Catenaa, Saturday, August 09, 2025- Galaxy Digital is exploring the tokenization of its Class A shares as part of a broader push into blockchain-based equity trading, the company said Tuesday in an SEC filing.
The Nasdaq-listed crypto firm, led by billionaire Mike Novogratz, has engaged Superstate Services as a registered digital asset transfer agent.
Tokenized GLXY shares could allow 24/7 trading and integration with decentralized finance applications, although the company cautioned that liquidity and regulatory oversight may lag behind traditional exchanges like Nasdaq.
The filing comes alongside Galaxy’s second-quarter earnings, which showed total assets plunging 43% to $6.3 billion.
The company posted $8.7 million in revenue, roughly flat year-over-year, and a net income of $30.7 million after previous quarterly losses. Its “Gross Revenues & Gains” dropped 30% from the prior quarter, the firm said.
Galaxy highlighted a major transaction during the period, facilitating the sale of over 80,000 bitcoin for a client, one of the largest notional deals in digital asset history.
Despite the milestone, investors reacted negatively to the results, with shares dropping 9% to $26.26 on Tuesday morning.
Novogratz has promoted tokenization as a way to bridge traditional finance with crypto markets, potentially unlocking trillions in global equity value.
Still, Galaxy warned that no liquid market for tokenized GLXY is guaranteed, and decentralized trading carries risks.
