Tokenized SpaceX Shares Touch Down on Kraken While RWAs Outpace the Rest of the Cycle 🚀

Kraken has opened tokenized access to the SpaceX IPO to eligible users in more than 110 markets through its xStocks product, issuing SPCXx as a 1:1-backed representation of Elon Musk's aerospace company that is tradable 24/7 across participating platforms. The offering lands as SpaceX prepares a Nasdaq debut targeting a $75 billion raise, with the deal reportedly oversubscribed by roughly four times and on track to become the largest IPO in history.

The launch comes against a backdrop of accelerating tokenization. According to Binance Research, the market for active tokenized real-world assets has surged 589% since early 2025, with bonds and money market funds adding $6.5 billion in value and tokenized stocks jumping 422%. Platforms such as Ondo Global Markets have fueled demand for tokenized equities, tokenized precious metals added $1.5 billion as investors sought safe-haven assets, and traditional finance players are pushing deeper into blockchain infrastructure — including Apex Group's tokenized fund services and The Clearing House's planned tokenized deposit network.

Prediction markets, meanwhile, overtook onchain gambling in the first quarter of 2026, generating $36.6 billion in volume versus gambling's $14 billion, according to blockchain intelligence firm TRM Labs. The shift follows a year in which both sectors topped $50 billion in annual volume in 2025, and TRM noted that quarterly wagering volume remained near record highs even as the broader market pulled back. So-called high rollers — averaging $13,558 per bet and $378,000 in lifetime gambling volume — still account for most activity in the segment.

In a separate development, former FTX CEO Sam Bankman-Fried formally asked US President Donald Trump for a pardon, reviving a long-running legal saga that has shadowed the industry since the exchange's collapse. The request adds a political dimension to ongoing debates over crypto regulation and the treatment of executives from failed digital-asset firms.