Coinbase’s SPCXc tokenized SpaceX stock hits $6.6M in DEX volume

Coinbase’s tokenized version of SpaceX stock, trading as SPCXc on the Base network, generated roughly $6.6 million in decentralized exchange volume in a single day. For a product that lets people trade a version of a recently-public rocket company through a Layer 2 blockchain, that’s a pretty solid Tuesday.

The SPCXc token is one of ten tokenized equities Coinbase now offers on Base, and it’s quickly become one of the more actively traded assets in a category that barely existed a few months ago. The broader suite of tokenized stocks has accumulated nearly $399 million in cumulative DEX volume since launch, a number that keeps climbing.

How tokenized SpaceX stock actually works

SPCXc is structured as a 1:1 backed B20 token, meaning each token is supposed to represent one share of SpaceX equity sitting in custody somewhere off-chain. SpaceX went public on Nasdaq under the ticker SPCX in June 2026, which made the tokenization process considerably more straightforward than it would have been during the company’s long run as a private entity.

The token launched on September 4, 2026, as part of a second wave that brought six new tokenized stocks to Base. Coinbase had initially debuted four tokenized equities on August 24, and the expansion added names like Amazon and Tesla to the lineup.

One important caveat: these products are currently available only to non-US users. So American investors eyeing on-chain SpaceX exposure will need to stick with their brokerage accounts for now.

By September 11, SPCXc had accumulated around $1.11 million in total supply with approximately 3,400 holders.

The Aerodrome effect

Most of the trading action for Coinbase’s tokenized stocks isn’t happening on some obscure venue. Aerodrome, the largest decentralized exchange on Base, has accounted for more than 77% of total DEX volume for these tokenized equities.

The entire tokenized equities category on Base hit a milestone on September 12, when daily trading volume crossed $100 million for the first time. To put that in context, the suite had only generated about $227.7 million in its first 30 days. Reaching $100 million in a single session suggests the demand curve is accelerating rather than flattening.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.