SpaceX’s Nasdaq debut didn’t just move traditional markets. It lit up Solana too.

Three tokenized versions of SpaceX shares launched on the Solana blockchain on June 12, collectively generating $37 million in first-day trading volume.

The star of the show was SPCX, a token issued by Backpack Securities in partnership with Sunrise. It pulled in roughly $18.2 million of that volume on its own, attracting over 5,900 holders and building a $2.5 million liquidity pool within hours. The other two entrants, SPCXx from xStocks and SPACEX from PreStocks, captured approximately $927,000 and $737,000 respectively.

Why tokenized SpaceX shares took off

SpaceX listed on Nasdaq at $135 per share on June 12. Tokenized versions on Solana don’t have the limitations of traditional stock markets, which close on weekends and holidays, allowing investors to trade at any hour from anywhere in the world.

SPCX features a 1:1 backing to the underlying SpaceX shares. Each token represents one actual share, with a redemption path into traditional brokerage accounts through ACATS and DTCC, the same settlement infrastructure that underpins conventional stock trading.

Solana’s real-world asset play is getting serious

Prior to the SpaceX launch, Sunrise had already facilitated over $360 million in tokenized equity volume on the network. The SpaceX debut added $37 million to that tally in a single day, representing roughly 10% of the platform’s entire historical volume compressed into 24 hours.

What this means for investors

For equity investors, tokenized shares represent a new access point. Global investors who may face restrictions on US brokerage accounts, or who simply want to trade outside market hours, now have a viable alternative. The fact that SPCX offers ACATS/DTCC redemption means holders can convert their tokens back into real shares in a traditional brokerage account.

Some US investors were reportedly excluded from trading these products, a reminder that the “global, permissionless” ideal of crypto still runs into national securities laws.