Superstate Opening Bell (tokenized common stock of listed companies)

In plain words on RIADeFi: The SEC’s tokenized stock exemption, explained · Superstate Opening Bell.

This file replaced an earlier version on 2026-10-17. The issuer name held a sentence naming every listed company and the transfer agent; it now names Superstate, and the file body keeps the detail. Nothing else changed. Earlier versions.

Subscribers see which of their clients hold this program and whether each household qualifies under these terms, and Ketju emails them when the file changes. $299 per firm per month, first 30 days free.

The verdict is on the memo: Superstate Opening Bell Not approved

Other programs tokenize the same securities. Every version side by side: GLXY, FWDI, SBET.

Eligibility

Each answer quotes the issuer’s own words from the document named under it. Ketju reads each document again and records whether the words are still there. Where the documents say nothing, the row states that.

What the holder owns

The holder owns the company’s common stock itself, with voting and dividend rights; the token is not a derivative or a wrapper.

“These are not derivatives or representations; they are Galaxy Digital Class A Common Stock, with all the rights that confers.”

SEC EDGAR: Galaxy Digital 8-K Ex. 99.1 (2025-09-03) · Third paragraph · words found 2026-09-23

Who may hold it

Any investor in a supported country, US retail included, may hold after Superstate onboarding; accredited status is not required.

“Tokenized shares are available to all investors in supported jurisdictions and do not require accredited investor status.”

Superstate docs: Tokenized equities · Onboarding · words found 2026-09-23

First purchase minimum

Superstate sets no minimum to tokenize shares a holder already owns; in a Direct Issuance Program, each company sets its own minimum and maximum.

“Minimum and maximum purchase amounts are specified by the Issuer.”

Superstate Services LLC: Terms of Service (Transfer Agent and Registrar Services Agreement) · Section 14.5, Share Characteristics · words found 2026-09-23

Account types

Individuals and entities, each through an Investing Entity Application.

“This application collects information about you as an individual investor or your entity, to verify your eligibility to access either tokenized equities or funds.”

Superstate docs: Getting started · Applications, item 1 · words found 2026-09-24

Who it may be transferred to

Only between allowlisted wallets and approved DEX pools; Superstate verifies each wallet owner first.

“Superstate shall create, update, and maintain an Allowlist, and ensure that the smart contract(s) underlying the Tokenized Shares is/are programmed such that Tokenized Shares may only be transferred to or held by digital wallet addresses of persons or decentralized exchange pools on the Allowlist.”

SEC EDGAR: Exodus Movement 10-K Ex. 10.7, Digital Transfer Agency Agreement (2025-08-08) · Schedule A, section 3.4 Allowlist · words found 2026-09-23

How a holder redeems

Superstate pays no cash. The holder burns tokens to book-entry and moves the shares by DRS to a broker to sell, or sells on a supported DEX.

“Unlike funds, burning equity tokens does not trigger a payout. To sell your tokens you must use a supported DEX (if available).”

Superstate docs: Tokenized equities · Burning tokens to book-entry · words found 2026-09-23

Who keeps the official record

Superstate keeps the official records for tokenized and book-entry shares it holds; those form part of the master file at the company’s main transfer agent.

“Subsidiary Security holder Records means the official ownership and transfer records maintained by Superstate with respect to Issuer’s On chain Eligible Shares.”

SEC EDGAR: Exodus Movement 10-K Ex. 10.7, Digital Transfer Agency Agreement (2025-08-08) · Section 1.8 (see 1.10 for the master securityholder file) · words found 2026-09-23

What the issuer says it can freeze or take back

Superstate controls the allowlist and can refuse transfers; on termination, at the company’s request, Superstate freezes token transfers.

