Tokenized SpaceX shares saw nearly $700 million in trading volume on Gate as the underlying stock rallied 6.1% to around $114.92, bucking expectations that a 911.5 million-share unlock would send Elon Musk’s space company lower.
Key Takeaways
Gate’s tokenized SPCX token logged $332M and $360M in volume on August 4-5 ahead of the unlock.SpaceX stock closed up 6.1% at $114.92 on August 6 despite 911.5 million shares unlocking.Morgan Stanley’s Adam Jonas called the unlock an entry point, with Bernstein targeting $248.Gate’s tokenized SPCX product lets crypto traders worldwide gain price exposure to SpaceX without holding the underlying Nasdaq-listed stock directly, and its volume closely tracks whatever is moving the real equity. On August 4 and 5 alone, that token generated $332 million and $360 million in trading volume, respectively, as traders positioned ahead of the largest share unlock since SpaceX’s initial public offering (IPO).
That kind of supply shock typically pressures a stock lower as newly unlocked holders look to cash out, and tokenized markets like Gate’s SPCX often see volume spike as traders try to front-run or hedge against the move.
The Unlock That Didn’t Crash the Stock
