With a commanding 98% market share, Solana has become the primary venue for on-chain SpaceX trading.

Author: Jae, PANews

In the seven trading days since its IPO, SpaceX’s daily stock performance has consistently captured the attention of financial markets. On June 23, SPCX closed with a modest gain of 0.98%, ending a three-day losing streak, though it remains below its debut price, with a market capitalization nearly $400 billion lower than its post-listing high.

However, the turbulence hasn’t deterred bulls. Cathie Wood—dubbed the 'Oracle of Wall Street'—saw her firm ARK Invest increase its position by roughly $32.5 million in SPCX. Additionally, SpaceX will be added to the Bloomberg Global Equity Index’s large-cap segment at the close of trading on June 24.

Strong interest from leading institutions and major indices underscores that SpaceX remains a favorite among investors. Although SPCX has pulled back from its post-IPO highs, its average daily trading volume remains elevated at around $40 billion, and the historic IPO has accelerated growth in the tokenized equities sector.

Today, the tokenized equities sector has evolved into a diversified, symbiotic ecosystem. Decentralized exchanges (DEXs) on the Solana network have captured nearly all market share, with SPCX consistently ranking among the top three most actively traded assets on Solana.

Among centralized exchanges (CEXs), major platforms such as Binance, Bybit, Gate, and Backpack have swiftly entered the space, either through partnerships with third-party issuers and brokers or via proprietary offerings.

Positioned at the intersection of traditional finance and crypto innovation, SpaceX is undoubtedly a quintessential case study for crypto-native participants observing and deconstructing the evolutionary trajectory of the tokenized equities sector.

Although SpaceX listed on the Nasdaq, it has delivered a real-world stress test for integrating traditional equities into on-chain ecosystems.

Following its listing, the DeFi market quickly absorbed massive trading demand. According to The Kobeissi Letter, cumulative on-chain tokenized equity trading volume surpassed USD 20 billion for the first time on June 17. Over the past 30 days, trading in this segment reached USD 4.3 billion, setting a new monthly record—an increase of over 140% year-over-year.

SpaceX’s IPO has effectively driven explosive growth in on-chain tokenized equity trading volumes, with Solana emerging as the clear frontrunner in this relay race.In the past week, on-chain tokenized equity trading volume on Solana surged sixfold to over USD 1.3 billion, capturing approximately 98% of total market share. Leading DEXs—including Orca, Raydium, Zerofi, and Meteora—accounted for 78% of total volume, illustrating a pronounced Matthew effect.

Meanwhile, Ondo Finance, a leading real-world asset (RWA) tokenization protocol, demonstrated the agility of an established player. When SPCX began trading, its tokenized version, SPCXon, was simultaneously launched on Ondo Global Markets, supporting three major public blockchains: Solana, Ethereum, and BNB Chain. Each SPCXon token is 1:1 backed by a share of SpaceX common stock, offering non-U.S. investors a streamlined on-chain access channel.

To further expand its liquidity network, Ondo has also integrated the DEX aggregator 1inch. According to CoinGecko data, the SPCXon token maintains a stable 24-hour trading volume of around $3 million, making it one of the most prominent on-chain proxy assets for SpaceX. PANews estimates that Ondo Global Markets leads the market with approximately 30% of SPCXon’s market share; MEXC, LBANK, and Gate form the second tier, collectively accounting for nearly 60%; while DEX-native venues hold about 10%.

At its core, the on-chain ecosystem addresses two inherent pain points of traditional U.S. equity markets: first, geographical and access barriers—non-U.S. users can now trade top-tier assets using stablecoins; second, time constraints—trading operates 24/7, filling the pricing gaps before and after regular U.S. market hours.

The speed of on-chain market reactions is unmatched by traditional finance. Simply put, tokens begin trading even before Nasdaq opens, and price discovery continues on-chain after Nasdaq closes.

Centralized exchanges (CEXs) are also a key venue for tokenized SpaceX trading. Currently, stock spot offerings on CEXs differ in type, issuer, and clearing infrastructure.

Depending on their partnership channels, CEXs’ tokenized stocks primarily follow two distinct models.

The first model is relatively conventional: integrating licensed U.S. equity clearing brokers to focus squarely on spot trading as their core business.

