SPYx leads tokenized ETF market cap growth by $8M in seven days

A tokenized version of the world’s most popular stock market ETF just had a very good week. SPYx, a blockchain-based tracker certificate offering 1:1 economic exposure to the SPDR S&P 500 ETF Trust (SPY), added roughly $8.4 million in market cap over seven days, placing it at the top of the tokenized ETF leaderboard. That growth pushed SPYx’s total market cap into the range of $67M to $74M, a figure that would have seemed ambitious when the token launched barely a year ago. What SPYx actually is Think of SPYx as a mirror image of the SPY ETF, but living on a blockchain instead of sitting inside a brokerage account. Each SPYx token represents economic exposure to one share of SPY, backed by custodian-held shares of the underlying ETF. It doesn’t grant voting rights, and dividends get reinvested through token rebalancing rather than paid out as cash. The product operates under the xStocks framework, a tokenized equities initiative created by Backed Assets (JE) Limited in partnership with Kraken. It launched in June 2025 primarily on the Solana blockchain, though it’s also accessible on Ethereum and other networks. The key selling point is access. SPYx was designed primarily for n...