Tokenized Stocks: Boom and Bust in One Week — SpaceX's SPCX Goes Live on Solana as Avalanche Treasury Crashes 38%

This week delivered a split-screen verdict on putting Wall Street on the blockchain. On June 12, the same day SpaceX became the biggest IPO in history, a 1:1-backed tokenized version of its stock, SPCX went live on Solana, giving anyone with a wallet 24/7 access to the hottest equity on the planet. A day earlier, a very different "crypto stock" Avalanche Treasury Co. (AVAT) — crashed 38% on its Nasdaq debut.

Same theme, opposite outcomes. One is tokenized-equity infrastructure maturing into something regulators and institutions can stomach; the other is the unraveling of the “crypto proxy” trade, where companies that simply hold tokens now trade below the value of their own holdings. Here's what separates the boom from the bust, and where MEXC fits in.

On June 12, Backpack Securities and Sunrise launched SPCX, a tokenized SpaceX share backed 1:1 by real stock, on Solana — the same day SpaceX listed on Nasdaq.

Unlike past synthetic stock tokens, SPCX is custodied by a regulated US broker-dealer and redeemable for the underlying shares via standard ACATS/DTCC rails.

The contrast: Avalanche Treasury Co. (AVAT) fell ~38% on its Nasdaq debut, closing at $1.85 from a $2.99 reference — even after pricing at a 23% discount to buying AVAX directly.

AVAT's flop reflects a broader slump in "digital asset treasury" (DAT) stocks, many now trading below the value of their crypto holdings as altcoins stay weak.

Solana now dominates on-chain equities, capturing ~97% of tokenized-stock spot volume (~$869M in May).

MEXC sits across this trend with its SpaceX Pre-IPO Launchpad, zero-fee US-stock futures, and RealStocks spot trading.

On June 12, Backpack Securities and tokenization provider Sunrise launched SPCX on Solana a token backed one-to-one by real SpaceX shares that Backpack, a regulated US broker-dealer, purchases and holds in custody. Holders can redeem SPCX for the underlying equity and move those shares into any traditional brokerage account through ACATS and DTCC settlement, the same rails that move stocks between Schwab and Fidelity and the bridge works both ways, with support for dividends and corporate actions. According to Genfinity, it was the first time a newly listed equity had a simultaneous on-chain market on day one.

That design is what separates it from the synthetic stock tokens of the 2020–21 era, which lacked formal custody, registered prospectuses, and real redemption, and were ultimately shut down by regulators. The launch also rode a wave: Solana captured roughly 97% of all tokenized-equity spot volume in May (~$869 million). One caveat for traders, not every "SpaceX token" is the same. Tracker products and perpetual futures (on venues like Hyperliquid) offer price exposure only, often with no voting or dividend rights, and can trade at speculative premiums to real shares. The SEC's January 2026 guidance specifically distinguishes custodial, asset-backed models from synthetic ones.

A day earlier, Avalanche Treasury Co. debuted on Nasdaq via a $675 million SPAC merger with Mountain Lake Acquisition Corp. It opened at $2.99, fell as low as $1.75, and closed at $1.85 — down 38.1%. The company holds about 15 million AVAX (~3.5% of supply) and roughly $460 million in treasury assets, and it had priced shares at 0.77x net asset value — a ~23% discount to simply buying AVAX — yet still sold off hard. Its Q1 2026 financials showed $2.1 million in staking revenue against a $26.8 million net loss and a $9.1 million working-capital deficit, while AVAX itself trades near $6.6, down about 33% on the month and more than 95% below its all-time high.

CEO Bart Smith framed AVAT as an operating business, "It is not a bet on price" backed by names like Dragonfly, VanEck, Galaxy Digital, Pantera, and Kraken. But the endorsements didn't stop the slide. The episode fits a broader pattern: digital asset treasury (DAT) stocks boomed when token prices rose and shares offered easy exposure, but with altcoins weak, many now trade below the value of their holdings. Even Strategy (MSTR), the original, holding 845,256 BTC trades around 18% below its Bitcoin. A 0.77x entry on AVAT shows how far sentiment has flipped.

SPCX is a direct, redeemable claim on a real, in-demand asset, SpaceX with regulated custody, so it trades near fair value and adds genuinely useful rails. AVAT is a leveraged operating bet on a weak token, wrapped in a SPAC and carrying operating losses, so the market demands a discount. The lesson is that tokenization adds access and portability, but it can't manufacture demand for the underlying. In a bear market, "backed 1:1 by something people want" thrives, while "equity proxy for a falling token" gets punished.

MEXC has leaned hard into the crypto-meets-equities trend. Its SpaceX Pre-IPO Launchpad (the SPACEX(PRE) token) drew more than $173 million and was oversubscribed 15.5x; it launched RealStocks for zero-fee US-equity spot trading; and its US-stock futures volume jumped 85% in May. The platform also lists a dedicated Tokenized Pre-IPO Stocks category, building toward a single venue for pre-IPO, tokenized, and crypto exposure. As always, many of these are derivatives or tokenized products rather than direct equity, so the rule from this week applies: know exactly what you hold, price exposure versus a redeemable share and use risk tools.

In a single week, tokenized equities showed both their promise and their limits. SPCX proved a newly listed stock can go on-chain 1:1-backed and redeemable the moment it lists, a real step forward for market access. AVAT proved that wrapping a weak token in a public shell doesn't create value; in a bear market, investors would rather buy the token at a discount than pay up for the proxy. For traders, the distinction is everything: a tokenized claim on a real asset is not the same as a leveraged bet on a struggling one. Know which you're holding.

Disclaimer: This content is for educational and reference purposes only and does not constitute any investment advice. Digital asset investments carry high risk. Please evaluate carefully and assume full responsibility for your own decisions.