Backpack Securities' tokenized stock SPCX has passed $86 million in on-chain trading volume since going live, and activity continued even while U.S. stock markets were closed overnight. The figure came on its first day of trading, offering an early sign that 24/7 access is drawing real participation.
Built on Solana with round-the-clock trading infrastructure
SPCX operates on Solana through Sunrise DeFi, a decentralized infrastructure layer designed to support tokenized equities at all hours. Unlike traditional stock venues with fixed market sessions, the blockchain-based structure lets the asset keep trading outside normal U.S. market hours.
That first-day volume points to clear interest in the SpaceX-linked tokenized stock product. The move from concept to active trading is what stands out here. The demand was visible on-chain.
Each token maps 1:1 to the underlying shares
SPCX differs from most crypto tokens because of what it represents. Each token is redeemable on a 1:1 basis for real shares in the underlying company, and it can also be transferred to traditional brokerage accounts. Holders are not confined to a crypto-only environment.
That structure creates a direct link between decentralized finance and conventional equity markets. Buyers are not only trading a blockchain token with price exposure; they are holding an instrument backed by actual equity.
RWA activity on Solana gets a live trading example
The launch adds substance to Solana's position in the real-world asset, or RWA, tokenization segment. Much of the discussion around tokenized securities has stayed theoretical, but $86 million in actual on-chain volume gives the market a concrete data point.
Overnight activity is also a key part of the story. Traditional stock markets close after hours, while SPCX kept moving on-chain. That turns one of blockchain's practical advantages into a visible market example rather than a product pitch.
Based on the source material, Backpack Securities is a licensed entity, SPCX trades on Solana, each token is tied 1:1 to actual shares, the asset can move to traditional brokerages, and trading can continue outside regular U.S. market sessions. The report also said the launch could push other securities issuers to look at similar on-chain models.