A token representing SpaceX shares on Solana, issued by Backpack, has crossed 10,000 onchain holders just six days after its listing. The milestone came as SpaceX made its Nasdaq debut, and the holder count already nearly doubles that of a rival product from xStocks.
10,000 holders in under a week
Backpack's tokenized SpaceX share hit the 10,000-holder mark faster than many expected. The listing date coincided with SpaceX's first day of trading on the Nasdaq, giving the token a built-in marketing hook. By comparison, xStocks' competing SpaceX token (SPCXx) has roughly half that number of holders, according to the company's data.
The rapid adoption suggests strong appetite among crypto traders for exposure to SpaceX equity without leaving the Solana ecosystem. Onchain wallets holding the token span retail and institutional addresses, though Backpack hasn't broken out the mix.
CEO Armani Ferrante's structural bet
Backpack CEO Armani Ferrante has been explicit about the company's strategy: he's staking out a structural position in the tokenized-equity market. Rather than chasing short-term volume, Ferrante appears to be building infrastructure that could outlast the current cycle. The SpaceX token is just one piece of that puzzle, but its early performance gives the team data to refine the product.
Ferrante has not commented on whether Backpack plans to list additional tokenized stocks, but the pace of adoption for the SpaceX offering suggests demand for such products is real. The token's smart contract, deployed on Solana, uses a standard that allows transfer restrictions tied to accreditation checks — a feature designed to keep regulators comfortable.
Competition heats up
XStocks launched SPCXx several months before Backpack's token, but the newer entrant has already pulled ahead in holder count. That gap could widen or narrow depending on liquidity incentives and marketing spend. Backpack's token benefits from being integrated into the company's broader wallet and exchange platform, giving users a single interface to trade and hold.
Neither company has disclosed total trading volumes or the number of tokens issued. Onchain data shows the token's supply is capped, with most holders acquiring from decentralized exchanges or through Backpack's own marketplace.
The token's price has tracked SpaceX stock, though with wider spreads due to lower liquidity compared to traditional markets. That's typical for tokenized equities, which operate on a different settlement and custody model.
Whether Backpack can sustain its early lead remains an open question. The next test will come when the token's initial buzz fades and day-to-day trading settles into a predictable pattern. For now, 10,000 holders in six days is a number that competitors can't ignore.
