Tokenized stocks saw record trading activity in June as investors flocked to blockchain-based versions of SpaceX (SPCX) stock following the aerospace company’s blockbuster IPO.
On-chain trading volume soared 145% from May to $3.86 billion, according to the latest Stablecoins & Tokenized Assets report from CoinDesk Data. SpaceX tokenized shares accounted for $1.19 billion of the total, or approximately 31% of all tokenized stock transactions during the month.
The surge follows SpaceX’s $75 billion IPO, the largest on record, which valued the company at around $1.8 trillion on a fully diluted basis.
Backpack Securities’ SPCX token was the most popular tokenized version of the stock, with an on-chain trading volume of $1.08 billion, followed by xStocks’ SPCXx, which reached $852 million.
The numbers indicate a shift in what drives demand for tokenized stocks. Established names like Nvidia, Tesla, SPY, and QQQ remained actively traded, but none matched the interest in SpaceX. As a reminder, Backpack’s tokenized instruments traded for $1.42 billion for the month, the lion’s share of which was SPCX tokens.
The sector reached a record market capitalization of $1.53 billion in June, up 6.64% from the previous month and marking its fifteenth consecutive month of growth, the report added.
