Galaxy has partnered with Superstate to tokenize Galaxy's publicly traded shares (GLXY Class A common stock) on the Solana blockchain. This marks the first time that a publicly traded stock listed on the Nasdaq and registered with the SEC has been directly tokenized on a major public blockchain. How is this different from 'synthetic stocks' or 'wrapped stocks'? This is not a synthetic product or a third-party wrapped 'shadow token.' The on-chain GLXY token is legally Galaxy's SEC-registered common stock, with the exact same rights as traditionally registered shares (e.g., voting, dividends). The only difference is that the form of registration and holding is now on-chain and programmable. Superstate, as an SEC-registered transfer agent, updates the shareholder registry in real time whenever on-chain transfers occur. How to acquire and hold it? Shareholders can 'on-chain' their GLXY shares via Superstate's Opening Bell platform. After passing KYC approval, they can hold the shares in self-custody wallets and conduct peer-to-peer transfers within the whitelist. Public market-making on AMMs/DeFi is not yet enabled, but further exploration will continue under compliance. Why choose Solana? What are the benefits? Solana's high performance enables near-instant settlement, 24/7 availability, and brings transparency and programmability. This has the potential to increase efficiency and unlock new financial combinations for publicly traded equity. Contract address (anti-counterfeit): The sole contract address for GLXY on Solana is: 2HehXG149TXuVptQhbiWAWDjbbuCsXSAtLTB5wc2aajK. Current status at a glance: Eligible participants: Compliant investors who pass KYC. Features: Self-custody, bilateral transfers within the whitelist; AMM trading not yet enabled. Regulation and legal: The on-chain token is SEC-registered GLXY common stock; Superstate acts as the transfer agent. This does not constitute an offer to sell any securities. Tracking data: Galaxy provides a Dune dashboard to track on-chain GLXY supply. Significance/Potential Impact: For issuers: Integrating traditional equity into on-chain infrastructure, paving the way for broader on-chain settlement, compliant market-making, and programmable finance in the future. For shareholders: Faster settlement and more flexible on-chain composability without altering legal rights. However, in the short term, liquidity remains primarily OTC/bilateral, with AMM trading pending regulatory progress.