Backpack Securities and Sunrise have announced that a new token, dubbed SPCX and representing underlying SpaceX shares, is now set to be traded on the Solana blockchain. According to the project’s architecture, SPCX can be swapped for actual SpaceX shares by eligible users, while also being traded across Solana-based platforms like any other digital asset.
How does the tokenized stock model work?
According to statements from the companies, Backpack is issuing SPCX as a tokenized right backed by SpaceX shares. Eligible investors will be able to convert these tokens into actual shares via regulated brokerage access, effectively linking traditional brokerage accounts with blockchain infrastructure for seamless swapping between both worlds.
Glossary: A tokenized stock is a digital asset created on a blockchain that is tied to an underlying company share. It may not always follow the same legal framework as a direct share; terms of use, custody model, and conversion rights depend on the way the asset is issued.
Sunrise is responsible for the issuance and distribution infrastructure of the SPCX token. The project chose Solana for its high transaction throughput and around-the-clock accessibility. Users, through supported wallets and platforms, will be able to transfer SPCX seamlessly.
Backpack CEO Armani Ferrante emphasized that this setup makes it possible to move core securities across different financial systems.
Trading and storage on Solana
Backpack highlighted that SPCX is designed to be fully convertible between its token form and its stock equivalent. Verified accounts can initiate redemption or tokenization processes, with transactions on Solana processed at any time, even outside conventional trading hours—a flexibility rarely seen in traditional stock markets.
One major highlight is that SPCX can be stored directly in personal wallets. This design gives users the ability to hold their assets within supported Solana wallets, integrating regulated brokerage services with blockchain-based custody solutions, as described by the companies.
Dual market structure and launch timeline
The companies announced that SPCX will become available at the same time as SpaceX’s anticipated Nasdaq listing. This simultaneous rollout will enable both traditional stock transactions and on-chain token trading in parallel, potentially paving the way for synchronized price discovery across two different markets.
| Market | Asset | Trading method |
|---|---|---|
| Nasdaq | SpaceX stock | Traditional exchange trading |
| Solana | SPCX token | On-chain buying, selling, and transfer |
Backpack and Sunrise underscored that the structure operates alongside regulated brokerage partners. Redemption requests, after eligibility checks, allow tokens to be converted into the corresponding underlying shares. Access will be gradually expanded based on supported jurisdictions and partner platforms.
According to the joint statement, SPCX unites trading, redemption, and self-custody capabilities within the Solana ecosystem.
With interest surging in tokenized versions of traditional assets, similar initiatives have multiplied in recent months. As one of the latest examples, SPCX aims to bring stock market exposure to a wider audience through blockchain infrastructure.
