SPCX Tokenized SpaceX Shares Hit $37M in First-Day Trading Volume on Solana

Three competing SpaceX tokens generated $37 million in combined first-day trading volume on Solana on June 12, the same day SpaceX debuted on Nasdaq, with Backpack Backpack Securities' SPCX accounting for the majority of that activity.

SPCX Leads a Three-Way Market

According to Yahoo Finance, SPCX generated $18.2 million in 24-hour volume at launch, attracting more than 5,900 holders with $2.5 million in liquidity and a $7.6 million market cap. As we covered when Backpack and Sunrise Sunrise launched SPCX on Nasdaq debut day, each token is backed 1:1 by an actual SpaceX share held at Backpack Securities, redeemable into traditional brokerage accounts via ACATS and DTCC rails.

Two other products filled out the competitive landscape. SPCXx, issued by Backed Finance under the xStocks brand, recorded $927,000 in volume with more than 3,000 holders; it tracks the SpaceX share price but without the direct share redemption pathway SPCX carries. SPACEX, issued by PreStocks, reported $737,000 in volume and 12,600 holders. Its structure is built around pre-IPO SPV exposure that converts to a public-stock equivalent and expires if not redeemed by March 12, 2027.

The concentration of volume around Backpack's variant reflects its structural differentiation. Armani Ferrante, Backpack's CEO, told CoinDesk: "The future of tokenized equities is not just putting price exposure onchain. It is making underlying securities portable across financial systems."

Why Liquidity Concentrated on Backpack

The three products differ materially in what holders actually own. SPCX offers direct share ownership settled through U.S. brokerage rails; SPCXx and SPACEX both offer price exposure via different issuer structures but without equivalent redemption pathways. SPACEX's SPV model also carries a hard expiry: holders must convert by March 12, 2027.

That structural gap appears to have directed first-day capital toward Backpack's product, per Yahoo Finance. SPCX also generated close to 98,000 transactions and around 4,700 participating wallets on day one, per Coinfomania.

Solana Foundation President Lily Liu highlighted the broader significance of the SpaceX tokenization in a CNBC appearance around the launch, noting that tokenized SpaceX shares would be accessible globally through platforms including Sunrise and Backpack Securities.

Solana's Tokenized Equity Infrastructure

The SPCX volume comes as Solana's tokenized equity sector has expanded rapidly. Exodus Movement launched Exodus Markets with Ondo Finance on Solana in June, offering 200+ tokenized U.S. stocks and ETFs inside a self-custodial wallet. Earlier this year, Securitize brought its STAC tokenized CLO fund to Solana as Ethena planned a $250 million allocation, anchoring the chain's institutional RWA stack with investment-grade credit products.

Sunrise, the Wormhole-based issuance layer behind SPCX, had processed more than $360 million in volume across six prior tokenized equity launches before the SpaceX product went live. The $37 million first-day figure makes SpaceX the highest-profile individual equity to run through that infrastructure.