SpaceX (SPCX) stock is scheduled to 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 securities and cryptocurrency trading platform that is launching a tokenized version of the stock called SPCX.
Tokens issued by Backpack represent ownership of the underlying SpaceX shares and can be redeemed for those shares through Backpack’s intermediary platform. The companies say eligible shares can also be converted back into tokens, creating a bridge between traditional brokerage accounts and blockchain-based markets.
This launch attempts to bring newly listed US stocks on-chain from day one. According to Backpack, SPCX holders will be given a direct redemption pass to the underlying securities.
SPCX trades 24 hours a day on Solana, including outside of traditional market hours. Tokens can be held in self-custody wallets and traded between supported Solana-based venues.
The announcement comes as interest in tokenized real-world assets continues to grow across the crypto industry. Stablecoins have become one of the most successful use cases for blockchain, and multiple companies are betting that equities could follow a similar path if tokenized stocks become accessible to investors around the world.
Proponents argue that tokenized stocks could eventually expand access to U.S. capital markets and allow for continued trading. Whether demand will develop on a scale comparable to that of stablecoins remains an open question.
“The future of tokenized stocks is about more than just having price exposure on-chain,” Backpack CEO Armani Ferrante said in a press release shared with CoinDesk. “This makes the underlying securities portable across financial systems.”
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