“Upon termination, Superstate shall deliver to Issuer all Subsidiary Security holder Records and materials related to its services and, as requested by Issuer, (i) freeze the continued ability to transfer Tokenized Shares and coordinate with the RTA to allow holders of Tokenized Shares to redeem them for Certificated Shares or Book-Entry Shares”

SEC EDGAR: Exodus Movement 10-K Ex. 10.7, Digital Transfer Agency Agreement (2025-08-08) · Section 7.5, Effect of Termination · words found 2026-09-23

The transfer agent’s SEC record

A transfer agent registers with the SEC on Form TA-1 and reports each year on Form TA-2: how many securityholder accounts it keeps and for how many issues it keeps the master securityholder file, the list that says who owns each share.

Who controls it

Ketju read these powers from the deployed contracts and their verified source code: the token and every contract it checks on a transfer. A power listed here is something the issuer can do; it does not mean the issuer has used it.

Who holds the keys

Ketju read every current holder of each power from the chain on 2026-09-27. A single key is one private key, and whoever holds it acts alone. A multisig needs the stated number of signers. A timelock delays every action, so holders can see it before it takes effect.

Where it trades

No Tokenized Securities Venue lists this token. Secondary trading, if any, is outside the exemption.

Redemption

Review triggers
• A Tokenized Securities Venue under the 2026-09-17 Innovation Exemption lists any Opening Bell token, or Galaxy or another issuer says AMM trading is enabled; Ketju will then review the venues and the ways to redeem
• Superstate adds or drops an issuer on superstate.com/assets (Upexi announced intent on 2025-06-26 and SOL Strategies signed an MOU on 2025-05-08; neither is listed on 2026-09-23)
• A Direct Issuance Program opens for any listed company; Ketju will then add the minimum and primary-venue terms from its prospectus
• The EVM allowlist migrates from v3.1 to v4.2 (Superstate dates it September 2026), the SBET proxy implementation changes, or the Solana freeze authority or permanent delegate 2Yq4T3mPNfjtEyTxSbRjRKqLf1pwbTasuCQrWe6QpM7x changes
• On-chain supply differs from the tokenized count an issuer reports in a 10-Q or 10-K (FWDI: about 7,290,000 at 2026-06-30 against 7,280,819.1 on chain on 2026-09-23)
• Superstate Services LLC files a TA-W, amends its TA-1 in a way that changes control, or any issuer terminates its Digital Transfer Agency Agreement
• Superstate publishes a country or state list for tokenized equities

Daily checks

Every day Ketju reads each control function in the table above and the contracts the token checks on a transfer. Ketju compares the token’s on-chain supply with yesterday’s, and its market quote with yesterday’s quote. Ketju also reads every document quoted above and reviews the file again if a quoted passage disappears from its document. Ketju reads EDGAR for the transfer agent’s registration and reviews the file again when a new filing appears. Ketju counts a new, removed, or changed key as a change only when the chain’s own log shows the grant, revocation, or signer change since yesterday. If the log does not show it, Ketju updates the key list in this file and does nothing more. A change opens a review before any client action. Subscribers get an email that names each of their clients who hold the token, with the household result.

File history

Ketju has revised this file 2 times since filing it. Ketju keeps each earlier version as published, with the reason for the change.

