Galaxy issues shares on Solana, sees tokenized stocks hitting $190 trillion in 20 years

The market for tokenized equities could expand to nearly $190 trillion within the next 20 years, according to new projections from Galaxy Research.

Galaxy made this projection after it became one of the first public companies to tokenize its stock on the Solana blockchain via Superstate, which specializes in compliant tokenization infrastructure.

Speaking on the move, Alex Thorn, Galaxy’s Head of Research, said:

“Onchain GLXY is real Galaxy Class A Common Stock. If you hold the token, you own common equity in galaxy, the same as if you bought our stock through in your traditional brokerage account. no publicly traded company has ever done this before in the US.”

As of press time, 32,374 Galaxy Class A shares had been issued on Solana, held by 21 token holders, according to Dune Analytics data.

According to the firm, this move illustrates its conviction that tokenization is viable and a potential blueprint for how listed companies may enhance market accessibility.

‘Uniswap moment’

Considering this, the firm modeled bear, base, and bull scenarios to illustrate how blockchain adoption may reshape financial markets once decentralized trading achieves critical mass.

Galaxy describes the tipping point as a “Uniswap moment,” when on-chain trading is widely regarded as fairer, faster, cheaper, and safer than legacy structures. At that stage, traditional centralized exchanges would gradually lose market share to blockchain-based platforms.

In its near-term outlook, Galaxy expects tokenized equities to represent between 0.7% and 4.6% of US market capitalization within the first two years of adoption—equivalent to $0.5 trillion to $3.3 trillion.

Under a bullish 10-year scenario, tokenized shares could capture 40% of the market, worth almost $50 trillion.

Meanwhile, the forecasts diverge further over two decades. A bear case sees tokenization reaching 12% of the US equity market, or $29.5 trillion, while the bull case envisions as much as 78% penetration or an estimated $189.9 trillion.

Interestingly, the firm said trading activities could follow a similar trajectory.

In the most optimistic scenario, Galaxy projects that tokenized equities may account for 93% of all US equity trading volume, fundamentally altering liquidity, settlement times, and investor access.

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