Ship or Die at Accelerate 2025: Jason Urban, Michael Hubbard, Robert Leshner

In a groundbreaking panel at Accelerate 2025, industry leaders from Solstrangies, Galaxy Digital, and Superstate unveil plans to bring equity trading to the Solana blockchain, promising 24/7 global access and revolutionary DeFi integrations.

Summary

The "Ship or Die" panel at Accelerate 2025 featured Michael Hubbard from Solstrangies, Jason Urban from Galaxy Digital, and Robert Leshner from Superstate, discussing the future of equity trading on the Solana blockchain. The conversation centered around the motivations, challenges, and potential impact of bringing traditional equities onto the blockchain.

Solstrangies, a public company focused on the Solana ecosystem, revealed plans to allow its stock to trade on Solana alongside traditional exchanges. This move is part of a broader trend towards creating new "internet capital markets" that offer global access, 24/7 trading, and integration with decentralized finance (DeFi) applications.

The panelists explored the regulatory landscape, emphasizing the need for clarity and cooperation with regulators to facilitate this transition. They also discussed the potential for new forms of capital raising and shareholder engagement made possible by blockchain technology.

The discussion highlighted the transformative potential of bringing equities on-chain, from expanding global access to capital markets to enabling new financial products and services through DeFi integration.

Key Points:

Motivation for On-Chain Equity Trading

Solstrangies, as a company focused on the Solana ecosystem, sees bringing its stock to trade on Solana as a natural extension of its strategy. The company believes that Solana offers the best venue for its stock, providing 24/7 trading at low costs.

For trading firms like Galaxy Digital, the move to on-chain equity trading presents new opportunities and challenges. They see their role as crucial in maintaining price parity across different trading venues and providing liquidity in this new market structure.

Internet Capital Markets

The concept of "internet capital markets" was a central theme of the discussion. This new paradigm promises to revolutionize how companies raise capital and interact with shareholders. On-chain equity trading could enable companies to raise funds directly on the blockchain, potentially in cryptocurrencies like SOL, and explore new financing methods such as on-chain bonds or special share classes.

The panelists emphasized that blockchain-based markets offer global access, breaking down geographical barriers that exist in traditional exchanges. This could significantly expand the potential investor base for companies and provide easier access to international markets for investors worldwide.

Regulatory Landscape

The panel highlighted the importance of regulatory clarity in enabling the transition of equities to blockchain trading. They noted that regulators, both in Canada and the US, have been responsive and supportive of their efforts so far.

However, challenges remain in reconciling traditional regulatory structures with blockchain-based trading. Questions about how existing rules for public companies will apply to on-chain listings, and what new rules might be needed, are still being worked out.

The panelists expressed optimism about the US potentially becoming a hub for crypto innovation again, citing the importance of creating a regulatory landscape that encourages innovation while ensuring proper safeguards.

Potential Impact and New Possibilities

One of the most exciting aspects of bringing equities on-chain is the potential for integration with DeFi applications. This could enable new financial products and services that are not possible with traditional equity structures.

The panelists envisioned a future where tokenized stocks could be used in decentralized exchanges, automated market makers (AMMs), and other DeFi protocols, opening up new possibilities for trading, lending, and financial engineering.

They also discussed the potential for new forms of capital raising, such as token sales or airdrops of stock to blockchain users, though they noted that regulatory considerations would play a significant role in shaping these possibilities.

Facts + Figures

• Solstrangies holds approximately 395,000 SOL on its books
• Galaxy Digital is a $3-4 trillion asset class today
• There are currently about 500 million people in the world who own crypto
• Solstrangies is working on uplisting to the NASDAQ
• The panel discussed the potential for trading stocks on decentralized exchanges like Jupiter
• The US is seen as potentially leading the way in regulatory clarity for on-chain equity trading
• The panelists envision 24/7 trading for on-chain equities
• Global access to equity markets was highlighted as a key benefit of on-chain trading
• The potential for settling equity trades in SOL or other cryptocurrencies was discussed
• Integration with DeFi applications was cited as a major advantage of on-chain equities

Top quotes

1. "It doesn't make sense that our stock doesn't trade on Solana because that's the best venue for it." - Michael Hubbard, Solstrangies

2. "I think it's important to have parity across all venues. If something is trading on the NASDAQ and on Solana simultaneously, the invisible hand needs to keep those assets both liquid and trading in line." - Jason Urban, Galaxy Digital

3. "Internet capital markets is more than just an analogy or a placeholder, it's something that truly can replace some of the traditional rails in raising funds and interacting with the shareholders." - Michael Hubbard, Solstrangies

4. "My hope is that in the same way that companies might have found Canada a welcome venue to start trading because of lower exchange requirements and an easier regulatory landscape, that eventually Solana becomes the platform where companies first go public." - Robert Leshner, Superstate

5. "We're now talking about a marriage of technology and capital formation, putting that together and then allowing it to do something, that's exciting." - Jason Urban, Galaxy Digital

Questions Answered

What is the main motivation for companies to list their stocks on Solana?

Companies like Solstrangies are motivated to list their stocks on Solana primarily for its 24/7 trading capabilities, low transaction costs, and global accessibility. For companies deeply involved in the Solana ecosystem, it's seen as a natural extension of their strategy. Additionally, listing on Solana opens up possibilities for integration with DeFi applications, potentially creating new financial products and services that aren't possible with traditional equity structures.

How might on-chain equity trading change capital markets?

On-chain equity trading could revolutionize capital markets by creating truly global, 24/7 accessible markets. It could enable companies to raise funds directly on the blockchain, potentially in cryptocurrencies, and explore new financing methods like on-chain bonds or special share classes. The integration with DeFi applications could lead to new financial products and services, while the global accessibility could significantly expand the potential investor base for companies.

What are the main regulatory challenges for bringing equities on-chain?

The primary regulatory challenges involve reconciling traditional securities regulations with blockchain-based trading. There's a need for clarity on how existing rules for public companies will apply to on-chain listings, and what new rules might be needed. The panelists noted that regulators have been responsive and supportive so far, but there's still work to be done in areas like ensuring uniform offerings across different venues and managing new forms of capital raising like token sales or stock airdrops.

How might DeFi integration change the way stocks are used?

DeFi integration could dramatically change how stocks are used by making them more programmable and composable. Tokenized stocks could potentially be used in decentralized exchanges, automated market makers (AMMs), and other DeFi protocols. This could enable new forms of trading, lending, and financial engineering. For example, stocks could be used as collateral in DeFi lending protocols or as part of complex financial products that aren't possible in traditional finance.

What advantages does Solana offer for equity trading compared to traditional exchanges?

Solana offers several advantages for equity trading compared to traditional exchanges. These include 24/7 trading capabilities, lower transaction costs, and global accessibility. The high throughput of the Solana blockchain allows for fast, efficient trading. Additionally, Solana's integration with the broader DeFi ecosystem opens up new possibilities for financial products and services that aren't possible on traditional exchanges.