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 brokerage and crypto trading platform, which are launching a tokenized version of the stock called SPCX.
The token, issued by Backpack, represents ownership of the underlying SpaceX shares and can be exchanged for those shares through Backpack’s brokerage platform. The companies say eligible shares can also be converted back into tokens, bridging the gap between traditional investment accounts and blockchain-based markets.
The launch attempts to bring newly listed US shares to the market from day one. Backpack says SPCX holders will have a direct redemption path to the underlying asset.
SPCX will trade on Solana 24 hours a day, including outside traditional market hours. The token can be held in self-managed wallets and traded in supported Solana-based locations.
The announcement comes as interest in tokenized real-world assets continues to grow in the crypto industry. Stablecoins have become one of blockchain’s most successful use cases, and several companies are now betting that stocks could follow a similar path if tokenized shares can be made accessible to a global investor base.
Proponents argue that tokenized stocks could ultimately expand access to U.S. capital markets and enable continuous trading. Whether demand develops on a scale comparable to that of stablecoins remains an open question.
“The future of tokenized stocks is not just about putting price exposure on-chain,” Armani Ferrante, CEO of Backpack, said in a press release shared with CoinDesk. “It makes underlying securities portable within financial systems.”
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