What happened?
Galaxy Digital launched “tokenized GLXY,” which allows holders of its SEC-registered Class A common stock to convert their shares into tokens on the Solana blockchain via Superstate, the firm’s digital transfer agent. This move is notable as it marks the first time a publicly listed U.S. equity is available in native form on a major public blockchain. Each on-chain GLXY represents an actual share with the same legal and economic rights as traditionally held stock.
Who does this affect?
This development affects Galaxy Digital’s existing investors who can now “bridge” their shares by moving them from a brokerage to Galaxy’s transfer agent and then into Superstate’s on-chain-eligible account. Here, one token is minted per share and delivered to the investor’s Solana wallet. KYC is required through Superstate, and only allowlisted addresses can hold or receive the tokens—preserving shareholder records, allowing corporate actions, and meeting AML obligations.
Why does this matter?
This move has significant market impact because it bridges the gap between traditional Wall Street and permissionless rails, potentially creating a new model where equity ownership, recordkeeping, and settlement can live on public blockchains without sacrificing investor protections. Once real, compliant on-chain equities reach a critical mass, Galaxy predicts that the market will experience an “Uniswap moment”—with faster, cheaper, fairer trading moving volume on-chain.