What’s available with this launch?
At launch (9/3/2025), Opening Bell supports tokenizing existing public equity issued by the company, recorded onchain by Superstate as the SEC-registered transfer agent. Shares can be held by investors in self-custody wallets, viewed via blockchain explorers, and accessed via investor dashboards. Peer-to-peer trading is possible between KYC’d investors.
This marks the first time a publicly traded U.S. company is facilitating its real equity shares to be tokenized on a major blockchain.
Why doesn’t Opening Bell support AMM trading with the launch of Galaxy tokenized equity?
The SEC is actively engaged in considering whether or how its trading regulations apply to AMM-based trading of public equities in an effort to advance its innovation agenda, while meeting appropriate compliance standards. We are working with regulators, industry partners, and policymakers to build a path forward; while Opening Bell is designed to support AMM trading in the near future, Superstate is launching Opening Bell now in a way that is fully compliant under existing frameworks.
What’s the timeline for AMM support?
The Chairman of the SEC has stated that the SEC will “create rational and workable rules of the road” for decentralized systems, including AMMs, within the securities markets. Superstate and Galaxy are both actively engaged with the SEC to help define a model for compliant AMM trading of public equities.
As we continue to work with the SEC on the long-term architecture for onchain capital markets, we’re committed to working within today’s rules and launching in a phased, regulatorily-aligned way. AMM support will be added to Opening Bell once there’s a clear legal framework to enable it.
What are the benefits of Opening Bell even without AMMs?
This launch marks a major milestone: for the first time, a public company has tokenized its SEC-registered equity on a blockchain. That alone is transformative. It proves that regulated, issuer-led tokenization is possible—and sets the foundation for a broader shift in how public markets can operate in the future.
Even without AMMs, this phase demonstrates that real public shares can exist, be held, and traded on major blockchains, unlocking new infrastructure for capital formation, shareholder engagement, and market evolution.
How does this differ from other tokenized equity models like Robinhood or X-stocks?
Superstate works directly with issuers to tokenize real shares—not synthetic products or wrapped representations. Superstate serves as the SEC-registered transfer agent, recording legal ownership onchain with full compliance and permissioning. Other models rely on offshore wrappers or derivatives, often issued without issuer involvement or regulatory clarity.
We believe the compliant, issuer-first path is the most durable and scalable way forward for public capital markets to go onchain.
What is the current regulatory status for these peer-to-peer transactions? What new development from the SEC made this okay to do now?
In recent public statements and formal guidance, the SEC has communicated a broader acceptance of shares being represented onchain when facilitated through a SEC-registered transfer agent. Superstate’s tokenization of Galaxy stocks on Opening Bell is aligned with this recent guidance from the SEC.
When a peer-to-peer transfer occurs and results in a change in the state of the blockchain, the transfer agent’s records update to reflect this change of ownership.
Are there any regulatory risks associated with this launch? Did the SEC sign off on this or is there a chance of punitive action or litigation?
This launch is fully aligned with existing SEC regulations, including transfer agent registration and investor KYC. Opening Bell operates within the bounds of current law. Superstate and Galaxy are actively engaged in discussions with the SEC to ensure that future innovations, such as AMM trading, are introduced responsibly.
Superstate and Galaxy believe that a compliant, issuer-led model is the most durable and scalable approach to an onchain future for public capital markets.