Solana RWA Market Hits $3.18B With 291K Holders

SPCX, a Solana SPL token issued by Backpack Securities — the broker-dealer arm of crypto exchange Backpack — reached the 10,000-holder threshold six days after listing alongside SpaceX's Nasdaq debut. Each unit is backed one-for-one by a SpaceX share that Backpack Securities purchased and custodies in a U.S. broker-dealer account. The Defiant reported that cumulative on-chain volume in SPCX surpassed $350 million since the token went live, with a single trailing-24-hour window on Tuesday reaching $108 million.

The 10,000-holder count for SPCX is roughly double the 3,000-holder count reported for xStocks' competing SPCXx token as of mid-week. That comparative gap underscores the early advantage Backpack Securities established by launching SPCX on the same day as SpaceX's Nasdaq debut, giving on-chain participants simultaneous access to the equity event.

Backpack Securities and its infrastructure partner Sunrise applied the same model to Micron Technology on June 22, 2026, two days before Micron reported fiscal Q3 2026 earnings on June 24. The tokenized MU stock is backed at a 1:1 ratio by actual Micron shares held in regulated custody, with holders able to redeem the token for underlying shares through the Backpack exchange. Genfinity's launch coverage confirmed the MU token went live on Solana via Sunrise on June 22.

The pace of growth in Solana's RWA segment has been steep. Crypto Briefing noted that the network's RWA market stood at roughly $873 million at the end of 2025 and has since more than tripled, with the most recent 30-day period alone delivering a 14.25% increase. Tokenized stock trading on Solana hit an all-time high of $644 million in volume, and the total count of distinct RWAs on the network climbed to 687. RWA.xyz data shows Solana holding a 9.65% share of the global tokenized asset market.

The Solana Foundation's May 2026 ecosystem roundup had already flagged an RWA all-time high of $2.8 billion, with tokenized equities accounting for 97% of activity on the network at that point. The subsequent jump to $3.18 billion by late June reflects the compounding effect of the SPCX and MU launches. Globally, RWA.xyz tracked $31.55 billion in distributed asset value and $357.88 billion in represented asset value across 943,462 total holders as of the same period.

The Backpack Securities and Sunrise partnership has now executed two tokenized equity launches within roughly ten days, each timed to coincide with a corporate event — SpaceX's Nasdaq listing and Micron's earnings window — that would otherwise be inaccessible to round-the-clock on-chain trading. CoinNews reported that the MU issuance follows the same structural template as SPCX: regulated custody, 1:1 backing, and on-chain settlement via Solana.

What the available data does not establish is the full breakdown of SPCX or MU holders by jurisdiction, the proportion of holders who are retail versus institutional, or whether Backpack Securities has disclosed the specific U.S. broker-dealer custodian holding the underlying shares. The announcements also do not detail the redemption timeline or the mechanics governing token settlement during periods when U.S. equity markets are closed but Solana continues to process transactions. The holder count for MU had not been separately disclosed as of June 26, 2026, leaving the relative adoption rate of the Micron token versus SPCX unquantified.

As of June 26, 2026, the concrete effect of these launches is that Solana hosts $3.18 billion in tokenized RWA value across 291,000 holders, with SPCX alone accounting for more than $350 million in cumulative on-chain volume and 10,000 verified holders. The available sources do not confirm whether Backpack Securities holds a license to offer tokenized equities to non-U.S. retail participants, what regulatory framework governs secondary trading of SPCX or MU outside the United States, or whether any institutional asset manager has formally allocated to either token.