges traditional equities with next-generation infrastructure.”
He added that their goal is to create a tokenized equity that brings the best of crypto—transparency, programmability, and composability into the traditional world.
This move by Galaxy is a significant step in the ongoing trend of tokenizing traditional assets. Over the past few months, several tokenized equity products have emerged, but some have faced concerns over limited shareholder rights and regulatory fragmentation.
Galaxy’s direct-issuance model addresses these issues by ensuring full SEC-registered equity rights are maintained.
Looking Ahead
Galaxy and Superstate are exploring ways for tokenized public equities to trade via Automated Market Makers (AMM). This is part of the SEC’s broader crypto project. Subject to regulatory approval, Galaxy’s tokenized shares and future listings could be available on DeFi platforms. This would unlock broader liquidity and utility.
Approved investors can hold and transfer the tokenized shares in their crypto wallets. When transfers happen between verified participants, Superstate updates the ownership records.
The official Solana contract address for the shares is 2HehXG149TXuVptQhbiWAWDjbbuCsXSAtLTB5wc2aajK. Any other tokens claiming to be GLXY stock are fraudulent, so be careful.
