SpaceX Stock Lists on Solana, ETF Assets Top $1B as Raydium Suffers $1.34M Exploit

Solana News

SpaceX shares are poised to begin trading on Solana the same day the company is expected to list on Nasdaq, an aggressive push to bring newly listed U.S. equities on-chain from day one. A tokenized version called SPCX, issued by regulated brokerage Backpack alongside tokenization provider Sunrise, will represent ownership of underlying SpaceX shares and offer a direct redemption path back to the security. The token can trade around the clock on supported Solana venues, be held in self-custody wallets, and—according to the issuers—convert back into shares, building a bridge between traditional brokerage accounts and blockchain-based markets that aims to expand global access to U.S. capital markets.

Solana decentralized exchange Raydium was hit by a $1.34 million exploit on Wednesday that drained five deprecated liquidity pools tied to an older version of its automated market maker program. On-chain data shows the attacker bypassed validation logic in the retired code to mint unauthorized liquidity provider tokens, making off with roughly $900,000 in USDC, about $357,000 in SOL, and $86,000 worth of native token RAY. The protocol confirmed no active users of its DeFi platform were affected, since the impacted pools had been phased out in 2021 and were no longer reachable through its interface. Raydium said the losses stemmed from a validation flaw, not a key compromise.

Blockchain security analysts traced the stolen funds as the attacker moved quickly to obscure the trail. On-chain investigators flagged that the exploiter, initially funded through a centralized exchange, routed roughly 810 ETH into Tornado Cash and a further seven ETH to FixedFloat after converting holdings that included about 150,177 RAY, 5,603 SOL, and 893,700 USDC. Raydium pledged to fully reimburse affected liquidity from its treasury, echoing its response to a December 2022 incident when an admin-key compromise drained active pools. Markets largely shrugged off the breach, with RAY trading near $0.57, down less than 1% over the past 24 hours.

Despite the security scare, institutional appetite for Solana continues to build. Spot Solana ETF assets under management crossed $1 billion by month-end, supported by $115.3 million in net inflows during May—the strongest monthly figure of 2026. The milestone underscores how regulated access to the altcoin has expanded since the products launched, giving traditional investors a vehicle to gain exposure without holding tokens directly. Yet analysts caution that ETF demand does not guarantee continuous spot buying of SOL, and flows can prove episodic and sensitive to broader macro conditions, leaving the token vulnerable even as headline adoption metrics climb steadily higher.

Beyond ETFs, Solana's on-chain economy is expanding across several fronts. The market capitalization of tokenized real-world assets on the network reached $2.8 billion, stablecoin supply crossed $16.4 billion, and perpetual futures volume hit $64.6 billion. Solana also accounted for an estimated 97% of cumulative on-chain tokenized-equity spot trading volume, cementing its dominance in a niche that products like SPCX aim to grow. The figures paint a picture of a settlement rail handling rising institutional and retail flow. Still, much of that activity benefits validators, issuers, platforms, and market makers before any value reaches SOL holders themselves.

That disconnect lies at the heart of why SOL has lagged its own fundamentals. Solana's base fees are split evenly between burning and block producers, but priority fees—which dominate during high-throughput periods—flow entirely to validators following the SIMD-0096 change. As a result, a busy day routes most fee revenue to validators while the burn rate stays flat regardless of throughput. A pending proposal, SIMD-0547, estimates the network burns only around 648 SOL per day even at sustained high activity, a modest figure for a chain processing billions in daily volume. The weak link between usage and token burn helps explain SOL's stubborn underperformance relative to its booming metrics.

COINOTAG's proprietary 42-indicator composite scoring engine rates the $63.58 support at 74/100, driven by a confluence of a high-volume node, the S1 pivot and a bullish engulfing candlestick, while deeper support at $60.13 scores 75/100 from Fibonacci 0.0 and Donchian lower-band readings. Overhead, the $67.86 resistance carries a 74/100 score anchored by the R2 pivot and Ichimoku Tenkan. With SOL near $65.37, an RSI of 30.34 and a bearish MACD confirm a downtrend, yet derivatives data shows a crowded long bias—funding at 0.0034%, $1.38 billion in open interest and a 3.33 long/short ratio. With the Fear & Greed Index at 12 (Extreme Fear), a decisive break below $60.13 would invalidate the bullish case.