Crypto Scenario Insights
What happened
The historic SpaceX IPO highlighted severe structural fragmentation in tokenized equities, where retail investors faced massive allocation cuts on tracker certificates and unanchored premiums on synthetic perpetuals.
What we think
The most likely outcome (55% probability) is that tokenized equities will remain structurally fragmented. Retail demand will continue to drive high trading volumes in unanchored synthetic perpetuals and tracker certifica…
Read the analysis
SpaceX's IPO exposes structural cracks in tokenized equities: Can RWA platforms survive the allocation bottleneck?
We explain what happened and what could follow. We do not forecast prices.