Hot on the heels of Galaxy’s public listing in May, the crypto firm has teamed up with Superstate to tokenise its stock.
The team-up will tokenise Galaxy Digital Class A Common Stock, and not just create a wrapper or synthetic models without issuer involvement, Galaxy and Superstate said.
“This is the first instance of a Nasdaq-listed company being tokenised on a major public blockchain,” said Robert Leshner, CEO of Superstate. “When tokens change hands, the registered shareholder list of Galaxy updates in real-time.”
GLXY shares can be minted using Superstate’s Opening Bell platform on Solana and Ethereum.
Tokenisation missteps
The initiative comes as tokenised stock has become one of the hottest trends to emerge in the crypto industry this year.
Firms like fintech giant Robinhood and crypto exchange Kraken have made waves by launching services that allow customers to trade tokenised shares.
While those firms have often portrayed the initiatives as a way to democratise financial markets by giving users who would normally not have access to those stocks, the push has also faced controversy.
The firms whose stock has been tokenised haven’t always given the issuers the green light to do so.
That was seemingly the case in June when Vlad Tenev, CEO of Robinhood, announced a giveaway of tokenised OpenAI and SpaceX stock.
Just days later, OpenAI slammed the stunt on X, saying it did “not endorse it,” which prompted Tenev to concede that “while it is true that they aren’t technically equity, [the] tokens effectively give retail exposure to these private assets.”
These “OpenAI tokens” are not OpenAI equity. We did not partner with Robinhood, were not involved in this, and do not endorse it. Any transfer of OpenAI equity requires our approval—we did not approve any transfer.
— OpenAI Newsroom (@OpenAINewsroom) July 2, 2025
Please be careful.
These “OpenAI tokens” are not OpenAI equity. We did not partner with Robinhood, were not involved in this, and do not endorse it. Any transfer of OpenAI equity requires our approval—we did not approve any transfer.
— OpenAI Newsroom (@OpenAINewsroom) July 2, 2025
Please be careful.
The Galaxy and Superstate market their collaboration as a break from that structure.
Onchain transfers
The tokenised Galaxy shares will be available to approved investors who’ve gone through know-your-customer checks. Once they’ve bought the shares, users will be able to hold and transfer them in their crypto wallets.
When an onchain transfer occurs, the ownership will be updated by Superstate, which will act as the official transfer agent.
“Our goal is a tokenised equity that brings the best of crypto — transparency, programmability, and composability — into the traditional world,” Mike Novogratz, founder and CEO of Galaxy.
