Galaxy tokenizes SEC-registered shares on Solana

Galaxy Digital and Superstate debut first Nasdaq-listed equity tokens

by Blockworks /
share

Galaxy Digital has partnered with financial technology firm Superstate to launch tokenized versions of its Class A common stock on the Solana blockchain. This marks the first time SEC-registered public equity has been issued directly on a major public chain.

Announced on Sept 3, the rollout uses Superstate’s Opening Bell platform, where the firm acts as the SEC-registered transfer agent to record ownership updates onchain in real time as tokens move between wallets.

Unlike synthetic products or wrapped securities, Galaxy’s tokenized shares are legally equivalent to traditional stock, carrying full shareholder rights. Initial availability is limited to approved, KYC-verified investors, who can hold and transfer shares within self-custodied wallets.

According to Barron’s, as of early September, 21 investors had tokenized 32,374 shares on Solana, underscoring measured but notable uptake.

Exodus set an early precedent in 2024 when it tokenized its SEC-registered Class A common stock on the Algorand blockchain.

At the time, Exodus became the first U.S. company to have shares simultaneously listed on a national exchange and digitally represented on-chain, with tokens held directly in its wallet application. Galaxy’s launch extends that model to a Nasdaq-listed firm on Solana.

Galaxy’s chief executive Mike Novogratz said the initiative aims to combine the transparency and composability of crypto markets with the protections of regulated equity. By leveraging Solana’s fast settlement, Galaxy shares can be transferred around the clock, a shift from traditional market hours.

The firms are also studying how automated market makers (AMMs) could support tokenized equity trading within the SEC’s Project Crypto framework.

Blockworks previously reported that corporate treasuries and IPO activity in the digital asset sector have accelerated alongside regulatory shifts, while the SEC and CFTC recently announced a joint initiative to harmonize oversight under Project Crypto and the Crypto Sprint. 

Galaxy’s tokenization effort fit squarely within this broader backdrop of companies and regulators experimenting with ways to bring traditional finance structures onchain.

Updated 9/4/25 at 10:10 a.m. ET to include context on Exodus.


This article was generated with the assistance of AI and reviewed by editor Jeffrey Albus before publication.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Report Cover.png

Research

Centrifuge has quietly become one of the fastest-growing players in RWA tokenization, with TVL surging from $78M in March to $1.14B today. Its partnerships with Janus Henderson, Apollo, and S&P Dow Jones Indices have positioned it at the center of institutional adoption, while its multi-chain vault framework unlocks access to treasuries, credit, and equities onchain. With new fund launches on the horizon, protocol fees now live, and liquidity set to improve through upcoming listings, Centrifuge offers investors asymmetric upside in one of crypto’s largest and fastest-growing narratives.

article-image

The company introduced a dollar-backed stablecoin to power instant payments and microtransactions for AI-driven web platforms

by Blockworks /
article-image

The plan is to make GameShift the “consumer portal” that bridges non-crypto gamers into Web3

article-image

Google backs $1.4B of obligations and takes 5.4% stake as Cipher expands AI data center footprint

by Blockworks /
article-image

Nine banks plan MiCA-regulated token to challenge dollar dominance and strengthen Europe’s payments autonomy

by Blockworks /
article-image

Sponsored

The FAIR L1 embeds encrypted execution into the consensus layer and removes the transparency window that makes MEV possible

by Sponsored /
article-image

Corporate crypto ownership can “lift up” blockchain ecosystems to help spur institutional adoption, SharpLink Gaming co-CEO says