Mike Novogratz’s crypto firm Galaxy Digital sees a bright future ahead for tokenized assets.
In a recent research report, “The Investable Universe 2.0,” the New York-based firm projects that tokenized assets could reach a $1.9 trillion market capitalization by 2030 under its base scenario, a 5,622% increase from their current $33 billion valuation, and as much as $3.8 trillion if adoption accelerates.
In the report, Galaxy Digital explained that the valuation growth can be attributed to strong institutional interest as firms “seek to understand and adopt the technology to stay competitive.”
The firm sees cash, deposits, and money market funds leading the shift, while tokenized equities, including shares of public companies, remain a smaller segment, at least for now. But still, even in a slower scenario, Galaxy Digital expects at least $800 billion worth of assets to move on-chain by 2030.
The projection comes just a month after Galaxy Digital’s own experiment with tokenized stocks went live. In early September, The Defiant reported that the firm launched its Class A Common Stock on Solana through a partnership with Superstate, a tokenization startup founded by Compound founder Robert Leshner.
As a result of that collaboration, Galaxy Digital became the first public company to issue SEC-registered equity directly on Solana, with Superstate acting as the transfer agent.
Data from Solscan shows that around 32,000 GLXY tokens have been issued so far, with approximately 1,500 new tokens issued in the past month. That represents a modest 5% growth since launch, though the firm pointed out in a September press release that it continues to explore compliant ways to unlock “broader liquidity and utility for investors and issuers alike.”
Galaxy Digital did not respond to The Defiant’s request for comment.
Synthetic Bubble
As of press time, the broader market remains largely dominated by synthetic issuers. Animoca Brands, in its “State of Tokenized Stocks” report, estimated that Backed Finance and Ondo Finance account for 95% of the tokenized stock market, mostly through Ethereum-based synthetic products tied to major U.S. tech shares and ETFs.
And while these tokens don’t represent real ownership, Backed Finance’s xStocks have generated more than $1 billion in total on-chain trading volume since launch, with around 33,000 holders, the company revealed in a Monday post.
Superstate takes a different approach, issuing tokens that represent real Galaxy shares rather than synthetic versions that only track prices.