Solana News: On June 12, 2026, the same day SpaceX will trade 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 tokenized SpaceX stock backed 1:1 on the Solana blockchain.
Each token is held by Backpack, a regulated US broker, with full ACATS/DTCC redemption into any US brokerage account, 24/7 self-custody trading, and a two-way bridge to the chain from TradFi.
The question the market is asking now: Is this the structural RWA catalyst that Solana’s retail narrative has been waiting for?
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Solana News: How SPCX works, the mechanics behind the first day tokenized IPO
SPCX is not a synthetic or a derivative. Each token is backed 1:1 by an actual SpaceX share purchased and held by Backpack Securities, operating under its broker-dealer registration in the United States.
Holders can redeem SPCX for the underlying shares directly through Backpack’s platform, with the shares then transferable to any standard US brokerage, Schwab, Fidelity or otherwise, via the standard ACATS/DTCC settlement rails.
The bridge goes in both directions. Investors holding SpaceX shares in a conventional brokerage account can re-token into SPCX, bringing regulated shares to Solana’s public chain.
The public beta is live.
Trade real US stocks and ETFs as well as cryptocurrencies, pers and yields, all in one account.
Actual ownership under New York law. Cash dividends, brokerage transfers, and corporate actions rolled out during public beta.
24/7. Instant execution. Traditional… pic.twitter.com/lQjugbWawD
– Backpack
(@Backpack) June 9, 2026
(@Backpack) June 9, 2026This two-way mechanism is what sets it apart from the synthetic stock tokens that FTX and others ran in 2020-2021, products that lacked formal custody, registered prospectuses, and transparent brokerage buyouts, and which were ultimately shut down under regulatory pressure.
Backpack CEO Armani Ferrante clearly defined the architecture: “The future of tokenized stocks is not just about on-chain price exposure. It makes the underlying securities transferable across financial systems.”
SPCX trades 24 hours a day on Solana, including outside of Nasdaq hours, and can be held in self-service wallets and routed to supported DeFi sites based on Solana.
For Solana specifically, this means the chain now hosts blue-chip regulated stocks with retail-accessible self-custody, a structurally different asset class than the speculative tokens that have defined its recent volume profile.
The article Solana News: SpaceX will have the largest IPO in history and its shares will trade on Solana the same day appeared first on Cryptonews.
