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Tokenized equities have grown to a $5.5 billion market, up from $2.23 billion at the start of 2026, as crypto exchanges push stock-linked products and retail investors seek access to high-profile private-market names such as SpaceX.
The market has expanded 147% in about six months and is now the fourth-largest real-world asset category by market capitalization. The growth comes as exchanges market on-chain equity exposure and access routes outside traditional brokerage accounts.
Bybit Opens SpaceX-linked IPO Express
Bybit has launched IPO Express, a service offering eligible users a tokenized route to SpaceX-linked IPO exposure.
Registration runs from June 7 to June 11. Allocations are expected between June 11 and June 12, with spot trading planned from June 12. The product is powered by Payward’s xStocks platform. Bybit said users can access IPO pricing without opening a traditional brokerage account, though allocations are not guaranteed.
xStocks Cites $30B in Transaction Volume
Kraken parent Payward is also expanding tokenized equity access through xStocks. The company said tokenized shares will be backed one-for-one by underlying stock held by a regulated custodian.
Payward said the xStocks framework has processed more than $30 billion in transaction volume and more than $6 billion in on-chain settlements across over 125,000 holders. The structure is meant to give crypto users access to IPO allocations, foreign equities and extended trading windows through participating platforms.
Binance Adds Stock-Based Perpetuals
The expansion is not limited to tokenized share ownership. Binance is also offering stock-based perpetual futures to users outside the U.S., giving traders another way to gain exposure to equity prices through crypto-market infrastructure.
That creates two tracks for the sector. One is tokenized equity backed by underlying shares. The other is derivative exposure tied to stock prices, which does not give the same economic claim on the underlying shares.
SpaceX Demand Tests Tokenized Equity Access
The SpaceX-linked offering shows why tokenized equities are gaining attention. SpaceX attracted about $150 billion in investor demand for its IPO, roughly double the $75 billion it aims to raise.
The SpaceX-linked product gives exchanges another test case for tokenized stock access beyond crypto trading. IPO allocations are not guaranteed, prices can change during book-building, and newly listed shares can move sharply once trading begins.
