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SpaceX IPO Drives Tokenized Equities to June Record

Demand was concentrated in SpaceX’s SPCX tokens, while the sector also hit a record market cap of $1.53 billion in June.

By Luc Vesters
• 2 min read
SpaceX IPO Drives Tokenized Equities to June Record

Key Takeaways

  • Tokenized equities set a new monthly record in June, reaching $3.86 billion, up 145% from May.
  • SpaceX made up $1.19 billion of that total, with Backpack Securities’ SPCX tokens leading trading activity.
  • SpaceX’s June 12 IPO brought more attention to tokenized stocks, while the sector’s market cap climbed to $1.53 billion.

June was a breakout month for tokenized equities, as investors rushed into blockchain versions of SpaceX shares. On-chain trading volume climbed 145% from May to a record $3.86 billion (€3.4 billion), with SPCX tokens seeing the strongest demand around the company’s IPO.

SpaceX Dominates Trading

CoinDesk Data’s latest Stablecoins & Tokenized Assets report shows that SpaceX alone accounted for $1.19 billion (€1 billion) in trading volume, or roughly 31% of all tokenized equity activity in June. That put it well ahead of the rest of the sector, even as names like Nvidia, Tesla, SPY, and QQQ also saw steady trading without coming close to SpaceX’s level of interest.

Backpack Securities’ SPCX token was the most actively traded version of the stock, with $1.08 billion (€0.9 billion) in on-chain volume. The xStocks version, SPCXx, came next at $852 million (€745 million). The numbers suggest that demand for tokenized equities is still concentrated in a small group of familiar names, with SpaceX clearly leading the pack.

Record Value for the Sector

The jump in trading came as SpaceX completed a blockbuster IPO priced at $135 (€118) per share on June 12, raising about $75 billion (€65.6 billion). It was the largest IPO on record and gave tokenized stocks a much bigger spotlight, especially because only a small share of the stock was available to trade freely.

That limited float may have helped drive activity in secondary markets, since most of the shares were still held by early investors and employees. In that context, the record volume in tokenized SpaceX is more than just a trading milestone. It also points to growing use of blockchain-based investment products as a way to access scarce private and newly listed stocks. Big asset managers are also starting to view tokenization as a tool for making investment products more adaptable, including personalized portfolios.

Why This Matters

For European crypto readers, the takeaway is that tokenization is moving well beyond small pilot projects. The tokenized equities market also reached a record market cap of $1.53 billion (€1.3 billion) in June, marking its 15th straight month of growth. That makes the category worth watching for anyone following the overlap between blockchain, capital markets, and new trading formats.

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