Tokenized stocks saw record trading activity in June, as investors flocked to blockchain-based versions of SpaceX (SPCX) stock following the aerospace company’s successful initial public offering.
On-chain trading volume increased 145% since May to $3.86 billion, according to the latest Stablecoins & Tokenized Assets report from CoinDesk Data. SpaceX tokenized shares accounted for $1.19 billion of the total, or about 31% of all tokenized stock transactions during the month.
The increase followed SpaceX’s $75 billion initial public offering, the largest in history, which valued the company at approximately $1.8 trillion on a fully diluted basis.
Backpack Securities’ SPCX token was the most popular tokenized version of the stock, with $1.08 billion in on-chain trading volume, followed by xStocks’ SPCXx, which reached $852 million.
The figures point to a change in what drives demand for tokenized stocks. Established names like Nvidia, Tesla, SPY and QQQ continued to actively trade, but none matched the interest in SpaceX. For context, Backpack tokenized instruments traded $1.42 billion during the month, the majority of which was SPCX tokens.
The sector reached a record of $1.53 billion in market capitalization during June, up 6.64% from the previous month and marking its 15th consecutive month of growth, the report added.
