Galaxy Digital brings Nasdaq-listed shares on-chain with Superstate partnership

Galaxy Digital, the well-known cryptocurrency investment firm led by Mike Novogratz, has taken a significant step in bridging the gap between traditional financial markets and blockchain technology.

On Wednesday, the firm announced that it has officially launched a new initiative to tokenise its “SEC-registered equity directly on a major blockchain”.

This development allows current stockholders to tokenise their GLXY shares using Superstate’s Opening Bell platform, a tool designed specifically for tokenising public companies.

With this launch, Galaxy has become the first Nasdaq-listed company to make its stock available in tokenised form on a major blockchain. Effective immediately, investors who meet Know Your Customer (KYC) requirements will be able to hold and transfer Galaxy’s tokenised shares within their own crypto wallets. 

The tokenised version of the firm’s Class A common shares, listed under the ticker GLXY on both the Nasdaq and Toronto Stock Exchange, can now be issued and fractionalised on the Solana blockchain.

Superstate will serve as the SEC-registered transfer agent for these shares, ensuring that all changes in ownership are reflected in real time on-chain. Unlike synthetic products or wrapped derivatives, this initiative involves the direct tokenisation of actual shares. 

“When tokens change hands, the registered shareholder list of Galaxy updates in real-time. Financial markets are undergoing a massive upgrade with Superstate”, said the CEO of Superstate, Robert Leshner. 

Galaxy’s CEO, Mike Novogratz, shared his enthusiasm: “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 the company’s goal is to create a tokenised equity model that combines the benefits of transparency, programmability, and composability from the crypto world with the established processes of traditional finance.

Opening bell and the path to on-chain markets

The Opening Bell platform, developed by Superstate and launched in May, aims to bring SEC-registered equities fully on-chain. While other firms have experimented with tokenising shares, many rely on synthetic representations or wrapped versions of underlying assets. Superstate, by contrast, enables direct issuance and trading of real public shares. 

Galaxy’s partnership marks the first time that a Nasdaq-listed company has engaged in this process using a major public blockchain like Solana.

Last month, Galaxy had already signalled its intentions by revealing that it was exploring tokenisation for its shares and was working with Superstate to guide the project. The implementation of the plan has now come to fruition, and Galaxy’s tokenised shares are expected to find liquidity and utility across various decentralised finance (DeFi) platforms. 

According to Wednesday’s announcement, these tokenised shares could eventually be traded using Automated Market Makers (AMMs) and other DeFi tools, further broadening their accessibility.

Leshner underlined the innovation this project represents: “This is the first instance of a Nasdaq-listed company being tokenised on a major public blockchain”. He noted the technological advantage of having real-time updates to ownership, eliminating the delays often seen in traditional settlement systems.

Opening Bell has already attracted attention in the market, with Solana treasury firm Upexi also announcing plans in June to tokenise its public shares via the same platform. Superstate, meanwhile, has been active in pushing for regulatory clarity. 

In April, the company joined other firms in submitting a proposal to the SEC’s Crypto Task Force, calling for a formal framework that would support the migration of Wall Street stocks to blockchain infrastructure.

Growing institutional momentum around tokenisation

Galaxy Digital’s move comes amid growing interest in asset tokenisation, especially from institutional players. Tokenisation, the process of creating blockchain-based representations of real-world assets, has surged in popularity throughout 2025. 

Industry figures show the market has grown by 380% since 2022, with particular interest in areas such as private credit, US Treasury bonds, and other yield-bearing or illiquid financial products.

While tokenised real estate and money-market funds have become more common, public equities are now starting to see meaningful adoption. The total market value of tokenised stocks has reached roughly $341 million, indicating a steady shift toward blockchain-based asset management.

Galaxy shares will join a growing ecosystem of tokenised equities already available to crypto investors. Platforms like Backed Finance’s xStocks have tokenised more than 60 public companies on blockchains including Solana, Tron, and BNB Chain. 

Among the high-profile names are Meta Platforms, Nvidia, and Netflix. These tokenised stocks can be traded on both centralised exchanges like Kraken and Bybit, as well as decentralised platforms native to Solana. As of this week, xStocks also expanded to Ethereum, further widening its reach.

But while the trend is accelerating, not everyone is convinced of its current structure. Some industry observers argue that tokenised stocks still fall into a regulatory grey area. 

The chief business officer at fintech firm B2BROKER, John Murillo, explained a concern shared by some: “It is crucial to understand that investors do not own actual shares; they hold tokens issued by intermediaries, which may entitle them to payouts if the underlying shares increase in value or are sold”. 

This distinction between direct ownership and intermediary-held rights remains an important issue in ongoing regulatory discussions.

Still, Galaxy Digital’s approach appears to address many of these concerns by offering direct tokenisation of actual shares with registered transfer agents, not synthetic representations. The move could serve as a blueprint for other companies considering similar steps.

Altcoin optimism builds alongside tokenisation boom

While traditional markets take strides toward tokenisation, the broader cryptocurrency world is also showing signs of renewed momentum, particularly in altcoins. According to recent data from crypto options platform, PowerTrade, investors are increasingly placing bullish bets on a broad altcoin rally by the end of 2025.

In just one month, PowerTrade recorded over $1 billion in trading volume, with 68% of that total tied to call options, contracts that profit when asset prices rise. This pattern signals strong investor confidence in an upcoming surge across non-Bitcoin, non-Ethereum tokens.

Bernd Sischka, co-founder of PowerTrade, highlighted two standout assets: $SOL and $XRP. Both tokens have seen significant spikes in options demand, especially for contracts expiring in December. 

“Traders are showing strong buying demand for Solana, particularly for contracts with a December expiration date”, Sischka said, pointing to expectations of a fourth-quarter rally. XRP has seen a similar uptick in long-dated call options.

The data also suggests a changing dynamic between retail and institutional investors. While meme coins often attract retail speculation, this latest wave of altcoin interest appears more structured. 

The rising volumes in non-BTC and non-ETH options hint that institutional players could be quietly accumulating positions in more established tokens.

As traditional finance and decentralised assets both undergo rapid transformation, the convergence between tokenised real-world equities and decentralised trading infrastructure seems closer than ever. 

With companies like Galaxy Digital leading the charge, and growing confidence in altcoins, the next phase of financial evolution may play out on the blockchain.