Comparison of Tokenized Stocks on SpaceX Platform
2026-06-14
Background: SpaceX 6/12 NASDAQ IPO, issue price $135, closing at $161 on the first day. Multiple platforms have tokenized products for SpaceX, but the underlying assets and premium/discount logic are completely different.
【Overview】
Platform Token Price vs NASDAQ Underlying Key Risks
NASDAQ SPCX $160.95 Benchmark Real Stock None
xStocks SPCXx ~$165 Basically Flat Real Stock·Reduced Quota Restrictions in China
Anan bStocks SPCXB Above Benchmark $20 Premium ~12% Real Stock·Airdrop Compensation Small Pool·Limited Supply
PreStocks SPACEX $118 -27% Locking old shares Wait for 6 months to unlock
Ondo GM SPCXon $160.58 -3.75% Real stocks packaged Weekend market closed 58 participants
[Kraken xStocks · SPCXx]
The underlying is real IPO subscription stocks. However, users in China cannot trade or withdraw. The subscription quota has been significantly reduced; Kraken employees revealed they only received 4.2786 shares each, regardless of the investment amount. The current price tracks NASDAQ closely, with no premium or discount.
[An An bStocks · SPCXB]
The IPO subscription event was canceled due to force majeure, and full refunds were issued. However, An An acquired the underlying stocks and airdropped $1 million SPCXB to participating users as compensation. All circulating tokens come from this airdrop; with a $1 million pool, buying pressure will make it soar. A premium of $20+ indicates supply depletion and is unrelated to actual value, making it non-arbitrageable.
[PreStocks · SPACEX]
The underlying is locked-up employee or old shareholder stocks. The lock-up period gradually unlocks over 6 months: the first wave in August releases 10-15%, with full unlock in December. The -27% discount serves as liquidity compensation for waiting 6 months. If SPCX doesn't drop, the completion of unlocks results in a +37% gain; if SPCX falls below $118, it incurs a loss. On the Solana chain, there are 26,000+ holders.
[Ondo GM · SPCXon]
The underlying is publicly traded SPCX stocks, packaged by Ondo in a tokenized format. The JIT mint/redeem mechanism mints or burns tokens on demand during trading hours. However, the market is closed on weekends (from Friday 20:00 ET to Sunday 20:00 ET), with a market cap of only $131,000 and 58 holders, resulting in almost no liquidity. Freeze and Mint permissions are fully open, allowing Ondo to freeze tokens. The price generally matches NASDAQ, and the price difference during market closure is not an arbitrage opportunity.
[Core Insights]
1. Discounts matter; premiums are illusions. PreStocks -27% is a lock-up period discount; An An bStocks +$20 is due to a small pool.
2. The -27% discount on PreStocks is a real opportunity, but it requires accepting a 6-month lock-up period + platform risk.
3. Ondo tokenization does not mean 24/7 access; there are operating hours. Prices during weekend closures should not be taken seriously.
4. August is a key milestone. The valuation anchors across all platforms will be impacted by the initial 10-15% sell pressure after Q2 earnings reports.