Galaxy Digital Inc. (Nasdaq/TSX: GLXY) said on Sept. 3 that Superstate will serve as the SEC-registered transfer agent for tokenized Class A Common Stock, recording legal ownership onchain as tokens are transferred. The blockchain-based GLXY instruments are the actual shares—not wrappers or synthetic representations—and confer the same rights as traditionally held stock, the companies disclosed on Wednesday.

Tokenization is available “effective immediately” through Superstate’s Opening Bell platform. Holders who complete know-your-customer (KYC) checks can self-custody, send, and receive the tokenized shares between allowlisted wallets. Galaxy identified the Solana contract address for the shares and warned that tokens from other addresses purporting to be GLXY equity are fraudulent.

Mike Novogratz, Galaxy’s founder and CEO, said the initiative aims to bring “transparency, programmability, and composability” from crypto markets into traditional finance (TradFi) equities, positioning the model to scale beyond Galaxy. Robert Leshner, Superstate’s CEO, remarked that the registered shareholder list updates in real-time when tokens change hands.

At launch, automated market maker (AMM) trading is not enabled. Documentation says transfers are limited to bilateral movements between approved addresses, and any future availability of tokenized shares on AMMs or other decentralized finance (DeFi) venues would depend on regulatory considerations, according to the companies. Galaxy said it is engaging with the U.S. Securities and Exchange Commission as part of the agency’s broader work on onchain market structure.

Galaxy selected Solana citing speed, low fees, and active spot DEX activity; the company explained that it may evaluate support for additional venues over time. A Dune Analytics dashboard maintained by Galaxy Research tracks the supply of tokenized GLXY. Galaxy Ventures is also an investor in Superstate.

The companies outlined a conversion path for existing holders: move shares via the Direct Registration System to Galaxy’s primary transfer agent Equiniti, shift them to Superstate’s onchain-eligible account, mint one GLXY token per share, and receive tokens to a user-provided Solana address. The process can be reversed to reformat tokens back into traditional shares. Many other competitors, like Kraken, for example, are producing onchain tokenized stock products.

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