SPACEX Tokenized Stock — Daily Reference Mark

Solana xStocks — issued by Backed Assets (JE) Limited (Jersey SPV; JFSC COBO/CGPO consents; wholly owned by Backed Finance AG)

Legal form

Bearer debt instrument and fully collateralized tracker certificate governed by Swiss law; EU/EEA distribution under a base prospectus approved by the Liechtenstein FMA

Backing

Backed 1:1 by the corresponding underlying security held with regulated custodians/brokers in segregated product sub-accounts; collateral is subject to an Account Control Agreement with an independent Security Agent

Underlying reference

Space Exploration Technologies Corporation Class A common stock (NASDAQ/Nasdaq Texas: SPCX; ISIN US84615Q1031)

Holder rights

no voting rights or direct shareholder rights in the underlying issuer; holding the token constitutes holding the tracker certificate and its secured economic claim under the prospectus; cash dividends are reinvested net of applicable withholding tax into additional underlying shares and reflected through an onchain multiplier; stock splits and reverse splits are reflected through the same multiplier mechanism

Redemption

Issuer-onboarded holders may redeem at underlying market value after KYC/AML and wallet whitelisting; Alpaca-onboarded xPort users may redeem in kind into SPCX shares. The product states an issuance/redemption fee of up to 0.50%.

Key risks

limited-recourse issuer and structure risk despite asset-by-asset collateralization; no shareholder governance rights; economic exposure is through a tracker certificate; secondary-market liquidity, after-hours basis, and depeg risk versus the underlying security; dividend reinvestment is net of withholding tax and depends on correct multiplier updates; legal eligibility restrictions remain enforceable despite technically permissionless transfers; the product currently charges no management fee but its terms permit introduction of a fee up to 0.25% annually

Curated from issuer terms; last reviewed 2026-08-01.