Galaxy and Superstate put real Nasdaq-listed GLXY shares on Solana. Solana called it “BREAKING,” saying the tokenized GLXY is the first time a public company has natively issued SEC-registered equity on the network, and stressed these are not wrappers but the actual Nasdaq-listed shares, now represented onchain.
Under the deal, Superstate, an SEC-registered transfer agent, is the bridge between legal title and the blockchain. When a shareholder uses Superstate’s Opening Bell platform to convert their Galaxy Class A stock into tokens, Superstate records that ownership onchain and updates the official shareholder list in real time. The firms say that means the tokens carry the same legal and economic rights as the ordinary GLXY shares, but can move 24/7 on Solana’s rails.
For investors who qualify and complete the onboarding checks, that means they can hold tokenized GLXY in self-custody wallets and transfer them to other approved holders without waiting for traditional settlement windows. Galaxy and Superstate pitch the move as an upgrade to the plumbing of markets, faster settlement, more transparency and new possibilities for programmable finance, while repeatedly reminding readers that the offering remains subject to securities laws and regional restrictions.
What to Expect?
Experts suggest this is more than a one-off experiment. Early reports indicate institutional participants have already started tokenizing shares and testing custody and settlement flows, a signal that some market actors are keen to see how issuer-backed stock behaves onchain. Still, a wider shift will depend on how regulators treat secondary onchain trading, market-making and the familiar rules around best execution and investor protection.
Galaxy framed the launch as a potential model that other issuers could follow if the mechanics and compliance checks prove workable. Superstate and Galaxy are presenting Opening Bell as an on-ramp for issuer-backed tokenization, not as a way to sidestep existing rules, but as a way to modernize settlement and recordkeeping while keeping legal ownership aligned with the company’s official register. The firms also warned investors to use only the official contract address published by Galaxy and to beware of fake tokens claiming to be onchain GLXY.
Whether this becomes a new standard for public equities or a narrowly scoped pilot will be decided by regulators, market infrastructure partners and how quickly issuers and custodians adapt. For now, the move puts a real, SEC-registered stock on a public blockchain in a way its backers say is legally equivalent to a traditional share, and that alone is enough to make traders, lawyers and technologists pay attention.
