Galaxy Digital Enters Tokenization Sector on Solana

Nasdaq-listed cryptocurrency company Galaxy Digital has ventured into the tokenization sector, opting for the Solana (SOL) network.

According to a company announcement, Galaxy Digital has launched an initiative to tokenize SEC-registered stocks directly on a major blockchain. This marks the first time Galaxy’s shares have been tokenized on Solana, making it the first Nasdaq-listed company to achieve this.

Galaxy Digital has started issuing its Solana-based tokenized stock, GLXY. Shareholders can now tokenize their GLXY shares on OpeningBell, a blockchain platform operated by asset management firm Superstate.

These tokenized shares will be available to approved KYC investors, allowing them to hold and transfer their shares in personal cryptocurrency wallets. Unlike typical tokenized shares, these are not derivatives or synthetic but genuine shares that safeguard shareholders’ rights.

Mike Novogratz, founder and CEO of Galaxy Digital, expressed pride in collaborating with Superstate to establish an on-chain capital market that merges traditional stocks with next-gen infrastructure. The aim is to create a tokenized stock that incorporates the benefits of cryptocurrencies—transparency, programmability, and composability—into traditional markets. Galaxy is committed to developing a scalable model, not only for itself but for the wider market.

*This is not investment advice.