Galaxy Digital Tokenizes SEC-Registered Shares on Solana

Galaxy Digital, a Nasdaq-listed crypto firm, announced on Wednesday a new initiative to tokenize its SEC-registered equity on a major blockchain. Effective immediately, stockholders can tokenize their GLXY shares using Superstate's Opening Bell platform. The tokenized shares and future listings on Opening Bell may be accessible through Automated Market Makers and various DeFi platforms, providing greater liquidity and utility. Only investors who have passed KYC can hold and transfer these shares in their crypto wallets. Superstate launched Opening Bell in May to facilitate the transition of SEC-registered equities on-chain, starting with Solana. While various projects aim to merge public equities with blockchain, Opening Bell claims to be the first to allow direct issuance and trading of SEC-registered public shares on-chain, avoiding synthetic or wrapped versions. Mike Novogratz, founder and CEO of Galaxy, expressed pride in collaborating with Superstate to create an on-chain capital market that converges traditional equities with cutting-edge infrastructure. "Our objective is to create a tokenized equity that integrates the transparency, programmability, and composability of crypto into the traditional finance landscape. We aim to develop a scalable model for Galaxy and the broader market," he stated. In July, Galaxy announced its explorations into tokenizing GLXY shares and appointed Superstate for this initiative. Superstate CEO Robert Leshner remarked on the significance of this move, noting it as the first instance of a Nasdaq-listed company being tokenized on a major public blockchain. He added, "Every time tokens change hands, Galaxy’s registered shareholder list updates in real time. Financial markets are experiencing a significant upgrade with Superstate." In an April correspondence to the U.S. Securities and Exchange Commission's Crypto Task Force, Superstate was among the firms advocating for an SEC-backed framework to integrate Wall Street stocks with the blockchain. In June, Solana treasury firm Upexi also expressed its intention to tokenize public shares via Opening Bell.