SPYx Surges $8.4M in Seven Days, Dominating Tokenized ETF Market

The tokenized ETF SPYx saw significant growth in its market cap over the past week, adding $8.4 million to reach a total of between $67 and $74 million.

This marks a notable milestone for the product, which was launched just over a year ago on the Solana blockchain with the goal of providing non-US investors with access to S&P 500 returns without navigating traditional brokerage accounts or currency conversions.

The xStocks framework, created by Backed Assets (JE) Limited in partnership with Kraken, has found success by targeting this specific market and structuring the product as a tracker certificate rather than a direct share.