SpaceX IPO sends tokenized equity trading to $3.86B
SpaceX's $75B IPO drove $1.19B in tokenized volume, mostly on Solana via Backpack's SPCX token. The market cap hit $1.53B, with regulatory risks unresolved.
Tokenized equity trading volume hit $3.86 billion in June, a 145% jump from May, with the surge driven almost entirely by SpaceX's public listing. The June 12 IPO raised $75 billion at $135 per share, valuing the company over $2 trillion post-debut. The activity shows equities are becoming a bigger part of the crypto market.
Crypto-native traders quickly tokenized the stock. SpaceX tokens alone accounted for $1.19 billion in June volume, or 31% of all tokenized equity trading. Backpack Securities' SPCX token grabbed the largest share at $1.08 billion. Jupiter, the Solana-based aggregator, saw the most activity, with cumulative volume across all tokenized products now above $20 billion.
Solana dominated the chain-level data. Daily tokenized stock volume on Solana exceeded $100 million at its peak after the IPO. SPCX drove over 40% of that.
The broader market cap for tokenized equities reached $1.53 billion in June. The streak marks 15 consecutive months of growth and spans bull and neutral market conditions.
The IPO created a real-world stress test. Handling over a billion dollars in a single tokenized asset without major depegging or platform outages shows the infrastructure can scale. The regulatory picture remains unsettled. Tokenized equities fall into a gray zone in many jurisdictions. Structures differ across platforms. Investors face different levels of equity backing and custody, with redemption terms that vary. A $3.86 billion monthly market attracts attention. The next enforcement action or guidance could decide which products survive.
The month ended with no major infrastructure failures reported.
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