Author: Jae, PANews

Since its listing seven trading days ago, SpaceX’s daily stock movements have continuously gripped the capital market’s nerves. On June 23, SPCX closed with a slight gain of 0.98%, snapping a three-day losing streak, but still remained below its debut price. Its market cap has evaporated nearly $400 billion from its post-listing peak.

Yet the violent swings have not scared off the bulls. ARK Invest, led by “Wall Street’s female stock god” Cathie Wood, bucked the trend by increasing its SPCX position by approximately $32.5 million. Additionally, SpaceX will be added to the large-cap segment of the Bloomberg Global Index at the close on June 24.

The strong interest from top institutions and major indices shows that SpaceX remains a capital market darling. Although SPCX has pulled back after its initial post-listing surge, its average daily trading volume remains elevated at around $40 billion. This largest IPO in history has also catalyzed the development of the tokenized stock sector.

Today, the tokenized stock sector has evolved into a diversified, symbiotic landscape. Decentralized exchanges (DEXs) on the Solana network have almost swallowed the entire market share, and SPCX has consistently been one of the top three traded assets on Solana.

Among centralized exchanges (CEXs), mainstream platforms like Binance, Bybit, Gate, and Backpack are rushing in, either by partnering with third-party issuers and brokers or through proprietary operations.

Standing at the crossroads of traditional finance and crypto innovation, SpaceX is undoubtedly a classic case for crypto participants to observe and deconstruct the evolutionary path of the tokenized stock sector.

Solana Dominates the On-Chain Tokenized Stock Market, Ondo Builds a Multi-Chain Liquidity Network

Although SpaceX is listed on Nasdaq, it has brought a real-world drill of merging with traditional stocks to the on-chain ecosystem.

After its listing, the DeFi market quickly absorbed massive trading demand. According to The Kobeissi Letter, cumulative on-chain tokenized stock trading volume surpassed the $20 billion mark for the first time on June 17. Over the past 30 days, the sector’s trading volume reached $4.3 billion, setting a new monthly record with a year-over-year increase of over 140%.

The SpaceX IPO effectively drove an explosive growth in on-chain tokenized stock trading volume, with Solana emerging as the frontrunner in this relay race. Over the past week, on-chain tokenized stock trading volume on Solana surged sixfold to over $1.3 billion, capturing roughly 98% of the market share. Among them, mainstream DEXs like Orca, Raydium, Zerofi, and Meteora collectively accounted for 78% of total volume, exhibiting a pronounced Matthew effect.

On the other hand, leading RWA (Real World Asset) tokenization protocol Ondo Finance also demonstrated the acumen of a veteran player. As soon as SPCX began trading, its tokenized asset SPCXon was simultaneously listed on Ondo Global Markets, supporting three mainstream public chains: Solana, Ethereum, and BNB Chain. Each SPCXon token is pegged 1:1 to SpaceX common stock, opening an on-chain allocation channel for non-U.S. investors.

To further expand its liquidity network, Ondo has also integrated the DEX aggregator 1inch. CoinGecko data shows that the 24-hour trading volume of the SPCXon token is stable at around $3 million, making it one of the most mainstream SpaceX-mapped assets on-chain. According to PANews estimates, Ondo Global Markets leads with an approximately 30% market share of SPCXon; MEXC, LBANK, and Gate form a second tier, collectively accounting for nearly 60%; DEX Native holds a 10% share.

In essence, the on-chain ecosystem addresses two inherent pain points of the traditional U.S. stock market: first, geographic and threshold restrictions—non-U.S. users can now participate in trading top-tier assets using stablecoins; second, time restrictions—24/7 uninterrupted trading fills the pricing void during pre-market and after-hours sessions.

The reaction speed on-chain is unmatched by traditional finance. Simply put, tokens are already trading before Nasdaq opens; after Nasdaq closes, price discovery on-chain continues.

Mainstream CEXs Focus on Spot Trading, Backpack Operates a “Proprietary Desk”

CEXs are also an important venue for SpaceX tokenized trading. Currently, stock spot offerings in the CEX camp belong to different types, issuers, and clearing systems.

Depending on the partnership channel, CEX tokenized stocks mainly fall into two models.

The first is relatively conventional, integrating licensed clearing brokers for U.S. stocks and thus focusing on the core business of spot trading.

SPCX’s Nasdaq price action has also extended to the CEX battlefield. According to PANews observations, competition in the CEX market is mainly concentrated on two assets: SPCXB (issued by bStocks) and SPCXX (issued by xStocks). CoinGecko data shows that SPCXB’s near 24-hour trading volume exceeds $56 million, while SPCXX’s is close to $17 million, only about one-third of the former.

