We advised Galaxy on the first ever tokenization of SEC-registered public equity on a major blockchain

Davis Polk advised Galaxy Digital Inc. on its partnership with Superstate to allow stockholders to tokenize and hold shares of Galaxy’s Class A common stock onchain. This milestone marks the first time a public company has tokenized its SEC-registered equity directly on a major blockchain. Galaxy’s Class A common stock is listed on Nasdaq under the ticker “GLXY.”

Galaxy’s tokenized shares will be available to approved investors who can hold and transfer them within their own crypto wallets. When onchain transfers occur between verified participants, the ownership records are updated by Superstate, acting as a transfer agent for Galaxy.

Based in New York City, Galaxy is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and artificial intelligence. Galaxy is a trusted partner to more than 1,300 trading counterparties and more than 1,200 asset management clients, with more than 300 portfolio investments and approximately $7 billion in assets managed across its platform.

Superstate is a financial technology firm reshaping public capital markets. It connects financial assets with crypto capital markets to expand access, improve liquidity and advance capital formation through onchain public listings and tokenized investment products. Its offerings include Opening Bell, a platform for compliant onchain equity listings; USTB, a tokenized fund backed by U.S. Treasuries; and USCC, a tokenized fund optimized for crypto basis exposure.

The Davis Polk capital markets team included partners Daniel P. Gibbons and Joseph A. Hall. Partner Zachary J. Zweihorn and associate Justin Levine provided financial institutions advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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