Galaxy Digital Tokenizes Its Publicly Traded Stock
Galaxy Digital, the cryptocurrency investment firm established by Mike Novogratz, has taken a significant step by tokenizing its publicly traded stock, allowing the shares to be utilized within decentralized finance (DeFi) as the interest in tokenization among institutions continues to rise.
On Wednesday, the company announced that its Class A common shares, which are listed on both Nasdaq and the Toronto Stock Exchange under the ticker GLXY, can now be tokenized and fractionalized on the Solana blockchain via Superstate’s Opening Bell, a platform dedicated to tokenizing public companies. Superstate, a fintech company, will serve as the SEC-registered transfer agent.
In contrast to synthetic products or derivatives, this initiative focuses on tokenizing Galaxy’s actual Class A shares. Trades conducted on Opening Bell will create an immediate record of ownership onchain.
Galaxy first became publicly listed on the Toronto Stock Exchange in 2018 and expanded its presence to the Nasdaq Global Select Market earlier this year. The firm now boasts a market capitalization of nearly $9 billion.
Galaxy’s shares are joining a growing roster of other equities that are already offered in tokenized form. Backed Finance’s xStocks platform, for instance, has tokenized over 60 public companies on Solana, BNB Chain, and Tron. Among the most notable names are tokenized Netflix, Meta Platforms, and Nvidia, with these assets being tradeable on exchanges such as Kraken and Bybit, as well as decentralized exchanges based on Solana.
On Tuesday, xStocks revealed that its tokenized equity offerings are now accessible on Ethereum.
Tokenization Growth
Tokenization has surged significantly in 2025, with the market growing by 380% since 2022. Much of the initial momentum has been seen in private credit and US Treasury bonds, where attractive yields and institutional interest have made tokenization particularly appealing.
Other asset classes, including real estate and money-market funds, have also gained attention as investors look for on-chain access to assets traditionally viewed as illiquid or yield-bearing.
Currently, this trend is starting to permeate public equities. Industry data indicates that the total value of tokenized stocks has reached around $341 million.
However, some industry experts have expressed apprehensions regarding tokenized stocks, suggesting 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 payouts if the underlying shares increase in value or are sold,” stated John Murillo, chief business officer at fintech firm B2BROKER, in an interview.
