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Elon Musk, the CEO of Tesla, is about to announce the IPO of another of his companies. SpaceX, just hours before the largest IPO in history, is also going live on Solana.
Accordingly, following SpaceX’s initial listing on Nasdaq, it will begin trading as a stock token called SPCX and will be launched on Solana.
According to CoinDesk, SpaceX plans to begin trading its shares as a stock token on the Solana blockchain on the same day it is listed on Nasdaq.
The token, abbreviated as SPCX, will be launched by Sunrise and Backpack Securities.
The news was announced on the Backpack X cryptocurrency trading platform account.
“SPCX is now live on Solana via Sunrise, following SpaceX’s initial listing on Nasdaq.”
Solana’s official X account also confirmed Backpack’s announcement, stating: “Each SPCX token is backed by actual SpaceX shares and can be redeemed 1:1 to your brokerage account via Backpack Securities. SPCX will be traded 24/7 on Solana via Sunrise after Friday’s IPO.”
According to the announcement, trading on Solana will be possible 24/7 via personal wallets, independent of Nasdaq’s normal trading hours. Users can store the token in their personal wallets or transfer it to Solana-based trading platforms. Investors can also exchange the token for shares and convert those shares back to tokens through Backpack’s brokerage platform.
*This is not investment advice.