Backpack Securities and Sunrise have introduced SPCX, a token tied to underlying SpaceX shares and issued on Solana. Summary SPCX gives eligible users blockchain-based exposure to underlying SpaceX shares. Investors can convert SPCX tokens into actual shares through regulated brokers. Solana enables 24/7 trading, transfers, and self-custody of SPCX tokens. The launch creates a blockchain-based version of SpaceX exposure that eligible users can convert into actual shares. The rollout comes as tokenized securities continue expanding beyond bonds and funds into private company equity markets. SPCX links Solana trading with SpaceX share ownership Backpack said SPCX represents a tokenized right backed by underlying SpaceX shares. Eligible investors can redeem tokens for actual shares through regulated brokerage channels. The structure connects blockchain-based trading with traditional securities ownership. According to the companies, users can transfer SPCX across supported Solana platforms like other digital assets. At the same time, verified participants can move between tokenized and traditional share formats. The process creates a connection between brokerage infrastructure and blockchain networks. Backpack CEO Armani Ferrante said the framework allows securities to move between different financial systems. The companies stated that regulated brokerage partners handle conversions into underlying shares. Access will depend on eligibility requirements and supported jurisdictions. Solana infrastructure supports around-the-clock trading Sunrise built the issuance and distribution infrastructure supporting SPCX. The project selected Solana because of its transaction capacity and continuous network availability. Users can send, receive, and store SPCX through supported Solana wallets. Unlike traditional stock markets, blockchain networks operate throughout the day without fixed trading sessions. SPCX transactions can occur outside conventional market hours. The companies said verified users may initiate tokenization and redemption requests at any time. The token also supports self-custody through personal wallets. Users can hold SPCX directly within compatible Solana applications. According to the companies, this combines regulated brokerage access with blockchain-based asset storage. Launch aligns with the anticipated SpaceX public listing Backpack and Sunrise said SPCX will launch alongside SpaceX’s expected Nasdaq debut today. The timing allows traditional stock trading and onchain token trading to exist simultaneously. Both markets would operate independently while remaining connected through redemption mechanisms. Under the structure, Nasdaq will host traditional SpaceX share trading. Meanwhile, Solana-based platforms will facilitate SPCX transactions onchain. Eligible users can convert between both formats through participating brokerage partners. The companies stated that SPCX combines trading, redemption, and self-custody functions within one framework. They also said the model operates alongside regulated financial institutions. The launch adds another example of tokenized securities entering blockchain markets as firms test new methods of asset distribution.
