#Tokenization of Traditional Assets and On-Chain Trading

SpaceX $SPCX has wiped out $1.45 trillion in just 37 days and is making fresh all time lows almost every day. The scary part? $116 billion in investor shares will be unlocked in next 2 weeks. https://t.co/BdhBM9oJ5n

SpaceX officially joins the Nasdaq-100 Tuesday, July 7. Index funds like QQQ are forced to buy billions in shares to match the index. JPMorgan estimates around $4.3 billion in passive inflows hitting at Monday’s close. The twist? Even at a ~$2.1T valuation, only ~4-5% of shares are in the public float. Because of Nasdaq’s free-float rules, SpaceX gets weighted as if it’s roughly a $300B company, entering the index with just ~1% weight. Real forced buying into a tiny float or mostly overhyped?

Following SpaceX's blockbuster IPO, on-chain trading volume hit a record $3.86B in June. Backpack CEO @armaniferrante explains why this is just the beginning for 24/7 global capital markets. @jennsanasie brings you Brand New Rails presented by @Realfi_co. https://t.co/XubPINnld0

Alphabet just posted a huge quarter... and got punished anyway. Shares plunged 7% Thursday, the worst day since May 2025, wiping out $280 billion and pushing market cap below $4 trillion. The results were strong (revenue up 24%, Cloud up 82%), but investors zeroed in on the future: 2026 capex guidance raised to $195-205 billion, and free cash flow went negative $5.9 billion. Even the $9.11 EPS was mostly a mirage, inflated by $99 billion in paper gains from Anthropic and SpaceX stakes. Strip that out and adjusted EPS was $2.85, missing the $2.89 estimate.

SpaceX $SPCX has wiped out $1.5 trillion in just 27 trading days. It is now down 51% from its peak. You know why this is happening, right.... https://t.co/HQMWw8TlSq

🚨 Everyone is shorting SpaceX ahead of the first unlock. But what if it's already priced in? SPCX just hit a new low at $113. That's 50% below its peak and far under its $135 IPO price. The first big unlock, around 20% of the float, hits near earnings on August 4. The obvious trade is to short into that supply. And the whole leaderboard is doing exactly that. But here's the catch: the stock already collapsed 50% BEFORE a single share unlocked. When everyone is positioned for the same event, the surprise usually goes the other way.

Seven weeks after listing, the onchain SpaceX market issued by @Backpack is already delivering genuinely competitive execution for users on @solana, during the same hours the TradFi market trades. Taken as trades actually happened, $5k to $20k $SPCX flow on Solana netted out roughly 1 bp ahead of the stock's TradFi quoted midpoint. Buyers paid less, and sellers received more. We compared every eligible Solana trade with roughly 35M US market prints, scoring each against the stock-market midpoint at the moment it traded, while combining buys and sells. TradFi execution was better below $5k, and Solana didn't have enough volume above $20k for a clean comparison. But all-in, across everything we measured during market hours, Solana execution ran just ~1.3 bps behind rails that have been optimized for decades. For a market that is seven weeks old, running a fraction of a percent of the volume, that is genuinely impressive.