Tokenized transactions hit record high around SpaceX

Has the market just witnessed the transformation of traditional finance and blockchain?

With nearly a billion shares of SpaceX stock entering tradable status, many expect massive selling pressure. However, this scene did not happen. On August 6, the stock rose 6.1%, while the Web3 platform recorded nearly $700 million in tokenized stock trading volume in just 48 hours. This unexpected convergence has reignited discussions about the role of real-world assets (RWAs) in the evolution of financial markets.

Brief summary

Despite the lifting of 911.5 million shares on August 6, 2026, SpaceX shares rose 6.1% to close at $114.92.
In the 48 hours before the ban was lifted, the cumulative transaction volume of crypto derivatives SPCX and SPCXx on Gate, Kraken and Bybit was close to US$700 million.
The lifting of the lock-up period increased SpaceX's free float to total equity from 4.9% to 11.8%. [TAG Banks such as Morgan Stanley and Bernstein set price targets as high as $248.

Unprecedented boom in SPCX tokenized equity derivatives

On the eve of the lifting of selling restrictions, despite SpaceX's share price decline, cryptocurrency exchanges have seen surprising activity. Investors participate in company stock trading through several major digital channels:
Gate platform and SPCX token: The platform recorded $332 million in trading volume on August 4, followed by $360 million on August 5, providing international traders with synthetic exposure to directly track Nasdaq stock movements without actually holding underlying assets;
Kraken, Bybit and SPCXx tokens: These platforms offer derivatives issued by Backed Assets, backed by a 1:1 ratio of real shares held in third-party custody, for non-U.S. investors;
The rise of stock tokenization: This trend reflects structural changes, with Web3 exchange platforms packaging newly listed companies to achieve smooth and continuous global transactions.
The surge in trading volume on crypto platforms allows traders to predict market movements in advance before Bank of America opens and implement extremely aggressive hedging strategies. This synthetic liquidity provides critical space and absorbs speculation ahead of traditional trading hours.

The lifting mechanism and the unexpected resilience of stock prices

The trigger for this volatility was the expiration of the lock-up agreement on August 6, making 911.5 million Class A shares previously held by pre-IPO investors and long-term employees eligible for sale. The stock injection more than doubled the number of free float shares in the space company, from 4.9% of total float shares to 11.8%.
Although such shocks usually cause shares to fall sharply, on the day of the lifting, the stock rose 6.1% to $133.11. The rally follows a nearly 14% decline in stock prices on August 5 to a record low of $108.27. Investors are worried about second-quarter results. Although revenue increased 92% year-on-year to $7.8 billion, market attention was focused on $23.6 billion in planned capital expenditures in the AI area and a cancelable contract. Despite this, there was no sell-off on August 6, indicating that post-IPO selling pressure starting at $135 on June 12 has been fully absorbed relative to a high of $225.64.

Wall Street analysts 'enthusiasm and Bitcoin's balance sheet strength

This resilience immediately boosted optimism among large U.S. investment banks. Morgan Stanley analyst Adam Jonas called the end of the lock-up period a strategic entry opportunity and described SpaceX as a potential "cross-generational value creator." At the same time, Argus Research upgraded its rating to buy with a price target of $160; Citi maintained a positive outlook of $200 after profits in the AI sector exceeded expectations by approximately $1.5 billion. Bernstein raised its target price to $248.
In terms of assets, IPO filings show SpaceX holds 18,712 BTC, initially acquired for $661 million and valued at $1.29 billion at the time of filing, placing the company among the top ten institutional holders, tied with Tesla's 11,509 BTC holdings. In addition, Elon Musk's shares account for more than 40% of the company and are fully locked up until June 12, 2027, eliminating the risk of founders liquidating in the short term.
In addition, the calming down of this major supply shock highlights the increasingly mature characteristics of the Internet market. The rise in trading volume of tokenized stock products suggests that price discovery is now done in real time through Web3 infrastructure, providing continuous liquidity and sometimes even alleviating volatility before traditional trading hours. Bitcoin-backed asset reserves, massive bank support and Elon Musk's long-term interest binding provide a sustainable and stable outlook for the coming quarters.