Eligibility file · Stock

Superstate Opening Bell (tokenized common stock of listed companies)

What the client owns

The holder owns the company’s common stock itself, with voting and dividend rights. Not a derivative or wrapper. Issuer direct: The on-chain record is the securityholder file; the holder is the registered owner.

Who may hold it

US retail investors. First purchase minimum not stated. State coverage not confirmed by the issuer. Superstate, acting as each company’s transfer agent, runs KYC (name, address, taxpayer ID) and adds wallets to the allowlist. It opens tokenized shares to ”all investors in supported countries” but publishes a country list only for its funds and no US state list. Asset pages say ”Global” and exclude jurisdictions under US sanctions. Exodus (EXOD) is also on Opening Bell but has its own file: its Form 10 says the tokens give no ownership interest.

Who can freeze or claw back

Solana GLXY: can freeze a holder, claw back, gate who may hold, mint. An account only a program can sign for can freeze a holder and claw back tokens.
Solana FWDI: can freeze a holder, claw back, gate who may hold, mint. An account only a program can sign for can freeze a holder and claw back tokens.
Solana HSDT: can freeze a holder, claw back, gate who may hold, mint. An account only a program can sign for can freeze a holder and claw back tokens.
Ethereum SBET: can pause transfers, claw back, gate who may hold, mint, change the code. Owner key: a single key. A single key, through a contract, can change the code with no delay.

How it exits

Redeem in kind. Burn tokens to Superstate book-entry (no payout), then a DRS transfer through the recordkeeping transfer agent to a broker and a sale on the listing exchange. Superstate calls the conversion a multi-step process of several business days; the inbound DRS leg takes 2-3 business days. Superstate charges no fee; the transfer agent, broker and network may.. Settles in shares.

Research and shelf status are on the memo: Superstate Opening Bell Favorable research; shelf not set

Issuer

Each listed company issues its own registered common stock (Galaxy Digital Inc., Forward Industries, Inc., Exodus Movement, Inc., Sharplink, Inc., Solana Company); Superstate Services LLC (Delaware), an SEC-registered transfer agent, keeps the on-chain records

Registration

Other

Official record

Superstate Services LLC (SEC transfer agent file 084-06972), as each company’s digital transfer agent, keeps the official records of on-chain shares, and the token is the registered share (Galaxy’s 8-K: the tokens “are Galaxy Digital Class A Common Stock”). Each company’s recordkeeping transfer agent keeps the master securityholder file that includes them: Equiniti Trust Company (GLXY, SBET, HSDT) and Equity Stock Transfer (FWDI)., SEC-registered transfer agent

Instruments

GLXY FWDI SBET HSDT

Chains

Solana, Ethereum, Linea

Reviewed

2026-09-23 · v1

Next review

2027-03-23

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

Who may buy, hold, transfer, and redeem

Each answer rests on the issuer’s own words, quoted from the document named under it. Ketju re-reads each document and records whether the words are still there. Where the documents say nothing, the row says so.

What the holder owns

The holder owns the company’s common stock itself, with voting and dividend rights. Not a derivative or 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, after Superstate onboarding. No accredited status is needed.

“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

No minimum to tokenize shares you own. 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 2026-09-23

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

No cash redemption. Burn tokens to book-entry, then move the shares by DRS to a broker and sell there, or sell 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; at the company’s request on termination it 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

Fact	What the file records
Who onboards the holder	issuer
Voting rights	Yes
Distributions	cash
SIPC coverage of the wallet	No

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.

Agent	SEC file	On EDGAR since	TA-2 period	Accounts	Issues with master file	Work it hires out
Superstate Services LLC	084-06972	2025-02-03	2025-12-31	107	0	None

Who can change the record

Powers read from the deployed contracts and their verified source: the token and every contract it consults on transfer. A power recorded here is the issuer’s ability, not evidence it has been used.

Token	Chain	Freeze a holder	Pause	Claw back	Gate holders	Change the code	Keys held by
GLXY	Solana	Yes	No	Yes	Yes	No	An account only a program can sign for can freeze a holder and claw back tokens.
FWDI	Solana	Yes	No	Yes	Yes	No	An account only a program can sign for can freeze a holder and claw back tokens.
HSDT	Solana	Yes	No	Yes	Yes	No	An account only a program can sign for can freeze a holder and claw back tokens.
SBET	Ethereum	No	Yes	Yes	Yes	Yes	Owner key: a single key. A single key, through a contract, can change the code with no delay.

Who holds the keys

Every current holder of each power, read from the chain on 2026-09-23. A single key is one private key: whoever holds it acts alone. A multisig needs the stated number of signers. A timelock makes every action wait, so holders can see it coming.

