Galaxy Digital is exploring the possibility of tokenizing its publicly traded shares as part of a broader push into blockchain-based finance, the company disclosed in a new filing with the U.S. Securities and Exchange Commission (SEC).
The move comes just weeks after the firm completed its long-awaited listing on the Nasdaq under the ticker GLXY.
Galaxy Moves Toward Tokenized Equities but Warns Market Still Nascent
In the filing, Galaxy stated that it is “evaluating the feasibility of tokenizing our Class A common stock” and has entered into a digital transfer agency agreement with Superstate Services, an SEC-registered agent focused on tokenized securities.
According to the company, this initiative could provide investors with an alternative way to hold and trade GLXY shares using blockchain rails.
“If implemented, tokenized GLXY would provide an additional mechanism for investors to hold and trade shares in the company,” Galaxy said.
The company’s interest in tokenized equities is not new. In May, Galaxy CEO Mike Novogratz spoke publicly about plans to turn GLXY shares into tokens for use in decentralized finance (DeFi) applications such as lending and trading.
At the time, Superstate launched Opening Bell, a platform for trading SEC-registered shares on-chain, potentially laying the groundwork for Galaxy’s experiment.
Despite growing interest in tokenized real-world assets, Galaxy cautioned that “the market for tokenized securities is nascent,” and there is no guarantee that a liquid or orderly market for tokenized GLXY will emerge.
Speaking to CryptoNews, Ali Mahir Aksu, founder of Untold.io, said, “Galaxy’s move to tokenize its shares via Superstate is a strong signal that on-chain public equities are moving from theory to institutional reality. At Untold, we’re focused on bringing more real-world assets—especially in IP, tech, and digital infrastructure—onto the chain in a compliant way, so this moment resonates. It reflects a growing shift where tokenization isn’t just about liquidity; it’s about programmability, access, and future-proofing ownership models.”
Galaxy Digital’s Q2 Asset ‘Plunge’ Sparks Fears, But Experts Point to AI Pivot and Record 80K BTC Sale
The announcement follows a turbulent second quarter for the digital asset firm. Galaxy reported $9.1 billion in total assets for Q2 2025, a 43% increase from the previous quarter, but also noted volatile financial activity.
Net income for the period reached $30.7 million, a sharp turnaround from a $295 million loss in Q1. However, adjusted gross revenues declined 30% quarter-over-quarter, and total transaction expenses fell by a third.
Source: Galaxy Digital
The quarter saw Galaxy complete its corporate restructuring and officially debut on Nasdaq on May 16, opening at $23.50 per share. The listing followed years of delays that Novogratz described as “infuriating.”
Joël Valenzuela, Director of Marketing and BD at Dash, told CryptoNews that “The Q2 asset plunge is likely just a dip from global geopolitical uncertainty. However, I think we’re underestimating the uncertainty around the crypto markets that’s being lifted in the US, Europe, and elsewhere by implementing regulatory clarity. Once the world feels empowered to leverage blockchain tech to its fullest extent, the upside potential is massive.”
Despite the asset fluctuations, the firm’s Digital Assets division posted strong results, with adjusted EBITDA of $13 million and a 28% increase in global markets’ gross profit. The average size of its loan book rose to $1.1 billion amid rising demand for margin lending.
Its treasury and corporate division delivered most of the gains, while profits from its digital assets unit and asset management arm were more modest. Galaxy handled one of the largest Bitcoin sales in history, offloading over 80,000 BTC on behalf of a client.
The firm said July was its best month ever for digital asset operations, with growth in global markets and new activity in infrastructure. The firm also reported the sale of over 80,000 Bitcoin on behalf of a client after the quarter closed, one of the largest notional transactions of its kind to date.
Galaxy’s asset management and staking services grew, reaching $9 billion in assets on the platform by the end of June. However, earnings from staking declined 26% due to lower activity across blockchain networks.
Meanwhile, the firm continues to build out its Helios data center campus. The company confirmed that CoreWeave has committed to the full 800 megawatts of power approved at the site.
Ali Mahir Aksu, founder of Untold.io, told CryptoNews that “As for the Q2 asset drop, it’s part cyclical cooling, part growing pains—not a structural flaw. And Galaxy’s AI/data center pivot shows they’re playing the long game: building across cycles, not just riding them.”
Galaxy also acquired an additional 160 acres of land nearby, raising the campus’s total footprint to over 1,500 acres and increasing potential capacity to 3.5 gigawatts.
Novogratz Says Crypto Treasury Boom May Have Peaked
Novogratz said the wave of crypto treasury firms, companies holding digital assets on their balance sheets, may have already peaked.
Speaking during Galaxy’s Q2 earnings call, Novogratz noted that while early entrants like Michael Saylor’s Bitcoin-focused strategy led the way, newer firms could struggle for traction.
He pointed to Ethereum-focused firms such as BitMine and SharpLink as key players set for further growth, while warning that future startups might find it harder to scale. Galaxy currently partners with over 20 such firms, managing roughly $2 billion in assets and generating steady fee income.
Beyond treasury firms, Galaxy is also building out its institutional infrastructure. In July, it integrated its staking platform with Fireblocks, giving over 2,000 financial institutions access to staking services directly through Fireblocks’ custody system.
Meanwhile, Galaxy Ventures, the firm’s investment arm, closed its first external venture fund in June, securing $175 million, above its initial $150 million target. The fund focuses on early-stage projects in tokenization, stablecoins, and blockchain infrastructure. Since 2018, Galaxy has invested in over 120 startups, including Monad and Ethena.
Novogratz said blockchain-based markets remain the long-term vision, though tokenized liquidity still lacks clear answers.
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