SPCX price action observed on Nasdaq has similarly extended into CEX markets. According to PANews, competition in the CEX space centers primarily on two instruments: SPCXB (issued by bStocks) and SPCXX (issued by xStocks). CoinGecko data shows that SPCXB recorded a 24-hour trading volume exceeding $56 million, while SPCXX neared $17 million—roughly one-third of the former.

Among them, SPCXB exhibits a classic 'single-pole monopoly' structure, with Binance dominating at nearly 90% market share, while BingX and other platforms combined account for only about 10%. In contrast, SPCXX displays a 'one dominant player with multiple strong contenders' pattern: Bybit leads with roughly 40% market share, holding a clear advantage, while LBANK, Gate, and Kraken together contribute approximately 35%, forming the backbone of trading activity.

The other approach is the 'proprietary desk' model, exemplified by Backpack Securities—the compliant broker-dealer owned by Backpack—which acts as a bilateral bridge between on-chain and off-chain SPCX markets.

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

The most groundbreaking aspect of this mechanism lies in its decentralized, cross-platform, two-way redeemability.Typically, when redeeming tokenized equities on a centralized exchange (CEX) into underlying U.S. stocks for transfer to another securities trading platform, integration with self-clearing brokers like Alpaca is required.

In contrast, holders of SPCX (Backpack) can directly redeem their tokenized shares and transfer them into traditional brokerage accounts—such as those at Interactive Brokers or Charles Schwab—via the ACATS (Automated Customer Account Transfer Service) and the clearing system of DTCC (Depository Trust & Clearing Corporation) in the traditional securities market. This also means thatSPCX (Backpack) serves as an on-chain representation of the actual SPCX stock, enabling seamless transfer of asset ownership between on-chain and off-chain environments.

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

According to PANews, all spot trading of SPCX (Backpack) occurs exclusively on five major decentralized exchanges (DEXs) on the Solana blockchain. Among them, Zerofi leads with a market share exceeding 50%, establishing a clear dominant position; Meteora and Raydium together account for 32%, still less than Zerofi alone; Byreal and Orca each hold only single-digit market shares.

Currently, the same underlying asset—SPCX—is being priced across multiple parallel markets:Arbitrage opportunities, price spread dynamics, and settlement efficiency could all become focal points of competition in the next phase.

Different mechanisms and distinct pathways are all vying for capital from the same pool of users.

However, no matter how heated U.S. equity trading becomes in the crypto market, the anchor for all liquidity pricing remains deeply rooted in the actual stock traded on the Nasdaq.

To date, SpaceX’s market capitalization has peaked at $2.45 trillion, and its average daily trading volume on the Nasdaq remains high at around $40 billion. This robust trading demand has energized on-chain ecosystems and fostered a sizable market for tokenized stocks.

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

This vast disparity in scale underscores that traditional capital markets remain the definitive pricing hub, while the crypto market serves merely as a complementary extension of mainstream markets.

Yet, a share of less than 0.1% also precisely indicates that:The growth potential for tokenized stocks has only just begun to open up.

Extreme scarcity triggers liquidity spillover: In the initial phase following its IPO, SpaceX’s freely tradable shares represented an extremely low proportion—only about 4% of total outstanding shares. This severe supply-demand imbalance caused substantial capital excluded from IPO allocations to seek exposure through both on-chain and off-chain markets, thereby supporting spot trading volumes in the crypto market;

Round-the-clock liquidity exerts a 'feedback effect' on U.S. equity pricing: While Nasdaq trading is restricted to specific hours, tokenized stocks continue trading nonstop. Their real-time price movements essentially act as a leading indicator for Nasdaq’s opening direction, preemptively reflecting shifts in global investor sentiment and providing a critical cross-time-zone price discovery tool for investors.

SpaceX’s IPO acts as a catalyst propelling tokenized stocks from niche to mainstream. As SpaceX’s weighting in U.S. equity indices and actively managed ETFs increases further over the coming month, the spillover effect from SPCX—as a highly volatile tech leader—will continue to amplify.

It is foreseeable that once super unicorns like OpenAI and Anthropic go public, more top-tier assets will follow this path into the tokenized equity market. Blockchain will continue to dismantle the traditional limitations of securities trading—such as time, geography, and access barriers.

The chime of Wall Street and the hash of blockchain will together orchestrate a cross-border resonance.

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