SpaceX (SPCX) shares will begin trading on Solana 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 underlying SpaceX shares and can be redeemed for those shares through Backpack's brokerage platform. The firms say eligible shares can also be converted back into tokens, creating a bridge between traditional brokerage accounts and blockchain-based markets.
The launch attempts to bring newly listed U.S. equities onchain from day one. Backpack says SPCX holders will have a direct redemption path to the underlying security.
SPCX will trade on Solana around the clock, including outside traditional market hours. The token can be held in self-custody wallets and traded across 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 blockchain's most successful use cases, and several firms are now betting that equities could follow a similar path if tokenized shares can be made accessible to a global investor base.
Advocates argue that tokenized stocks could eventually expand access to U.S. capital markets and enable continuous trading. Whether demand develops at a scale comparable to stablecoins remains an open question.
"The future of tokenized equities is not just putting price exposure onchain," Backpack CEO Armani Ferrante said in a press release shared with CoinDesk. "It is making underlying securities portable across financial systems."
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