SPCX has already turned SpaceX’s post-debut volatility into a crypto-native liquidation event.

SpaceX-linked perpetual contracts exceeded $50 million in 48-hour liquidations as the underlying stock tested its $150 Nasdaq opening price, showing how quickly tokenized-stock exposure can shift from an access story to leveraged market plumbing.

SPCX perpetual liquidations ranked behind only Bitcoin and Ethereum in crypto derivatives liquidation volume at the time.

Related Reading

Crypto exchanges are opening a two-front war for the stock market

Crypto exchanges are racing to sell stocks like crypto, opening a fight for users with each other and a bigger battle with Wall Street.

Jun 12, 2026 · Gino Matos

This raises a harder question:…