Tokenized Stocks Hit Record Volume as SpaceX Frenzy Moves Onchain

Daily trading volume across tokenized equities reached about $142.4mn on 16 Jun, according to Blockworks data. Volume on the Solana blockchain accounted for roughly $137.1mn of that total, or about 96%. The figures track spot trading activity across decentralized exchanges (DEXs) that support tokenized equities.

Tokenized stocks are blockchain-based representations of traditional shares that allow investors to gain exposure to publicly traded equities through digital tokens. Supporters say they can make investing more accessible for global investors and offer around-the-clock trading.

The surge came just days after SpaceX's highly anticipated public debut – which pushed Elon Musk's net worth past $1tn – suggesting investors are increasingly wanting to trade blockchain-based versions of stocks and exchange-traded funds (ETFs).

SpaceX leads the rally

Much of the activity was related to a tokenized version of SpaceX shares offered through crypto firms Backpack and Sunrise, and also traded onchain under the SPCX ticker. The token generated about $115mn in volume across 353,000 trades on 16 Jun, accounting for more than 80% of all tokenized equity trading that day. 

For comparison, tokenized shares of the SPDR S&P 500 ETF (SPY) – which tracks the S&P 500 index – generated about $14.6mn in daily trading volume, while tokenized shares of stablecoin company Circle (CRCL) recorded about $4.6mn in daily volume.

The figures suggest that high-profile companies such as SpaceX could become major drivers of activity in the tokenized equity market. Investors are now eyeing the potential offerings of AI-focused giants Anthropic and OpenAI. 

Solana dominates

The record day seemingly solidified Solana's position as the leading blockchain for tokenized stock trading. Blockworks data show Solana processed around $137.1mn of tokenized equity volume on 16 Jun. 

For context, Binance's BNB Chain handled about $3.5mn, while Coinbase's Base blockchain recorded around $1.8mn. Ethereum, the largest smart contract blockchain, processed just $33,000 in tokenized stock trades.

Backpack was the largest issuer by volume, accounting for 74% of tokenized equity trading that day, followed by xStocks, Centrifuge, bStocks, Ondo and PreStocks.

Tokenized stocks are heating up

The latest figures underscore tokenized equities gaining traction as crypto firms continue to race to bring traditional financial assets onto the blockchain. 

On 16 Jun, Coinbase announced plans to launch tokenized versions of US stocks that will be backed one-for-one by the underlying shares and pay dividends directly to holders. The company said the products will be available to eligible users outside the US and will run on Base.

The move came as crypto exchanges such as Kraken and Gemini have already unveiled tokenized stock products to combine traditional investing with 24/7 trading. Financial services platform Robinhood has also been in the space since 2025.