Three tokenized SpaceX equities lead Solana trading

After SpaceX began trading on Nasdaq on June 12, three tokenized equity products account for the bulk of SpaceX-related trading on the Solana blockchain, according to liquidity and volume data on Jupiter, the largest Solana exchange aggregator. Jupiter lists more than a dozen tokens that use the SpaceX name, but three verified tokenized equity products lead by available liquidity and 24-hour trading volume.

Backpack Securities’ SPCX tops the group. The token launched on Solana the same day SpaceX listed on Nasdaq and is issued by a regulated U.S. broker-dealer. SPCX holders can redeem tokens for underlying SpaceX shares through Backpack’s brokerage platform, and eligible shares converted back into the platform can be retokenized. SPCX shows about $2.5 million in liquidity, roughly $18.2 million in 24-hour volume, a market capitalization near $7.6 million and more than 5,900 holders. SPCX trades continuously on Solana, including outside U.S. market hours.

Second by liquidity and volume is SPCXx, issued by Backed Finance under its xStocks brand. The token tracks a SpaceX share price near $166. SPCXx holds about $236,000 in liquidity with roughly $927,000 in reported daily volume and has over 3,000 holders on Solana. Backed Finance positions SPCXx as tokenized exposure to post-listing SpaceX equity.

PreStocks’ SPACEX ranks third among the verified tokens. The token began as an SPV-backed vehicle offering pre-IPO exposure and now converts into a tokenized public-stock equivalent adjusted for SpaceX’s 5-for-1 split. SPACEX shows about $158,000 in liquidity and $737,000 in daily volume on Jupiter, and it has the largest holder count at roughly 12,600. PreStocks has set a deadline for holders to swap into the tokenized public-stock equivalent by midnight UTC on March 12, 2027; tokens not swapped by that time will expire.

Each token uses different mechanics for conversion and redemption. Backpack links token redemption and reissuance to its regulated brokerage process. PreStocks uses an on-chain swap to convert pre-IPO SPV-backed tokens into a public-stock equivalent and enforces a hard expiration date for unconverted tokens. Backed Finance’s xStocks offers a token that tracks the public share price.

Trading on Solana allows these tokenized equities to trade around the clock on decentralized platforms and aggregators such as Jupiter. Continuous trading on-chain means token prices and volumes can change independently of Nasdaq trading hours.