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Galaxy Digital Tokenizes Stock On Solana
Financial services firm Galaxy Digital has announced the tokenization of its shares on Solana following a partnership with Superstate. According to an official statement, GLXY stockholders can lean on Super State’s Opening Bell platform to tokenize their shares on the Solana blockchain.
According to the statement, the tokenized stocks are Galaxy Digital Class A Common Stock, which offers holders the full rights associated with the securities. While tokenized securities have gathered significant steam in recent months, they are largely synthetic models that rely on wrappers without issuer involvement.
However, Galaxy Digital breaks the mold with tokenized GLXY shares having the same force as traditional equity. Apart from being equivalent to traditional equity, the tokenized GLXY shares are expected to benefit from the advantages of speed and efficiency offered by blockchains.
“We’re proud to be working with Superstate to help lay the groundwork for an on-chain capital market that bridges traditional equities with next-generation infrastructure,” said Galaxy Digital CEO Mike Novogratz.
 
Given its position as an SEC-registered transfer agent, Superstate keeps an on-chain record of the registered shareholder list in real-time. Right off the bat, users who complete the Know Your Customer (KYC) requirement can hold and transfer tokenized GLXY shares.
In the meantime, Galaxy and Superstate are exploring avenues for tokenized equities trading using Automated Market Makers (AMM).
“Our goal is a tokenized equity that brings the best of crypto – transparency, programmability, and composability – into the traditional world,” said Novogratz. “And we’re taking part in building a model that can scale, not just for Galaxy, but for the market more broadly.
Solana Price Surges Amid Stock Tokenization Report
Minutes after the Galaxy Digital announcement of stock tokenization on Solana, the SOL price recorded a significant uptick. The asset rallied to reach a daily price peak of $212, continuing an impressive streak over the last week.
Amid the rally, daily trading volumes surged to nearly $8 billion with key technical indicators pointing to an incoming rally. With the Alpenglow upgrade inching closer for Solana, a bullish pattern is pointing to a price surge to $1,000 for SOL as the network eyes a hundred-fold speed increase.
At press time, Solana has a market capitalization of $112 billion, placing it as the sixth-largest cryptocurrency. On the 30-day chart, Solana is up by 24.26% while the one-year chart indicates an impressive 63.32% surge.