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Ahmed Barakat
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Solana News: On June 12, 2026, the same day SpaceX will be trading on Nasdaq at $135/share, raising $75 billion in the largest IPO on record and valuing the company at $1.75 trillion, Backpack Securities and tokenization infrastructure provider Sunrise simultaneously launched SPCX, a 1:1 backed tokenized SpaceX equity on the Solana blockchain.
Each token is custodied by Backpack, a regulated U.S. broker-dealer, with full ACATS/DTCC redemption into any U.S. brokerage account, 24/7 self-custody trading, and a bidirectional bridge back to on-chain from TradFi.
The question the market is asking now: is this the structural RWA catalyst Solana’s retail narrative has been waiting for?
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SPCX is not a synthetic or a derivative. Each token is backed 1:1 by a real SpaceX share purchased and held in custody by Backpack Securities, operating under its U.S. broker-dealer registration.
Holders can redeem SPCX for the underlying equity directly through Backpack’s platform, with shares then transferable to any standard U.S. brokerage, Schwab, Fidelity, or otherwise, via standard ACATS/DTCC settlement rails.
The bridge runs both directions. Investors holding SpaceX shares in a conventional brokerage account can re-tokenize into SPCX, bringing regulated equity onto Solana’s public chain.
That bidirectional mechanism is what separates this from the synthetic stock tokens that FTX and others ran in 2020–21, products that lacked formal custody, registered prospectuses, and seamless brokerage redemption, and that were ultimately shut down under regulatory pressure.
Backpack CEO Armani Ferrante framed the architecture plainly: “The future of tokenized equities is not just putting price exposure onchain. It is making underlying securities portable across financial systems.”
SPCX trades around the clock on Solana, including outside Nasdaq hours, and can be held in self-custody wallets and routed across supported Solana-based DeFi venues.
For Solana specifically, that means the chain now hosts a regulated blue-chip equity with retail-accessible self-custody, a structurally different asset class than the speculative tokens that have defined its recent volume profile.