Galaxy Digital, founded by Mike Novogratz, has announced the tokenization of its shares for use in decentralized finance, highlighting the growing interest in asset tokenization at an institutional level.
Tokenization of Galaxy Digital Shares
Galaxy Digital announced that its Class A common shares, listed on both Nasdaq and the Toronto Stock Exchange under ticker GLXY, can now be tokenized and fractionalized on the Solana blockchain through Superstate’s Opening Bell. Superstate will act as a SEC-registered transfer agent. Unlike synthetic products or derivatives, this initiative involves the tokenization of actual shares. Trades executed on Opening Bell will generate an instant record of ownership onchain.
Trends in the Tokenized Stock Market
Tokenization has increased significantly in 2025, with the total volume of tokenized stocks reaching approximately $341 million. Many companies are already offering their stocks in tokenized form, with Backed Finance having over 60 tokenized public companies, including well-known names such as Netflix and Meta Platforms.
Regulatory Issues and Considerations
Despite the rising popularity of tokenized stocks, some market observers have raised concerns about products operating in a regulatory gray area. "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," said John Murillo, chief business officer at fintech firm B2BROKER.
The tokenization of shares represents a significant step in adapting publicly traded companies to the evolving financial landscape, though it requires careful scrutiny of regulatory and legal aspects.
