The news broke via an SEC filing earlier today, published alongside Galaxy’s Q2 earnings report.
Crypto financial services firm Galaxy Digital unveiled plans to tokenize its stock, GLXY, via Robert Leshner’s Superstate, according to a filing published today, Aug. 5. Galaxy published the prospectus supplement alongside several U.S. Securities and Exchange Commission (SEC) filings, including the firm’s Q2 financial report, on its website today.
GLXY trades at a $10.4 billion market capitalization, and may be able to expand its stock offering to on-chain natives after it entered into a digital transfer agency agreement with Superstate in May 2025, the filing reveals.
Tokenized real-world asset (RWA) firm Superstate would act as the digital asset transfer agent and manage an “allowlist” of wallet addresses” for individuals and entities that are permitted to trade and hold tokenized GLXY, presumably by completing know-your-customer (KYC) requirements or by verifying accredited investor status.
Galaxy, which maintains $9 billion in assets under management, is led by CEO Mike Novogratz, and recently brokered one of the largest crypto over the counter (OTC) deals of all time for 80,000 BTC, worth just over $9 billion.
The company’s Q2 earnings report revealed an adjusted gross profit of $299 million over the last three months.
Leshner, who founded Superstate in 2023, is also the founder of DeFi protocol Compound Finance. Superstate announced its debut in the world of tokenized stocks in May with the launch of Opening Bell, alongside an on-chain version of the SOL Strategies stock as its first tokenized stock offering.
On-chain securities and commodities have been a hot topic in 2025. Just last week, the U.S. SEC announced clear support for moving traditional finance markets on-chain via a sweeping regulatory policy dubbed “Project Crypto”.
SEC Chair Paul Atkins said in a statement on Thursday: “I also hear from our regulatory policy staff that firms—from household names on Wall Street to unicorn tech companies in Silicon Valley—are lined up at our doors with requests to tokenize.” He continued:
“I have asked the Commission staff to work with firms seeking to distribute tokenized securities within the United States and to provide relief where appropriate to assure that Americans are not left behind.”
