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Backpack and Sunrise said SPCX is a tokenized right backed by underlying SpaceX shares, designed to link blockchain trading with traditional securities ownership. The companies said eligible investors can redeem SPCX tokens for actual shares through regulated brokerage channels, using a structure that connects onchain activity to conventional share settlement.
According to the companies, users can transfer SPCX across supported Solana platforms similarly to other digital assets. In parallel, verified participants can move between tokenized and traditional share formats. The conversion process is handled by regulated brokerage partners, with access dependent on eligibility requirements and supported jurisdictions.
Backpack CEO Armani Ferrante said the framework enables securities to move between different financial systems. The companies said brokerage partners manage conversions into the underlying shares, while token transfers and storage occur on Solana.
Sunrise built the issuance and distribution infrastructure for SPCX and selected Solana for its transaction capacity and continuous network availability. The companies said users can send, receive, and store SPCX through supported Solana wallets.
Unlike traditional stock markets with fixed trading sessions, the companies said blockchain networks operate continuously. They stated that SPCX transactions can occur outside conventional market hours and that verified users may initiate tokenization and redemption requests at any time.
The token also supports self-custody via personal wallets. The companies said users can hold SPCX directly within compatible Solana applications, combining regulated brokerage access with blockchain-based storage.
Backpack and Sunrise said SPCX will launch alongside SpaceX’s expected Nasdaq debut. They said the timing is intended to allow traditional Nasdaq share trading and onchain token trading to run simultaneously, with both markets operating independently while remaining connected through redemption mechanisms.
Under the structure, the companies said Nasdaq will host traditional SpaceX share trading, while Solana-based platforms will facilitate SPCX transactions onchain. Eligible users can convert between the two formats through participating brokerage partners.
The companies said SPCX combines trading, redemption, and self-custody functions within a single framework and operates alongside regulated financial institutions. They described the launch as another example of tokenized securities entering blockchain markets as firms test new methods of asset distribution.
Coinbase has launched a High Yield USDC vault within its in-app DeFi lending offering, adding a second lending option that provides exposure to a wider range of collateral assets. The product is powered by Morpho infrastructure and uses vault allocations curated by Steakhouse Financial.