Among them, SPCXB exhibits typical “unipolar monopoly” characteristics, with Binance holding a dominant share of nearly 90%, while BingX and other trading platforms combined account for only about 10%. SPCXX’s volume distribution presents a “one superpower, multiple strong players” pattern, with Bybit leading at about 40% share, holding a clear advantage; LBANK, Gate, and Kraken collectively contribute about 35%, forming the backbone of trading activity.

The other is the “proprietary faction,” with a typical case being Backpack’s own compliant brokerage, Backpack Securities, which acts as a “bilateral bridge” for SPCX between on-chain and off-chain markets.

Backpack Securities is a licensed entity regulated by U.S. financial authorities. It partnered with the liquidity gateway protocol Sunrise to launch fully collateralized tokenized stock SPCX (Backpack) on Solana, where each token corresponds to one share of physical SpaceX stock held in custody at a compliant institution.

The most groundbreaking aspect of this mechanism is its disintermediated, cross-platform, two-way redeemability. Generally, for a CEX to redeem tokenized stocks back into underlying U.S. stocks and transfer them to other securities trading platforms, it needs to connect to self-clearing brokers like Alpaca.

In contrast, holders of SPCX (Backpack) can directly redeem the tokenized stock and transfer it into traditional brokerage accounts like Interactive Brokers or Charles Schwab through the traditional securities market’s ACATS (Automated Customer Account Transfer Service) and the DTCC (Depository Trust & Clearing Corporation) clearing system. This means that SPCX (Backpack) is an on-chain certificate for the real stock SPCX, and asset ownership can freely circulate between on-chain and off-chain environments.

According to Backpack’s disclosure, within one week of the SpaceX IPO, SPCX (Backpack)’s trading volume on Solana reached $439 million, accounting for 91.7% of the total trading volume of SpaceX tokenized stocks.

Furthermore, PANews observes that all spot trading for SPCX (Backpack) occurs on five major DEXs on the Solana chain. Among them, Zerofi ranks first with over half the market share, forming a significant monopoly advantage; Meteora and Raydium together account for 32%, less than Zerofi’s single platform share; Byreal and Orca hold only single-digit percentages.

Now, the same underlying asset, SPCX, is being priced in multiple parallel markets: arbitrage opportunities, spread games, and clearing efficiency could all become focal points of competition in the next phase.

Different mechanisms, different paths, all vying for the capital of the same user base.

Nasdaq Remains the Pricing Anchor, Tokenized Stocks Provide Value Complementation

However, no matter how hot U.S. stock trading gets in the crypto market, the pricing anchor for all liquidity remains deeply rooted in the real stock trading on Nasdaq.

To date, SpaceX’s market cap once peaked at $2.45 trillion, and its average daily trading volume on Nasdaq remains high at around $40 billion. This robust trading demand has stirred activity in the on-chain ecosystem, nourishing a massive tokenized stock market.

According to PANews estimates, the combined trading volume in the crypto market currently accounts for only 0.07% of this figure. Blockworks data shows that SpaceX accounts for nearly 30% of all on-chain tokenized stock trading.

This vast disparity in scale indicates that the traditional capital market is still the absolute pricing anchor, and the crypto market is merely a supplement and extension of the mainstream market.

However, a share of less than 0.1% also precisely means: the growth space for tokenized stocks has just begun to crack open.

• Extreme Scarcity Triggers Liquidity Spillover: The actual free float of SpaceX shares in the early post-listing period was extremely low, accounting for only about 4% of total shares. This severe supply-demand imbalance caused a large amount of capital that failed to secure IPO allocations to spill over, seeking exposure through on-chain and off-chain markets, thereby supporting spot trading volume in the crypto market;

• The “Feedback Effect” of 24/7 Liquidity on U.S. Stock Pricing: During Nasdaq’s restricted trading hours, tokenized stocks continue to trade without interruption. Their real-time fluctuations essentially serve as an “advance barometer” for Nasdaq’s opening trends, reflecting changes in global capital expectations ahead of time and providing investors with a crucial cross-timezone price discovery tool.

The SpaceX IPO is a catalyst for tokenized stocks moving from niche to mainstream. As SpaceX’s weighting in U.S. stock indices and active ETFs is further increased over the next month, the spillover effect of SPCX as a high-volatility tech leader will continue to amplify.

It is foreseeable that once super unicorns like OpenAI and Anthropic go public successively, more top-tier assets will flow along this path into the tokenized stock market. The trading time, geographic, and threshold restrictions of traditional securities will be continuously broken down by blockchain.

The bell of Wall Street and the hash of blockchain will thus jointly compose a cross-border resonance.