Token	Chain	Key	What it can do	Held by	Address
GLXY	Solana	Mint authority	mint new tokens	a single key	CgByw6…pndN
GLXY	Solana	Freeze authority	freeze a holder	an account only a program can sign for	2Yq4T3…pM7x
GLXY	Solana	Permanent delegate	claw back tokens	an account only a program can sign for	2Yq4T3…pM7x
FWDI	Solana	Mint authority	mint new tokens	a single key	CWdsNn…FSqq
FWDI	Solana	Freeze authority	freeze a holder	an account only a program can sign for	2Yq4T3…pM7x
FWDI	Solana	Permanent delegate	claw back tokens	an account only a program can sign for	2Yq4T3…pM7x
HSDT	Solana	Mint authority	mint new tokens	a single key	7cowcP…bwh6
HSDT	Solana	Freeze authority	freeze a holder	an account only a program can sign for	2Yq4T3…pM7x
HSDT	Solana	Permanent delegate	claw back tokens	an account only a program can sign for	2Yq4T3…pM7x
SBET	Ethereum	Owner	grant and revoke these powers	a single key	0x1daf…0806
SBET	Ethereum	Proxy admin	change the code	a contract run by a single key	0xd9f6…c781
SBET	Ethereum	Allowlist owner	decide who may hold, grant and revoke these powers	a single key	0x7747…b2fe

Solana GLXY: 4 contract reads at block 449584257, 0 functions in verified source, 2026-09-23

Read from the chain

mintAuthority=CgByw6Si35n7UrtHERukoqBQMBqUJmfz2uG3XXnFpndN
freezeAuthority=2Yq4T3mPNfjtEyTxSbRjRKqLf1pwbTasuCQrWe6QpM7x
permanentDelegate=2Yq4T3mPNfjtEyTxSbRjRKqLf1pwbTasuCQrWe6QpM7x
defaultAccountState=frozen

Solana FWDI: 4 contract reads at block 449584258, 0 functions in verified source, 2026-09-23

Read from the chain

mintAuthority=CWdsNnEuCYzxBjjd9dxvhYuatVHY2cGsMNNJcKsGFSqq
freezeAuthority=2Yq4T3mPNfjtEyTxSbRjRKqLf1pwbTasuCQrWe6QpM7x
permanentDelegate=2Yq4T3mPNfjtEyTxSbRjRKqLf1pwbTasuCQrWe6QpM7x
defaultAccountState=frozen

Solana HSDT: 4 contract reads at block 449584261, 0 functions in verified source, 2026-09-23

Read from the chain

mintAuthority=7cowcPXxq3dfEKwg2MHmxkneKSNkzKuma8WZTaaZbwh6
freezeAuthority=2Yq4T3mPNfjtEyTxSbRjRKqLf1pwbTasuCQrWe6QpM7x
permanentDelegate=2Yq4T3mPNfjtEyTxSbRjRKqLf1pwbTasuCQrWe6QpM7x
defaultAccountState=frozen

Ethereum SBET: 5 contract reads at block 26037567, 4 functions in verified source, 2026-09-23

Read from the chain

eip1967.implementation=0x06e8b4c4a622a4d83013aa2b208fe36d3742ae18
eip1967.admin=0xd9f6455e46869853ae7c970467805f9de117c781
owner()=0x1dafd7d93ba789add75faabae88376c393450806
paused()=false
allowlist()=0xbcbc2b4fb2abe1c598c9ea91e0b03338e4728d1f

Read from verified source

allowlist in verified source 0x06e8…ae18
accountingPause in verified source 0x06e8…ae18
adminBurn in verified source 0x06e8…ae18
mint in verified source 0x06e8…ae18

Where it trades

Venue	Kind
Jupiter (Solana), listed by Superstate for GLXY spot trading; no volume shown	dex
Nasdaq, for GLXY, FWDI, SBET and HSDT once moved back to a broker	exchange
NYSE American, for EXOD once moved back to a broker	exchange

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

How it exits

Path	Settlement	Settles in
Redeem in kind	Burn tokens to Superstate book-entry (no payout), then a DRS transfer through the recordkeeping transfer agent to a broker and a sale on the listing exchange. Superstate calls the conversion a multi-step process of several business days; the inbound DRS leg takes 2-3 business days. Superstate charges no fee; the transfer agent, broker and network may.	shares
Secondary market only; no issuer redemption	Sale to another allowlisted holder or through a DEX Superstate supports. AMM trading was not switched on as of 2026-09-23, and no Tokenized Securities Venue lists these tokens.

Reopen conditions: events that change an answer above

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; venues and the redemption paths are then re-read
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; the minimum and primary-venue terms are then added 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 departs 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

What the monitor reads daily

Every control function in the table above and the contracts the token consults on transfer; the token’s on-chain supply against yesterday’s; and its market quote against yesterday’s quote. Every document quoted above is re-read too, and a quote that leaves its document reopens the file. EDGAR is read for the transfer agent’s registration; a new filing reopens the file. A change opens a review item in the governance queue and reopens the file before any client action.

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

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