Kraken, alongside Payward’s xStocks platform, has launched the tokenized equity product SPCXx for SpaceX, opening subscription interest registration to eligible users in over 110 regions. This initiative extends access to IPO allocations—traditionally limited to institutional and high-net-worth clients—to a broader range of retail investors.
Intention registration begins on June 5.
According to the platform description, users can submit non-binding subscription indications via the Kraken mobile app and specify their acceptable price range. If allocated shares on the official SpaceX listing day, the corresponding SPCXx tokens will be deposited directly into the user’s Kraken account.
The current support covers more than 110 regions, including the European Economic Area. The article states that specific eligibility criteria are managed by the Kraken platform.
Tokens correspond to actual equity holdings
xStocks states that SPCRx is a tokenized representation of SpaceX equity, with each token backed 1:1 by actual shares, which are held in custody by a regulated custodian. This means holders are not exposed to a purely price-pegged synthetic product, but rather to tokenized equity backed by underlying assets.
This custodial structure is one of the key distinctions between this product and general crypto derivatives or purely price-speculative tokens. The platform emphasizes that the underlying asset backing and custodial arrangements are carried out by compliant entities.
Supports 24/7 trading
Unlike traditional brokerages, which typically operate only during trading hours, SPCxx plans to offer 24/7 trading on Kraken and other platforms participating in the xStocks Alliance. The article states that this allows users to respond to breaking news over weekends or after hours, without having to wait until the next trading day opens.
In addition to continuous trading, SPCxx supports on-chain transfers and can integrate with compatible DeFi applications, making it not only a holding tool but also a gateway to further participation in the on-chain ecosystem.
xStocks plans to continue expanding its IPO offerings.
Payward co-CEO Arjun Sethi said that SpaceX is merely the first project under this framework, with more IPO-enabled products set to launch in the coming weeks. According to him, xStocks aims to make the IPO subscription, holding, and trading process a more open, on-chain product.
From a product design perspective, these tokenized equities are extending crypto infrastructure to connect primary and secondary markets. If more companies join in the future, the application scope of tokenized securities in cross-border distribution and continuous trading could continue to expand.