Galaxy Digital, the cryptocurrency investment firm founded by Mike Novogratz, has tokenized its publicly traded stock, positioning the shares for use within decentralized finance (DeFi) as institutional interest in tokenization grows.
The company said Wednesday that its Class A common shares, listed on both Nasdaq and the Toronto Stock Exchange under the ticker GLXY, can now be tokenized and fractionalized on the Solana blockchain through Superstate’s Opening Bell, a platform for tokenizing public companies. Superstate, a fintech firm, will act as the SEC-registered transfer agent.
Unlike synthetic products or derivatives, the initiative involves tokenizing Galaxy’s actual Class A shares. Trades executed on Opening Bell will generate an instant record of ownership onchain.
Galaxy first went public on the Toronto Stock Exchange in 2018 and expanded to the Nasdaq Global Select Market earlier this year. The company now carries a market capitalization of nearly $9 billion.
Galaxy shares join dozens of other equities already available in tokenized form. Backed Finance’s xStocks platform, for example, has tokenized more than 60 public companies on Solana, BNB Chain and Tron. Some of the biggest names include tokenized Netflix, Meta Platforms and Nvidia, with the assets tradable on exchanges like Kraken and Bybit, as well as Solana-based decentralized exchanges.
On Tuesday, xStocks announced that its tokenized equity offerings are now available on Ethereum.
Related: Investors could misunderstand tokenized stocks: EU markets watchdog
RWA tokenization trend expands to stocks
Tokenization has accelerated sharply in 2025, with the market expanding 380% since 2022. Much of the early momentum has been concentrated in private credit and US Treasury bonds, where attractive yields and institutional demand have made tokenization especially compelling.
Other asset classes like real estate and money-market funds have also featured prominently, as investors sought onchain access to traditionally illiquid or yield-bearing products.
Now, the trend is gradually extending into public equities. Industry data show that the total value of tokenized stocks has reached about $341 million.
However, some industry observers have raised concerns about tokenized stocks, arguing that the 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,” John Murillo, chief business officer at fintech firm B2BROKER, told Cointelegraph.
Related: Kraken met with SEC crypto task force to discuss tokenization