SpaceX's Nasdaq debut turned Solana into the dominant venue for tokenized stock trading

By Siddharth Kale — 2026-06-30 — 8-hour-recap

Solana processed $644 million in tokenized equity in a single day on June 24, capturing 95% of all on-chain stock trading globally and, for the first time, pushing tokenized equities past memecoins as a share of its daily DEX volume.

It took one IPO to rewrite the map for on-chain finance. When SpaceX began trading on Nasdaq on June 12, raising $75 billion in the largest public offering in U.S. history and landing a valuation of roughly $1.75 trillion, the crypto industry was ready. Backpack Securities and Sunrise DeFi launched SPCX the same day: a tokenized SpaceX share, backed 1:1 by actual equity held in custody by Backpack, a regulated U.S. broker-dealer. Holders could redeem tokens for the underlying shares and transfer them into any traditional brokerage account via ACATS and DTCC settlement rails. Not a synthetic. Not a derivative. An actual share, on-chain.

The market responded faster than almost anyone expected. Within six days of launch, Backpack's SPCX token had crossed 10,000 on-chain holders, nearly double the tally racked up by xStocks' competing SPCXx token. And the trading volumes that followed weren't modest. By June 16, tokenized equity on Solana hit a daily record of $187.9 million. Eight days later, on June 24, that record was more than tripled: $644 million in a single session, according to data highlighted by Solana Compass.

For the week of June 15 through June 21, Solana processed $1.298 billion of the $1.324 billion in on-chain tokenized stock volume traded across all blockchains combined. That's 95% of a global market, concentrated on one chain, driven by one token tied to one company that had just gone public.

The moment memecoins lost the top spot

Here's what makes the June 24 number more than a record: on June 23, tokenized equities hit 17% of Solana's daily DEX spot volume. Memecoins sat at 12%. It was the first time, since memecoins turned Solana into their preferred playground, that tokenized real-world assets had claimed more of the chain's daily activity. That's a structural shift, not a one-day blip, and it raises a genuine question about what Solana's DEX ecosystem actually looks like a year from now if this category keeps growing.

What SPCX demonstrated is that the demand for on-chain equity exposure is real when the infrastructure is credible. Backpack isn't running a paper promise. It's a registered broker-dealer issuing tokens redeemable for shares that settle through the same rails institutional investors use. That combination, regulatory legitimacy plus DeFi-native liquidity, is what earlier tokenized stock experiments lacked. Projects that tried this in prior cycles built products that looked like stocks but couldn't actually be converted to the underlying asset without friction that most retail users wouldn't tolerate.

Solana's advantages here are obvious but worth stating plainly: fast settlement, low fees, and a DEX ecosystem deep enough to absorb nearly $650 million in daily volume without seizing up. Ethereum tokenized equity platforms have struggled to match that throughput without costs that eat into the trade. As AMBCrypto noted in its coverage of the breakthrough, the $1 billion tokenized stock milestone isn't a SpaceX story alone, it's a Solana infrastructure story that SpaceX happened to light the fuse on.

Whether this holds is the real question. SPCX's trading volumes will almost certainly normalize as the IPO excitement fades. But the week of June 15-21 proved that tokenized equities can command serious on-chain capital when the product is properly built and the underlying asset is compelling enough. The next test isn't another SpaceX. It's whether the category sustains volume without a once-in-a-decade IPO as a catalyst, and whether Backpack, xStocks, and whoever follows can build the depth of listings that would make on-chain equity trading a genuine alternative to a brokerage account rather than a novelty tied to one headline trade.

Tags: Solana, Backpack Securities, SPCX, Solana tokenized stock record 2026, SpaceX on-chain equity trading, tokenized stocks vs memecoins Solana