Author
Ahmed Barakat
Author
Share it
Solana News: On June 12, 2026, the same day SpaceX will be trading on the Nasdaq at $ 135 / share, raising $ 75 billion in the largest IPO in history and valuing the company at $ 1.75 trillion, Backpack Securities and tokenization infrastructure provider Sunrise immediately launched SPCX, with a 1: 1 balnas chain
Each token is held by Backpack, a US broker, with ACATS/DTCC redemption in any US trading account, 24/7 automated trading, and a bridge back to the chain from TradFi.
The question the market is asking now: is this the public RWA issue Solana was hoping for?
Note: The best crypto to change your profile
Solana News: How SPCX Works, The Mechanism Behind The Day-One Tokenized IPO
SPCX is not an artificial or derivative product. Each token is backed 1:1 by an actual SpaceX share purchased and held in custody by Backpack Securities, operating under their broker registration in the US.
Shareholders can redeem SPCX for the underlying asset directly through the Backpack platform, with shares transferred to any US brokerage, Schwab, Fidelity, or otherwise, through standard ACATS/DTCC channels.
The bridge runs in both directions. Investors who hold SpaceX shares in a mutual fund account can reinvest into SPCX, bringing equity to Solana’s stock.
This dual communication strategy is what separates this from the stock token offerings that FTX and others ran in 2020-2021, which were unlicensed, subject to registration, and unlimited redemptions, and which were forced to close.
The main bag Armani Ferrante he built the building in a clear way: “The future of tokenized equities is not just about price transparency, it’s about making financial privacy available to every asset.”
SPCX trades during the day on Solana, including outside Nasdaq hours, and can be held in escrow wallets and through Solana-based DeFi-enabled platforms.
For Solana in particular, this means that the chain now has blue-chip equity with a chance to keep itself, a class of assets very different from the speculative tokens that have defined its recent history.
