Galaxy Digital Makes History by Tokenizing GLXY Shares on Solana

Galaxy Digital has broken new ground by allowing stockholders to tokenize their Class A common stock on Solana's blockchain - a move I've been watching with both excitement and skepticism.

As someone who's been tracking the crypto space for years, this partnership with Superstate feels like a genuine watershed moment. It's the first time we're seeing a public company tokenizing SEC-registered equity directly on-chain. About damn time!

I got to hand it to Mike Novogratz - the guy's always pushing boundaries. "Laying groundwork for on-chain capital markets" sounds fancy, but what he's really doing is forcing traditional finance to adapt or die. The old guard must be sweating.

Robert Leshner's Superstate is the perfect partner for this. Having followed Leshner since his Compound days, I can tell you he's no crypto tourist. The man knows what he's doing when it comes to bridging TradFi and DeFi. Though I wonder if he's getting too cozy with regulators these days.

What's particularly interesting is how Superstate updates ownership records after every on-chain transfer between verified participants. This creates a transparent system, but I worry about the "verified" part. Are we just recreating the same gatekeeping systems we sought to escape?

The timing aligns suspiciously well with SEC Chair Paul Atkins' Project Crypto announcement from July. While I appreciate regulatory clarity, part of me questions if this is just Wall Street finding new ways to control what was meant to be decentralized.

Meanwhile, Ondo Finance has launched their own platform with over 100 tokenized equities and ETFs for non-US investors. The rush to tokenize everything from Apple shares to BlackRock ETFs is on, targeting investors across multiple continents who previously had limited access.

The race to tokenize traditional assets is heating up, and I'm both thrilled and concerned about where this leads us. Revolution or co-option? We'll see.