The tokenized asset SPYx, which provides economic exposure to the SPDR S&P 500 ETF Trust, has seen its market capitalization grow by approximately $8.4 million over a seven-day period. This increase brings the total market cap of the product to a range between $67 million and $74 million.
Launched in June 2025 under the xStocks framework by Backed Assets (JE) Limited and Kraken, the token primarily operates on the Solana blockchain, with additional accessibility on Ethereum. It currently serves between 63 000 and 77 000 holders, offering 24/7 trading capabilities for non-US investors.
The broader tokenized ETF sector has reached a total market capitalization of approximately $639 million. SPYx distinguishes itself with daily trading volumes that frequently surpass $20 million, significantly higher than many other on-chain assets.
To enhance liquidity and returns, Kraken has introduced yield vaults and lending pools for SPYx holders. The product functions as a tracker certificate rather than a direct share, with dividends reinvested through token rebalancing instead of cash payouts.
