Solana News Today: Galaxy Digital Bridges Traditional and Digital Markets with Onchain Equity

Galaxy Digital, a cryptocurrency investment firm, has made history by tokenizing its Class A common shares on the Solana blockchain, marking the first time a publicly listed U.S. equity has been tokenized on a major public blockchain. This move is facilitated through Superstate, an SEC-registered transfer agent and a key provider of tokenization services. The onchain shares of GLXY are actual SEC-registered Galaxy Digital Class A Common Stock and offer the same legal and economic rights as traditional shares held in brokerage accounts.

The initiative positions Galaxy at the forefront of the growing tokenization trend, especially within the equity markets, as institutional interest in leveraging blockchain technology continues to expand. By converting traditional shares into tokenized format, Galaxy is creating a bridge between traditional capital markets and the decentralized finance (DeFi) ecosystem. Shareholders who have completed onboarding with Superstate can hold, send, and receive onchain GLXY shares in self-custody, although AMM-based trading is not yet enabled. However, it is currently possible to transfer GLXY shares bilaterally between allowlisted entities.

The tokenization of Galaxy’s shares is part of a broader trend in real-world asset (RWA) tokenization, which has seen significant growth in 2025, with the market expanding 380% since 2022. While tokenization has largely been concentrated in private credit and U.S. Treasury bonds, it is now gradually extending into public equities. As of now, the total value of tokenized stocks has reached approximately $341 million. Other platforms, such as Backed Finance’s xStocks, have tokenized over 60 public companies on blockchains like Solana, BNB Chain, and Tron, with offerings including tokens of companies like Netflix, Meta Platforms, and Nvidia.

Despite the progress, regulatory challenges persist, with tokenized stocks still operating in a gray area. Some industry observers caution that investors may not own actual shares but rather tokens issued by intermediaries, which may entitle them to payouts based on the underlying shares. Galaxy, however, emphasizes that its tokenized shares are not synthetic or wrapped but represent actual ownership in the company, with all the legal and economic rights intact. This distinction is crucial as it aligns with Galaxy’s goal of transforming traditional capital markets into a more efficient, transparent, and inclusive system.

The company has also highlighted the potential for onchain equity capital markets to become as feature-rich or even more advanced than traditional markets, provided regulatory clarity is achieved. Galaxy is actively working with the SEC and other stakeholders to define a compliant framework for AMM trading of public equities. The firm’s long-term vision includes enabling tokenized GLXY shares to be traded directly on AMMs and other decentralized exchanges, subject to evolving regulatory guidelines and market adoption.

In choosing Solana as the blockchain for its tokenization efforts, Galaxy cites the platform’s high-speed settlement, decentralized nature, and growing onchain trading activity. Solana’s ability to handle large volumes of transactions quickly and efficiently makes it well-suited for bridging traditional and decentralized finance. The platform is also being positioned to introduce additional updates that could further enhance its utility for market applications, including asynchronous program execution and multiple validating leaders, which will improve network performance and scalability.

Source: [1] Galaxy Tokenizes GLXY Stock on Solana with Superstate (https://www.galaxy.com/insights/research/tokenized-glxy) [2] Galaxy Digital stock goes onchain with Solana tokenization (https://cointelegraph.com/news/galaxy-digital-stock-tokenized-solana)