Tokenized RWAs Surge as Kraken Tokenizes SpaceX IPO
Tokenized RWAs are proving resilient even as broader crypto markets wobble. According to Binance Research, the market for active tokenized RWAs has risen 589% since early 2025. Bonds and money market funds added about $6.5B in value, while tokenized stocks grew 422%.
This momentum was highlighted this week by Kraken, which launched tokenized access to the SpaceX IPO via xStocks. Eligible users in 110+ markets can buy tokenized SpaceX shares. Kraken says allocations are issued as “SPCXx,” backed 1:1 by the underlying equity and tradable 24/7 across participating platforms. The SpaceX offering targeted a $75B raise on Nasdaq and was reportedly oversubscribed by roughly 4x before debut.
Separately, prediction markets overtook onchain gambling in Q1 2026. TRM Labs reported $36.6B in prediction volume versus $14B for gambling, building on both sectors surpassing $50B in annual volume during 2025. Gambling remains strong, but TRM attributes continued resilience to a growing base as casual users expand participation.
On the legal front, former FTX CEO Sam Bankman-Fried formally applied for a presidential pardon from Donald Trump, with the request listed on the DOJ Pardon Attorney’s pending clemency applications list.
Overall, tokenized RWAs keep gaining traction, which may reinforce trader interest in the tokenization segment even during crypto drawdowns.
Bullish
The news is net bullish for crypto traders because it signals continued adoption of tokenized RWAs through major venues and high-profile real-world issuance. Kraken’s 1:1 backed, 24/7 tradable tokenized access to the SpaceX IPO (via xStocks) is the kind of product expansion that can attract incremental capital and improve liquidity expectations for the RWA segment. The broader data also supports this: active tokenized RWAs up 589% since early 2025, with sizable growth in both tokenized credit/treasuries (bonds, money markets) and tokenized equities.
For trading impact, this can create a short-term sentiment tailwind for RWA-adjacent ecosystems and platforms, especially around major issuance news. Historically, when large exchanges or mainstream capital markets integrate tokenization (e.g., new structured-product launches, exchange-backed tokenized securities), the market often responds with higher attention and inflows into related narratives.
In the longer run, sustained growth in tokenized securities and risk-off demand (noted via precious metals inflows) could make parts of the sector more durable than pure speculative onchain assets. Even the prediction-markets vs. onchain-gambling shift suggests user preference migrating toward “markets with clearer utility,” which can support broader activity levels. The SBF pardon bid is more of a narrative/legal overhang than a direct market driver, but it may keep volatility elevated around FTX-related discourse without changing the RWA adoption trend.
Net: bullish bias, driven mainly by tokenized RWAs product momentum and measurable growth figures.