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SPCX overtakes CRCL in tracked tokenized stock value

SPCX overtakes CRCL in tracked tokenized stock value

SpaceX logo (public domain) via Wikimedia Commons

SpaceX linked tokens reached $349.35 million in market value, surpassing Circle by $8.64 million across a fixed sample of 341 stocks.

by Vivian Nguyen

2 min read

In Stocks

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Tokenized products tracking SpaceX (SPCX) moved ahead of those tracking Circle (CRCL) in a fixed sample of 341 stocks on November 12, according to an analysis of CoinGecko market data.

SpaceX linked products reached $349.35 million in aggregate circulating market capitalization, compared with $340.71 million for Circle, giving SpaceX an $8.64 million lead, equivalent to approximately 2.5% of Circle’s recorded tokenized value.

SPCX increased 4.2% from $335.39 million, while CRCL rose 0.9% from $337.74 million. SpaceX first appeared ahead in the 14:35 UTC observation and maintained its lead in a subsequent reading at 14:50 UTC.

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The comparison covers 341 stocks with consistent product membership across three observations. The original readings included 362, 404 and 400 stocks, respectively, with products that became unavailable or changed composition excluded from the comparison.

SpaceX’s share of the tracked tokenized stock value increased from 12.6% to 12.9%. The figures represent the circulating market capitalization of tokenized products rather than the stock market valuations of their underlying companies.

The change comes amid growing scrutiny of tokenized securities. At least 67 companies, including SpaceX, objected to OKXICE’s proposed tokenized stock trading plans, according to the venue’s November 5 public notice and a November 10 report by CFO Brew.

Japanese law firm So & Sato also warned in a November 12 analysis that tokens associated with the same company may represent different legal interests, including actual shares, claims against issuers or custodians, and contractual rights linked to share prices.

The regulatory objections and legal analysis provide context but do not establish a connection to the ranking change.

Tokenized market capitalization can fluctuate with token prices, circulating supply or both. The available observations do not establish which factor drove the change or whether the number of token holders increased.

The comparison is limited to the matched CoinGecko sample. It does not establish the exact time of the crossing or whether SpaceX had previously surpassed Circle in broader market coverage.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.

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