SpaceX · Tokenization · The Block
Tokenized equities reach $5.5 billion market cap, fueled by SpaceX IPO access and exchange expansion
Compiled by KHAO Editorial — aggregated from 1 source. See llms.txt for citation guidance.
★ Tier-1 Source
Tokenized stocks, the fourth-largest RWA category by market cap, have grown from $2.23 billion to $5.5 billion since the start of the year, a roughly 147% increase in six months.
Key facts
- Tokenized stocks, the fourth-largest RWA category by market cap, have grown from $2.23 billion to $5.5 billion since the start of the year, a roughly 147% increase in six months
- Pre-IPO and IPO-adjacent exposure has traditionally been gated behind institutional relationships or secondary market brokers — This is an excerpt from The Block's Data & Insights newsletter
- Sustained growth in this category would suggest tokenized equities are becoming a durable product line rather than a speculative footnote within the broader RWA narrative
Summary
The growth signals a structural demand trend as crypto users want access to equity markets. Kraken and Bybit's decisions to offer the SpaceX IPO natively on their platforms are a pointed example of this dynamic, allowing their user base to access one of the most anticipated private-to-public transitions without leaving the crypto ecosystem. Binance has similarly moved in this direction, offering stock perpetual products to its non-U.S. user base, tapping into a segment of retail demand that has historically had limited or friction-heavy access to U.S. equity markets. The SpaceX case is particularly illustrative of the addressable opportunity.