Binance Lists SpaceX Token as SPCX Surges 12%

Binance added SpaceX bStocks (SPCXB) to its spot market on June 12 at 17:00 UTC, the exchange said. The pair SPCXB/USDT went live with a zero maker fee promotion that runs through August 31. Deposits and withdrawals for the tokenized asset were activated shortly after the launch.

Demand for SpaceX exposure on Binance has been strong. The SPCXUSDT perpetual futures contract is now the exchange's second-most traded futures product, ranking only behind Bitcoin perpetuals. Binance controls more than 60% of the global market for SpaceX perpetual futures, according to the exchange.

The underlying SpaceX stock (SPCX) rose 12% in the same session, crossing $212. The stock hit an intraday high of $225.64 and a low of $195.13, TokenPost reported. The rally lifted SpaceX's market capitalisation above $3 trillion and pushed Elon Musk's paper net worth past $1 trillion.

Tokenized stocks carry regulatory and counterparty risks. Securities laws in several jurisdictions apply to digital tokens, and Binance has faced scrutiny over its tokenised stock products in the past. The exchange did not detail the custody or synthetic backing mechanism for SPCXB in the launch materials, leaving the settlement chain opaque. A persistent gap between the token price and the underlying stock would signal execution risk.

Binance's bStocks portfolio already includes tokenized shares of Circle, Nvidia, Tesla, Micron, and Sandisk. The SpaceX addition extends that lineup as the aerospace company's valuation passes a symbolic threshold.