Galaxy Digital makes history with 32K tokenized shares on Solana – Details

Key Takeaways

Solana has become the first chain to host a Nasdaq-listed equity with GLXY’s tokenization. Is this its moment to dominate the RWA rails?

After pulling off a stablecoin-settled IPO, fueling a memecoin launchpad, and rolling out major network upgrades, Solana [SOL] is now clearly leaning into Real World Assets [RWA]. 

Earlier this year, on-chain RWAs on Solana topped $500 million all-time high. In technical terms, that’s real capital putting trust in Solana’s on-chain cost profile to park regulated assets on it.  

In fact, Solana now ranks sixth in the RWA sector with about 3.15% market share. Sure, it’s still a long way from Ethereum’s $8.16 billion, but recent on-chain win suggests the network is steadily leveling up.

Solana hosts historic tokenized Nasdaq listing 

In another power move, Solana is advancing its Wall Street ambitions.

Galaxy Digital (NASDAQ: GLXY) just made history by tokenizing 32,000 of its Class A shares on Solana, making it the first U.S. public company to put equity directly on-chain, enabling near-instant, 24/7 trading access.

Here’s why it matters: This kind of round-the-clock liquidity can’t happen off chain, making it a clear showcase of how blockchain rails can deliver capabilities that conventional markets can’t.

The chart above underscores this shift.

Out of 67,559 RWA holders, 59,433 are in public equity tokens. That’s about 88% of participants, showing that tokenized equities are the main driver of Solana’s on-chain RWA adoption.

In short, a U.S. public firm going live on Solana is a major milestone. But the real question is whether this shift represents Solana’s shot at owning the RWA rails, or just the first move in a multi-chain race.

GLXY tokenization signals a major shift toward DeFi

Beyond RWAs, GLXY trading on-chain signals a deeper shift.

DeFi has led 2025 YTD gains, up 44%, outpacing RWAs at 38.7%. This shows serious liquidity moving into DeFi rails, and tokenized assets like GLXY are helping connect TradFi with on-chain markets in a real way.

Statistically, Ethereum [ETH] still dominates DeFi. It holds a 59.65% market share, 1,593 protocols, and $91.77 billion in TVL. Yet, GLXY choosing Solana speaks volume of its on-chain rails gaining traction for tokenized assets.

In short, Solana sits at a pivotal junction in the TradFi-to-DeFi shift.

With RWAs hitting new highs, stablecoin IPOs launching, and Galaxy Digital tokenizing the first U.S. equity on-chain, Solana is edging closer to its Wall Street dream, staking its claim in the multi-chain race.