As SpaceX makes its historic $1.75 trillion Nasdaq debut, tokenized shares hit Solana instantly, testing the network’s global infrastructure while its native token fights heavy sell pressure under $68 resistance.
Key Takeaways
Lily Liu cites 5.5 billion internet users as tokenization’s addressable market.
SpaceX prices IPO at $135 per share, valued near $1.75 trillion.
SOL trades at $67.21, roughly 33% below its 200-day average of $100.43.
Solana Foundation President Lily Liu argued on CNBC on Wednesday that crypto’s defining feature is not price but availability: financial infrastructure open 24/7 to anyone with an internet connection, a population she puts at 5.5 billion people. The argument landed at an awkward moment for Solana’s own token, which trades at $67.21, roughly 33% below its 200-day average, while testing broken support at $68 from underneath.
The Infrastructure Argument
Liu’s core distinction separates crypto’s two functions. “Crypto is not only a ticker or an asset class,” she said, drawing a line between tokens that behave like digital gold and networks built to make finance accessible to everybody. Traditional market access is gated by geography, brokerage relationships, and accreditation, with day-one IPO allocation flowing through underwriters and institutional clients first. Tokenized access on a public blockchain removes those gates simultaneously for everyone, which is the structural claim Liu wants the industry judged on. In practice, regulation still draws its own borders: most of the platforms involved geofence their tokenized equity products, so the 5.5 billion figure describes the theoretical reach of the rails rather than who is legally permitted to use them today.
SpaceX as the Live Demonstration
Her timeliest example was the SpaceX listing. “As soon as SpaceX is available anywhere, you can get it on Solana,” Liu said, naming Ondo Finance, xStocks, and Sunrise among the platforms carrying exposure. SpaceX priced its offering at $135 per share, valuing the company near $1.75 trillion under the Nasdaq ticker SPCX.
The three venues Liu named are not interchangeable structures. Ondo’s Global Markets platform offers tokenized equity exposure but is explicitly unavailable to U.S. investors, while xStocks tokens, issued by Backed Finance, function as tracker instruments that deliver price exposure without a direct redemption path into the underlying shares for most holders. The Backpack and Sunrise SPCX asset is the structural outlier, and the only one of the three with a full redemption pathway into public equity, though Backpack also operates within strict jurisdictional compliance boundaries of its own. Investors should verify eligibility in their region before assuming access to any of these products.
Because SpaceX is now a publicly traded Nasdaq security rather than a private placement, Backpack Securities operates as a regulated brokerage buying actual SPCX shares on the open market, the same way any broker fills a client order.
According to Solana Compass, those purchased shares sit in custody while Sunrise issues the corresponding tokens on-chain, each one redeemable for the underlying public equity and transferable to any traditional brokerage through ACATS and DTCC settlement rails. The token is a wrapper around a live exchange-listed stock, not a derivative of one, and the same asset now moves through Wall Street and Solana DeFi interchangeably. Competition is forming fast: Bybit announced a similar offering last week, and Binance activated its own tokenized-equity layer on Thursday.
The Uncomfortable Backdrop: SOL’s Own Chart
Liu acknowledged the tension directly, identifying the SpaceX listing as one of the most significant short-term events pulling capital toward speculative growth assets and away from crypto.
SOL’s daily chart confirms the pressure. Analysis of the SOL/USDT chart by Coindoo team shows a high-volume June breakdown that cut through the $76–80 floor that had held since March, bottoming near $60 on June 6. All three moving averages are falling in a full bearish stack, with the SMA50 at $82.17 slipping again below the SMA100 at $83.99 and the SMA200 sitting at $100.43. Daily RSI has recovered from the low 20s, the deepest oversold reading of the year, to 35.22, but remains below the 50 midline. Price is now testing the February low near $68, with prior support acting as resistance.
A daily close above $68 could open a relief move toward $72, though heavy trapped supply sits across $76–80. Rejection here could send price back toward the $63–64 consolidation low, with $60 the final visible support. Until SOL reclaims $68, the infrastructure story and the price story remain two different charts.
Whether day-one tokenized access to a $1.75 trillion listing eventually translates into demand for the network’s own token is the question this launch tests in real time.
