SPCX Trading on Binance Highlights a Three-Stage Path From Pre-IPO Perps to Tokenized Securities

Binance Blog published a new article, revealing insights into how a single high-profile equity can move through Binance’s multi-asset access model across derivatives, direct stock trading, and tokenized securities. Using SPCX as a case study tied to SpaceX’s market debut, the article says eligible users engaged with the asset in three stages: SPCX Pre-IPO Perps ahead of the listing, direct stock trading after the debut, and then SPCXB, the bStock version designed to provide tokenized economic exposure. Before SpaceX went public, SPCX Pre-IPO Perps generated nearly $2B in trading volume on Binance, with more than 11M trades and an average daily volume of $88M. SpaceX priced its IPO at a fixed $135 per share, raised more than $75B, and began trading on Nasdaq under the ticker SPCX on June 12, opening at $150 and closing the first day at $160.95, for a market capitalization above $2T. The blog also reports that on IPO day, $5.85B was traded in SPCX Pre-IPO Perps on Binance, representing about 69% of trading volume market share among major exchanges offering similar perpetual contracts.

After the listing, the article says SPCX became the highest-volume equity on Binance, generating more than $280M in equity trading volume and averaging $26M per trading day, alongside more than $70M in fund flow to the asset on the platform. It adds that futures liquidity rose sharply after the transition from pre-IPO to listed stock perps, with SPCX perps volume increasing 18x to an average of $1.6B daily. The blog describes direct stock trading as structured around access for eligible users, including stablecoin settlement, fractional investing from $5, and 24/5 market availability. In the third stage, Binance points to SPCXB, describing bStocks as tokenized securities that provide tokenized economic exposure without representing direct ownership of underlying shares. Of the $70M in related assets under management, more than 93%—about $65M—was minted as SPCXB, with more than 90% of minted supply allocated on Binance. SPCXB recorded average weekday trading volume above $36M and more than $36M in weekend and holiday trading volume, which the article frames as an example of how tokenization can extend stock-linked exposure beyond legacy market hours.