First Nasdaq-listed company to tokenize shares on Solana
Galaxy Digital (GLXY), the cryptocurrency investment firm led by Mike Novogratz, has become the first Nasdaq-listed company to tokenize its shares on the Solana blockchain. The move highlights how equity markets are beginning to shift onchain as institutional demand for tokenization continues to grow.
Shares live onchain via Opening Bell
Galaxy confirmed on Wednesday that its Class A common shares, listed on both Nasdaq and the Toronto Stock Exchange, can now be fractionalized and traded on Solana. The tokenization will be powered by Superstate’s Opening Bell platform, which acts as the SEC-registered transfer agent.
Unlike synthetic assets or derivatives, the initiative involves tokenizing Galaxy’s actual shares. This means every trade conducted on Opening Bell will create an instant onchain record of ownership, improving transparency and settlement efficiency.
Galaxy went public on the Toronto Stock Exchange in 2018 and expanded to the Nasdaq Global Select Market earlier this year, with its market capitalization now close to $9 billion.
Tokenized equities market expands
Galaxy’s tokenized shares join a growing list of onchain equities. Platforms such as Backed Finance’s xStocks have already tokenized over 60 public companies — including Netflix, Meta, and Nvidia — across Solana, BNB Chain, and Tron. These tokenized assets are increasingly available on centralized exchanges like Kraken and Bybit, as well as Solana-based decentralized exchanges.
On Tuesday, xStocks also revealed that its tokenized equity offerings are now available on Ethereum, expanding investor access further.
Tokenization trend spreads to stocks
The broader real-world asset (RWA) tokenization sector has surged 380% since 2022, led by demand for private credit and U.S. Treasuries, which offer attractive yields and strong institutional interest. Real estate and money-market funds have also seen rapid adoption.
Now, public equities are entering the mix, with industry data showing the total value of tokenized stocks at around $341 million.
Despite the momentum, some analysts caution that tokenized stocks still operate in a regulatory gray zone. While Galaxy’s approach is unique in that it tokenizes actual shares with SEC oversight, many other products only offer synthetic exposure through tokens, meaning investors may not directly own the underlying equity.
Still, Galaxy’s move signals a new chapter in financial innovation, pushing traditional equity markets closer to the onchain economy.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.