Hey, it’s Marc. ✌️

I almost missed the biggest number of the month. Tokenized stocks traded $3.4 billion in June, almost as much as the previous eleven months combined.

Everyone is calling it the win for 24/7 trading. The flow data says the opposite.

So what actually drove it? One IPO. And a broken allocation machine.

PRO: Download the PDF

🚀 Build credibility. Drive pipeline. Win in digital assets. We position you as the authority among 100,000+ digital asset decision-makers who act on what we publish.

Let's talk

What happened

Tokenized stocks traded a record $3.4 billion onchain in June, per Blockworks data. That’s almost four times May. CoinDesk Data, which counts more venues, puts the month at $3.86 billion, up 145%. Both agree on the cause.

SpaceX went public on June 12. It raised $75 billion at $135 a share, the largest IPO ever, valuing the company at $1.77 trillion. The stock closed day one up 19%. Only about 4% of the company floated.