Galaxy Digital Debuts Solana GLXY Tokens Backed 1:1 by SEC-Registered Shares

Galaxy Digital has launched “tokenized GLXY,” allowing holders of its SEC-registered Class A common stock to convert shares into tokens on Solana via Superstate, the firm’s digital transfer agent. A historic first: We’ve partnered with @superstatefunds to allow stockholders to tokenize and hold $GLXY shares ￰0￱ milestone marks the first time a public company has tokenized its SEC-registered equity directly on a major ￰1￱ immediately,… ￰2￱ — Galaxy (@galaxyhq) September 3, 2025 In a blog post, Galaxy says this marks the first time a publicly listed ￰3￱ is available in native form on a major public ￰4￱ tokens are not wrappers: each on-chain GLXY represents an actual share with the same legal and economic rights as traditionally held ￰5￱ is required through Superstate, and only allowlisted addresses can hold or receive the tokens—preserving shareholder records, allowing corporate actions, and meeting AML ￰6￱ explains that existing investors can “bridge” shares by moving them from a brokerage to Galaxy’s transfer agent and then into Superstate’s on-chain-eligible account, where one token is minted per share and delivered to the investor’s Solana ￰7￱ process also works in reverse to return tokens to the traditional ￰8￱ Explains Why Solana and Why Now Galaxy said it selected Solana for its speed , throughput, and growing role as a high-volume spot trading ￰9￱ firm argues that tokenized equities belong on decentralized base layers where no single operator can control core functions like ordering or ￰10￱ Galaxy plans to support Ethereum L1 in the future (and will evaluate L2s), it emphasizes primary issuance on L1 to preserve unilateral exits and minimize centralized choke ￰11￱ launch comes during a friendlier ￰12￱ backdrop: Galaxy and Superstate say they are working with the SEC as the commission solicits feedback on how to modernize broker-dealer, custody, secondary market, and lending rules for blockchain securities.

Trading, AMMs, and the Compliance Perimeter At launch, tokenized GLXY can be sent bilaterally between KYC-approved, allowlisted addresses, but AMM/DEX trading is not yet ￰13￱ frames automated market makers as autonomous escrow mechanisms that settle deterministically and contends they should not be regulated as “exchanges” under the Exchange Act. Still, the firm acknowledges that the rules aren’t settled and will allow AMM connectivity once there is sufficient regulatory ￰14￱ then, on-chain liquidity may be limited, and prices could diverge from GLXY on ￰15￱ KYC allowlist design also mitigates typical MEV concerns by preventing unknown third parties from interacting with the token ￰16￱ to the firm, there’s no broker tracking cost basis for on-chain holders today, and traditional intermediaries remain largely absent from tokenized securities due to regulatory ￰17￱ It Matters—and What to Watch Tokenized GLXY is a bridge between book-entry Wall Street and permissionless rails, advancing a model where equity ownership, recordkeeping, and settlement can live on public blockchains without sacrificing investor ￰18￱ argues that once real, compliant on-chain equities reach key mass, the market will experience an “Uniswap moment”—with faster, cheaper, fairer trading pulling volume ￰19￱ risks remain: regulatory determinations could force changes or unwinds; liquidity fragmentation could widen spreads; and operational frictions may persist until processes are standardized.