In an unprecedented move, Galaxy has teamed up with Superstate, making it possible for stockholders to tokenize and hold GLXY shares on Solana. This, folks, is supposedly the first-ever SEC-registered public equity issued directly onto a major public blockchain. Hold onto your hats, because this could change everything-or nothing. Who’s to say?
Galaxy Ventures and Superstate: Creating the GLXY Onchain Share Registry, Because Why Not?
So, here’s the deal: Galaxy Digital (Nasdaq/TSX: GLXY) dropped the news on Sept. 3 that Superstate will act as the SEC-registered transfer agent for tokenized Class A Common Stock. It’s all legal, guys. The tokens will actually represent the real shares-not some made-up, synthetic version. The companies say these tokens will have the same rights as regular old stock. Fancy, right?
Tokenization is happening NOW, thanks to Superstate’s Opening Bell platform. Holders who pass the know-your-customer (KYC) checks can now self-custody, send, and receive these tokenized shares between approved wallets. Galaxy even threw in the Solana contract address to make sure no one gets tricked into accepting fake GLXY tokens. If it doesn’t come from that address, it’s probably just someone’s idea of a joke.
Mike Novogratz, Galaxy’s founder and CEO, says this initiative is all about bringing “transparency, programmability, and composability” from crypto into the world of traditional finance (aka TradFi). Oh, and they’re hoping it’ll scale beyond Galaxy eventually. Robert Leshner, CEO of Superstate, chimed in saying the registered shareholder list will update in real-time as tokens change hands. No big deal, just your everyday blockchain magic happening here.
Now, don’t get too excited about trading these on automated market makers (AMMs) just yet. According to the documentation, transfers are currently limited to only those approved wallets. Want to use it on an AMM? Well, that depends on how the regulators feel about it. So, yeah. Keep your fingers crossed, maybe?
Galaxy went with Solana because it’s fast, cheap, and there’s a lot of action happening on spot DEXes. The company might consider adding other venues over time, but for now, it’s a Solana party. They’ve even set up a Dune Analytics dashboard to track the supply of tokenized GLXY. Superstate is backed by Galaxy Ventures, so there’s that little connection, too.
If you’re already holding shares, there’s a conversion path ready for you. Just move your shares to Galaxy’s transfer agent Equiniti, shift them to Superstate’s onchain-eligible account, mint your tokens, and bam-GLXY tokens on your Solana address. Oh, and if you change your mind? You can always go back to traditional shares. Because why not give you the freedom to reverse everything in your life, right?
And in case you didn’t know, other big players like Kraken are also jumping on the tokenized stock train. But hey, Galaxy and Superstate are making the headlines today, so let’s give them a round of applause for their pioneering spirit.
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2025-09-03 17:58