Sunrise

Solana

Backpack

Wormhole

When SpaceX begins trading on Nasdaq on June 12, its stock will be available on Solana the same day, tradeable around the clock, from anywhere in the world.
Sunrise and Backpack Securities are launching SPCX, a tokenized version of SpaceX shares, on <a href="https://www.thestreet.com/crypto/tag/solana" rel="noopener noreferrer nofollow">Solana's blockchain</a> on the same day as the IPO. Unlike most <a rel="noopener noreferrer nofollow">tokenized stocks</a>, SPCX can be redeemed for the actual underlying SpaceX shares, and then transferred to a traditional stock brokerage.
"The future of tokenized equities is not just putting price exposure onchain. It is making underlying securities portable across financial systems," said Armani Ferrante, CEO of Backpack.&nbsp;
<blockquote>
 "Backpack Securities was built for that: users can on- and off-ramp securities between traditional brokerages and Solana through Backpack. With SPCX, onchain markets gain access to tokenized equity with a direct path back to the underlying security."
</blockquote>
<a href="https://www.thestreet.com/crypto/innovation/solana-brings-subscription-billing-and-spending-limits-on-chain" rel="noopener noreferrer nofollow">Related: Solana adds native subscriptions and recurring payments to its blockchain</a>
<h2 id="what-makes-this-different">What makes this different</h2>
Most tokenized stocks give holders price exposure only, they track the stock's value but cannot be converted into real shares. SPCX works differently.&nbsp;
Holders can deposit tokenized SPCX into Backpack, redeem it for actual SpaceX shares, and move those shares to their existing brokerage accounts. The path runs both ways, with eligible shares convertible back into tokenized SPCX.
Dividends and corporate actions are supported across both models. For shares held through Backpack Securities, they are processed through traditional brokerage infrastructure.&nbsp;
For tokenized SPCX, they are reflected through <a href="https://www.thestreet.com/crypto/tag/onchain-markets" rel="noopener noreferrer nofollow">onchain</a> mechanics designed to maintain economic equivalence with the underlying security.
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<h2 id="trading-around-the-clock">Trading around the clock</h2>
Traditional stock markets operate on fixed hours, five days a week. Tokenized SPCX on Solana trades 24 hours a day, seven days a week, through weekends, holidays, and across time zones, settling continuously from the moment SpaceX goes public.
The token can be self-custodied in wallets including Backpack, Phantom, and Solflare, and traded on supported Solana venues. For the first time, a newly listed stock can sit alongside a holder's other onchain assets from the minute it goes public.
The launch is part of a broader push to open U.S. equity markets to global investors the same way stablecoins opened access to the U.S. dollar. Stablecoins gave anyone with an internet connection access to dollar-denominated assets without a U.S. bank account.&nbsp;
The argument Sunrise and Backpack are making is that American stocks should work the same way.
"Apple went public more than forty years ago. If you lived outside the US, getting a piece of it was nearly impossible then, and four decades later, it still is," said Saeed Badreg, CEO of Wormhole Labs.&nbsp;
<blockquote>
 "Stablecoins proved how much demand was out there for dollars. Capital markets are next, and Sunrise exists to support the businesses tokenizing real assets and bringing them onchain."
</blockquote>
SpaceX is expected to list on Nasdaq on June 12 at $135 per share, in what would be <a href="https://www.thestreet.com/crypto/markets/big-short-investor-sends-warning-on-spacexs-june-12-ipo" rel="noopener noreferrer nofollow">the largest IPO</a> in market history.
<a href="https://www.thestreet.com/crypto/markets/mastercard-taps-solana-as-it-brings-stablecoin-settlement" rel="noopener noreferrer nofollow">Related: Mastercard taps Solana as it brings stablecoin settlement to its global card network</a>

Solana users can trade SpaceX stock starting June 12

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