Coinbase launches tokenized SpaceX shares after IPO chaos

Coinbase has launched 1:1-backed tokenized shares of SpaceX, Nvidia, Google, Strategy, and Bitmine, entering the market days after rival exchanges abandoned SpaceX-related token offerings.

According to Coinbase, the new product allows users to buy, hold, trade, and redeem tokenized equity on-chain while receiving dividends linked to the underlying shares.

The exchange said that the assets represent actual ownership interests rather than derivatives or IOUs, describing them as tokenized shares backed one-for-one by real stock.

The launch comes less than a week after several crypto trading platforms encountered problems during the highly anticipated SpaceX IPO. Binance and Bybit had promoted SpaceX-related tokenized offerings, but both campaigns were later canceled after tokenization provider xStocks failed to deliver the underlying SPCX shares required to support the products.

Positioning its own offering as a direct alternative, Coinbase said users would have access to tokenized equity tied to major U.S. companies through infrastructure designed to support ownership rights and dividend payments.

Commenting on Coinbase’s tokenized stock offering, CEO Brian Armstrong said:

Armstrong added that existing tokenized stock products available in the market are generally structured as derivatives or IOUs rather than direct ownership interests. He said Coinbase’s model combines traditional shareholder benefits with blockchain-based transfer and settlement capabilities.

Tokenized stocks extend Coinbase expansion plans

The stock launch forms part of Coinbase’s effort to expand beyond cryptocurrency trading and build what the company has described as an “Everything Exchange.”

Last week, Coinbase outlined plans to integrate trading, lending, payments, derivatives, artificial intelligence tools, commodities, and tokenized securities within a single account structure. The company said users would eventually be able to access multiple financial products from one platform operating around the clock.

Additional announcements are expected as part of that strategy. Coinbase indicated that more product updates would be unveiled during a presentation scheduled for 3 p.m. Eastern Time.

Recent moves suggest the exchange is already extending into traditional financial markets. On June 13, Coinbase announced that its derivatives platform has begun offering 24/7 trading for U.S.-regulated gold and silver futures, allowing eligible traders to access precious metals markets during weekends and holidays.

Competition for tokenized assets intensifies

Across the crypto sector, exchanges and infrastructure providers have accelerated efforts to bring traditional financial assets on-chain.

Growing interest in tokenized stocks has followed increasing demand for round-the-clock access to markets that are normally limited by exchange trading hours. Companies have also sought to capitalize on investor interest in high-profile private firms such as SpaceX, whose IPO generated strong demand across both traditional and crypto markets.

While Coinbase presented its tokenized shares as fully backed equity products, the company did not disclose launch volumes or provide details on how many shares of each company would initially be available.

Despite the recent launch, Coinbase shares were largely unchanged. According to Yahoo Finance data, COIN traded near $170, though the stock remained up more than 8% over the previous five trading sessions.