Tokenized equities posted record trading activity in June as investors piled into blockchain-based versions of SpaceX (SPCX) stock following the aerospace company’s blockbuster initial public offering.
On-chain trading volume climbed 145% from May to $3.86 billion, according to CoinDesk Data’s latest Stablecoins & Tokenized Assets report. Tokenized SpaceX shares accounted for $1.19 billion of the total, or about 31% of all tokenized equity trading during the month.
The surge followed SpaceX’s $75 billion IPO, the largest on record, which valued the company at roughly $1.8 trillion on a fully diluted basis.
Backpack Securities’ SPCX token was the most popular tokenized version of the stock, with $1.08 billion in onchain trading volume, followed by xStocks’ SPCXx, which reached $852 million.
The figures point to a change in what is driving demand for tokenized equities. Established names like Nvidia, Tesla, SPY and QQQ remained actively traded, but none matched the interest in SpaceX. For context, Backpack’s tokenized instruments traded $1.42 billion for the month, the lion’s share of which was in SPCX tokens.
The sector reached a record $1.53 billion in market capitalization during June, up 6.64% from the previous month and marking its fifteenth straight month of growth, the report adds.