Market commentator The Kobeissi Letter highlighted on Tuesday a record surge in tokenized stocks on Solana (CRYPTO: SOL), led by strong demand following Space Exploration Technologies Corp. (NASDAQ:SPCX)‘s blockbuster IPO.

SpaceX Accelerates Tokenization Push

Kobeissi Letter drew attention to $4.3 billion in on-chain volume of tokenized stocks over the last 30 days, citing data from asset tokenization analytics platform rwa.xyz. This marked the highest monthly volume ever, and a 140% year-to-date increase.

In fact, tokenized stocks on Solana pulled in over $100 million in spot trades for the first time on Friday, following SpaceX’s IPO.

“Solana dwarfed all other chains for tokenized SpaceX, with a peak of 99% volume share across all chains,” Kobeissi Letter noted.

The latest spike has pushed the cumulative transfer volume of tokenized stocks above $20 billion for the first time.

Read Also: Elon Musk's SpaceX Dominates Retail Trading, But Analyst Sees Echoes Of The Meme Stock Era

Crypto Investors Rush To Profit From SpaceX

The surge in tokenized asset trading coincides with the strong demand for SPCX among cryptocurrency investors.

The shares were immediately available on Solana through tokenization platforms, including Ondo Finance (CRYPTO: ONDO), xStocks, and Sunrise.

SPCXon, the tokenized version on Ondo Finance, has been one of the top-performing tokens on the platform, and currently traded at a premium to the underlying SPCX shares.

Perpetual futures have also been launched to allow eligible traders to speculate on SpaceX’s projected share price. These instruments are available on cryptocurrency exchanges, including Coinbase, Binance, and Hyperliquid (CRYPTO: HYPE).

In the past 24 hours, over $15 billion in SpaceX perpetuals were traded on cryptocurrency exchanges, of which Binance (CRYPTO: BNB) accounted for 29%, data from CoinMarketCap revealed.

Price Action: SpaceX stock was up 1.20% in overnight trading after closing 4.83% higher at $201.50 during Tuesday’s regular trading session.

The SPCX stock exhibited a stronger price trend across short-, medium-, and long-term horizons, according to Benzinga's Edge Stock Rankings

Read Also: Michael Burry Describes SpaceX As A 'Small Space Company' And A 'Bedeviled' Telecom: Considered Betting Against It But Options Were Too Expensive

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