Galaxy Digital, the cryptocurrency investment firm founded by Mike Novogratz, has tokenized its publicly traded stock as institutional interest in tokenization grows, making the stock usable in decentralized finance (DeFi).
The company announced on Wednesday that its Class A common shares, listed on NASDAQ and the Toronto Stock Exchange under the ticker symbol GLXY, can now be tokenized and fractionalized on the Solana blockchain through Superstate's Opening Bell platform. Opening Bell is a platform specifically designed for the tokenization of public companies. The fintech company Superstate will act as the SEC-registered transfer agent.
Unlike synthetic products or derivatives, this initiative involves the tokenization of actual Class A shares of Galaxy. Transactions executed on Opening Bell will generate instant ownership records on-chain.
Galaxy first went public on the Toronto Stock Exchange in 2018 and expanded to the NASDAQ Global Select Market earlier this year. The company currently has a market capitalization of nearly $9 billion.
Galaxy's stock joins dozens of other stocks already available in tokenized form. For example, Backed Finance's xStocks platform has tokenized over 60 publicly listed companies on Solana, BNB Chain, and Tron. Some of the most well-known companies include tokenized Netflix, Meta Platforms, and Nvidia, which can be traded on exchanges like Kraken and Bybit, as well as decentralized exchanges based on Solana.
On Tuesday, xStocks announced that its tokenized stock products are now available on Ethereum.
Tokenization has accelerated sharply in 2025, with the market expanding by 380% since 2022. Early momentum has primarily focused on private credit and U.S. Treasury bonds, with attractive yields and institutional demand making tokenization particularly appealing.
Other asset classes, such as real estate and money market funds, have also performed well as investors seek on-chain access to traditionally illiquid or yield-generating products.
Now, this trend is gradually expanding to publicly traded stocks. Industry data shows that the total value of tokenized stocks has reached approximately $341 million.
However, some industry observers express concerns about tokenized stocks, arguing that these products still operate in a regulatory gray area.
"It is crucial to understand that investors do not own actual shares; they hold tokens issued by intermediaries, which may entitle them to benefits if the underlying stock value increases or is sold," John Murillo, Chief Business Officer of fintech company B2BROKER, told Cointelegraph.
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Original article: “Galaxy Digital Stock Tokenized on Solana Blockchain”
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