The Register · tokenized SPCX
What a tokenized SPCX holder owns
11 tokens issued by 11 programs track Space Exploration Technologies Corp. Class A, and each gives the holder something different. Ketju has a file on 11 of them; each row below links to the file, which quotes the issuer.
What the holder owns
4 versions on file give the holder a claim on a real share that a custodian holds in its own name, with no vote:bStocks, Backpack Securities stock tokens, Coinbase Tokenized Stock, Anchored aStocks. 7 versions are notes or swaps that pay like the share and carry no rights in it: xStocks, PREOPAI and PRESPCX, Robinhood Stock Tokens, Ondo Global Markets, rTokens, Dinari dShares, Tessera T-Tokens. None gives the holder the Space Exploration Technologies Corp. Class A share itself, and none carries SIPC protection in the wallet.
Who may hold it
No version on file is offered to US persons.
Who can freeze it
In 5 of the 11 programs with a readable contract, one private key can freeze, pause, or claw back holders’ tokens, or grant that power: xStocks, Robinhood Stock Tokens, Dinari dShares, Coinbase Tokenized Stock, Tessera T-Tokens.
Where it is used
Coinbase Tokenized Stock’s SPCXc: Aave v4 on Base has taken AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc, and TSLAc as collateral for USDC loans since 2026-09-25. A client who supplies USDC there lends against these certificates; a client who borrows against them can be liquidated into the Base bid while the stock market is closed. Read the Aave v4 memo.
Every version, side by side
| Version | What the holder has | Control | ||||
|---|---|---|---|---|---|---|
| Token | Program | Owns | Who may hold | Redemption | Freeze key held by | Market cap |
| SPCXB | bStocks | Third-party custodial | Not offered to US persons | Redeem in kind | Ketju found a freeze power but not who holds it | $72M |
| SPCXx | xStocks | Third-party synthetic | Not offered to US persons | Redeem with the issuer in its window | A single key | $42M |
| PRESPCX | PREOPAI and PRESPCX | Third-party synthetic | Not offered to US persons | Redeem with the issuer in its window | An account only a program can sign for | $14M |
| SPCX | Robinhood Stock Tokens | Third-party synthetic | Not offered to US persons | Secondary market only; no issuer redemption | A single key | $12M |
| SPCXON | Ondo Global Markets | Third-party synthetic | Not offered to US persons | Redeem with the issuer in its window | An account only a program can sign for | $10M |
| RSPCX | rTokens | Third-party synthetic | Not offered to US persons | Redeem with the issuer in its window | Ketju found a freeze power but not who holds it | $10M |
| SPCX | Backpack Securities stock tokens | Third-party custodial | Not offered to US persons | Redeem in kind | An account only a program can sign for | $6M |
| SPCX | Dinari dShares | Third-party synthetic | Not offered to US persons | Redeem with the issuer in its window | A contract run by a single key | $3M |
| SPCXc | Coinbase Tokenized Stock | Third-party custodial | Not offered to US persons | Redeem in kind | A single key | $2M |
| TSPACEX | Tessera T-Tokens | Third-party synthetic | Not offered to US persons | Redeem with the issuer in its window | A single key | $669K |
| ASPCX | Anchored aStocks | Third-party custodial | Not offered to US persons | Redeem with the issuer in its window | Ketju found no freeze or claw-back power | $2K |
Market cap is CoinGecko’s figure on 2026-09-24, for the token itself and not for the share it tracks. The “Freeze key held by” column shows the weakest key that can freeze, pause, or claw back a holder, or grant that power, as Ketju read it from the chain.
Kinds of claim
- Third-party custodial
- A custodian’s security entitlement in the form of a token; the holder’s claim is against the custodian. bStocks, Backpack Securities stock tokens, Coinbase Tokenized Stock, Anchored aStocks.
- Third-party synthetic
- A note or swap that pays like the security and carries no rights in it. xStocks, PREOPAI and PRESPCX, Robinhood Stock Tokens, Ondo Global Markets, rTokens, Dinari dShares, Tessera T-Tokens.