SpaceX (SPCX) shares will begin trading on Solana on the same day the company is expected to list on Nasdaq, according to Sunrise, a tokenization infrastructure provider, and Backpack Securities, a regulated cryptocurrency brokerage and trading platform, which are launching a tokenized version of the stock called SPCX.
The token, issued by Backpack, represents ownership of the underlying shares of SpaceX and can be redeemed for those shares through Backpack’s brokerage platform. The companies say eligible stocks can also be tokenized again, creating a bridge between traditional brokerage accounts and blockchain-based markets.
The launch attempts to bring newly listed US stocks into the chain on day one. Backpack says SPCX holders will have a direct redemption path to the underlying security.
SPCX will trade on Solana 24 hours a day, even outside of traditional market hours. The token can be held in self-custody wallets and traded at supported venues based in Solana.
The announcement comes as interest in real-world tokenized assets continues to grow across the crypto industry. Stablecoins have become one of the most successful use cases for blockchain, and several companies are now betting that stocks could follow a similar path if tokenized stocks can be made accessible to a global investor base.
Proponents argue that tokenized stocks could eventually expand access to U.S. capital markets and enable seamless trading. It remains an open question whether demand will develop on a scale comparable to that for stablecoins.
“The future of tokenized stocks is not just about exposing prices on-chain,” Backpack CEO Armani Ferrante said in a press release shared with CoinDesk. “It’s making the underlying values transferable across financial systems.”
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