Sources

• Superstate docs: Tokenized equities · primary · accessed 2026-09-23
  Supports: no accredited status needed, allowlist before holding, DRS transfer from brokerage in 2-3 business days, burn to book-entry pays nothing, sell only on a supported DEX
• Superstate docs: Opening Bell for issuers · primary · accessed 2026-09-23
  Supports: Digital Transfer Agent Agreement, no trading on Superstate, SEC-compliant shareholder registry across book-entry and tokens, Direct Issuance Program
• Superstate docs: Getting started · primary · accessed 2026-09-23
  Supports: tokenized equities open to all investors in supported countries, individual or entity application, allowlist setup
• Superstate docs: Smart contracts · primary · accessed 2026-09-23
  Supports: admin address mints, allowlists and can forcibly burn, Solana Token-2022 extensions: default frozen, permanent delegate, allowlist program is freeze authority, EVM allowlist v4.2 migration in September 2026
• Superstate: Assets (equities table and deploy data) · primary · accessed 2026-09-23
  Supports: five live equities, token addresses per chain, CUSIPs, shares per chain and book-entry
• Superstate: GLXY asset page · primary · accessed 2026-09-23
  Supports: 13,399.18 tokens on Solana, 30,134.82 book-entry, Kamino and Jupiter listed, transfer agents Equiniti and Superstate, eligible investors Global, not in US-sanctioned jurisdictions
• Superstate: FWDI asset page · primary · accessed 2026-09-23
  Supports: 7,280,819.10 tokens, 1,442,616.90 book-entry, 3,156,493.10 FWDI in Kamino, transfer agents Equity Stock Transfer and Superstate
• Superstate Services LLC: Terms of Service (Transfer Agent and Registrar Services Agreement) · primary · accessed 2026-09-23
  Supports: SEC transfer agent file 84-06972, no Superstate fees; network, RTA and broker fees, no SIPC in self-custody, Direct Issuance Program terms, conversion to broker takes several business days
• SEC EDGAR: Superstate Services LLC Form TA-1/A (2026-03-25) · primary · accessed 2026-09-23
  Supports: registered transfer agent, file 084-06972, owned 100% by Superstate Inc.
• SEC EDGAR: Exodus Movement 10-K Ex. 10.7, Digital Transfer Agency Agreement (2025-08-08) · primary · accessed 2026-09-23
  Supports: subsidiary securityholder records are the official records for on-chain eligible shares, master securityholder file at the RTA includes them, allowlist-only transfer, mint and burn on shareholder instruction, freeze on termination, $1 per year fee, dividends in cash or shares
• SEC EDGAR: Galaxy Digital 8-K Ex. 99.1 (2025-09-03) · primary · accessed 2026-09-23
  Supports: Class A common stock, not a derivative, Superstate updates ownership records on transfer, GLXY Solana contract address, Opening Bell launched May 2025
• SEC EDGAR: Galaxy Digital 10-Q for 2026-06-30 · primary · accessed 2026-09-23
  Supports: AMM trading of Tokenized GLXY not enabled, DTAA dated 2025-05-20, allowlist limits market depth
• SEC EDGAR: SharpLink 8-K Ex. 99.1 (2025-09-25) · primary · accessed 2026-09-23
  Supports: Superstate appointed digital transfer agent, tokenize on Ethereum
• SEC EDGAR: Sharplink 10-Q for 2026-06-30 · primary · accessed 2026-09-23
  Supports: DTAA dated 2025-09-24, no common stock tokenized as of filing
• SEC EDGAR: Forward Industries 10-Q for 2026-06-30 · primary · accessed 2026-09-23
  Supports: Superstate co-transfer agent since September 2025, about 7,290,000 shares tokenized at 2026-06-30, same ownership interests
• SEC EDGAR: Exodus Movement 10-Q for 2026-06-30 · primary · accessed 2026-09-23
  Supports: Solana tokenization since October 2025, tokenized stock reflected in the official share register
• SEC EDGAR: Solana Company 10-K for 2025 · primary · accessed 2026-09-23
  Supports: DTAA dated 2025-10-17, allowlist restricts access
• SEC: Division of Corporation Finance statement on tokenized securities (2026-01-28) · primary · accessed 2026-09-23
  Supports: issuer-sponsored model: DLT integrated into the master securityholder file, third-party custodial and synthetic models
• SEC: Innovation Exemption order for Tokenized Securities Venues (Release 34-106402, 2026-09-17) · primary · accessed 2026-09-23
  Supports: TSV exemption from exchange definition, symbol and volume limits, five-year term
• Markets Media: Superstate Hopes Tokenized Equities Trading is Unlocked (2026-08-17) · secondary · accessed 2026-09-23
  Supports: AMM trading not yet switched on, Regulation NMS Rule 611 as the barrier