Tokenized SPACsA cash shell, a merger, and a token on top.
A SPAC (special purpose acquisition company) is a company with no business of its own. It lists on a stock exchange, parks the money it raised in a trust, and then has a limited time to merge with a private company, which becomes public that way. A tokenized SPAC is a SPAC share, or the share of a company that listed through a SPAC, held as a token on a blockchain. Almost none exist so far. What exists are tokens of companies that already completed a SPAC merger, and one company — Securitize — that put its own freshly de-SPACed stock on-chain on its first trading day.
Reviewed October 19, 2026 · figures from our live data
The short answer
A SPAC raises money in an IPO, usually at $10 a unit, and holds nearly all of it in a trust. Public shareholders can take their money back from the trust when a merger is put to a vote.
SPAC listings peaked at 613 in 2021 ($144.5 billion), collapsed to 31 in 2023 and came back to 144 in 2025 and 153 in the first nine months of 2026 (Jay Ritter, University of Florida).
Average one-year returns after a SPAC merger have been deeply negative: −51% across 625 deals from 2012 to 2024.
Securitize merged with Cantor Equity Partners II and began trading on the NYSE as SECZ on 2 July 2026; it issued the same shares as tokens on Solana and Avalanche for KYC-verified US investors.
A tracker token of a SPAC share does not give you the SPAC’s key protections — the vote and the right to redeem from the trust — unless the issuer passes them through. We found none that does.
tokens of former SPACs in our data today
companies
token issuers
What a SPAC is
A SPAC is a reverse order of the usual IPO: first the money, then the business.
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The IPO and the trust
The SPAC sells units, typically at $10, to the public. Almost all of the money goes into a segregated trust account invested in short-term US government securities. The trust is why a SPAC share tends to trade close to $10 before a deal.
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Units, shares and warrants
A unit usually splits into one share and a fraction of a warrant (sometimes also a right). A warrant typically lets you buy a share at $11.50 and runs for five years after the merger. Warrants are the main sweetener for early investors.
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The sponsor
The team that sets up the SPAC receives founder shares worth about 20% of the company for a small payment — the “promote”. It earns this only if a merger happens, which gives it a strong reason to close some deal before the deadline.
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The deadline
Each SPAC has a fixed window, stated in its prospectus and often 18 to 24 months, to find a target. If no merger closes in time, the trust is returned to shareholders and the SPAC is wound up.
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The de-SPAC vote and redemption
When a merger is agreed, shareholders vote. Each public shareholder can redeem for their share of the trust, whether they vote for or against, and keep their warrants. When many redeem, the merged company gets far less cash than announced.
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The new SEC rules
In January 2024 the SEC adopted rules (Release 33-11048) that require more disclosure on sponsor pay, conflicts of interest and dilution, and set a minimum period between the deal documents and the vote. They apply since July 2024.
Boom, bust and revival
SPAC listings per year, from Jay Ritter’s IPO statistics (University of Florida, updated 5 Oct 2026).
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2020: 248 SPACs, $75.3 bn
The boom starts. DraftKings (via Diamond Eagle, April 2020) becomes the poster child of a successful SPAC listing.
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2021: 613 SPACs, $144.5 bn
The peak — more SPAC listings than ordinary IPOs. Many of those deals later failed: Nikola (via VectoIQ, 2020) filed for bankruptcy in 2025, WeWork (via BowX, 2021) in 2023.
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2022–2023: 86, then 31
The bust. Hundreds of SPACs returned their trust money without a deal. Circle’s and Bullish’s SPAC mergers were called off in December 2022; both later listed through ordinary IPOs in 2025.
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2025: 144 SPACs, $26.9 bn
The revival, driven partly by crypto. Twenty One Capital (Tether, SoftBank; more than 43,500 bitcoin) merged with Cantor Equity Partners and began trading on the NYSE as XXI on 9 December 2025. ProCap Financial (Anthony Pompliano) merged with Columbus Circle Capital I and trades on Nasdaq as BRR.
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2026: 153 in nine months
Q1 62, Q2 56, Q3 35 — already more than all of 2025. Securitize, the tokenization company, completed its SPAC merger in July. Not every deal closes: Bitcoin Standard Treasury Co and Cantor Equity Partners I said in July 2026 they would not close on the original terms.
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The returns
Across 625 SPAC mergers from 2012 to 2024 the average one-year return was −51.2% (−59.1% against the market). 2025 mergers averaged −55.7% after one year. A SPAC is not a cheap ticket to a winner.
What a tokenized SPAC is — and what exists
There are three different things people mean, and only the third has really happened.
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1. A token that tracks a SPAC share
A tokenized-stock issuer buys the SPAC share and issues a token against it. The only one we found is Dinari’s CEPO.d, tracking Cantor Equity Partners I on Arbitrum — with almost no holders. xStocks, Robinhood, Ondo, Kraken and Gemini list no SPAC shares that we could find.
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2. A SPAC that lives on-chain
A SPAC whose shares are issued as tokens and whose trust balance can be read on a blockchain. MERJ Exchange in the Seychelles announced a “first tokenized SPAC” in 2021; we found no record that it launched. We know of no live on-chain SPAC.
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3. A tokenized company that de-SPACs
Securitize merged with Cantor Equity Partners II at a $1.25 billion valuation (closed 1 July 2026; about 28.5% of the trust redeemed; about $400 million raised including a $225 million PIPE). It lists on the NYSE as SECZ and issued “Tokenized SECZ” on Solana and Avalanche — the same common stock, recorded by Securitize’s own transfer agent, for KYC-verified US investors.
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Tokens of former SPACs
Many companies that listed through a SPAC — Rocket Lab, AST SpaceMobile, IonQ, Vertiv, Oklo, SoFi, DraftKings — are now ordinary listed shares, and tokenized-stock issuers carry them like any other stock. The table below shows how many versions exist.
Promised advantages and real limits
Tokenization would change how a SPAC share is held and traded. It would not change the economics of a SPAC.
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Advantage: trading hours and size
Tracker tokens trade around the clock and in fractions, so a smaller investor can hold $50 of a SPAC share.
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Advantage: access
Wrapper tokens reach investors outside the US who cannot open a US brokerage account easily.
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Advantage: a visible trust
If the trust account itself were on-chain, anyone could check the cash per share at any time instead of waiting for a quarterly filing.
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Advantage: programmable rights
Redemption at the vote and warrant exercise could run as smart-contract functions, with payment in stablecoins. No SPAC does this yet.
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Limit: no vote, no redemption
With a tracker token the custodian is the shareholder of record. The vote and the redemption from the trust — the main protection a SPAC gives — belong to the custodian unless the issuer passes them through. Robinhood says its stock tokens carry no voting rights.
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Limit: warrants, KYC, dilution
Warrants and rights are generally not tokenized. Wrapper tokens usually exclude US persons, while Tokenized SECZ is for US investors only. The sponsor promote and the dilution stay exactly the same.
Companies that listed through a SPAC, as tokens
Each row is one listed company; versions are the tokens from different issuers that track its share. Tracker tokens do not carry SPAC redemption or voting rights.
| Company | Ticker | Token versions | Issuers |
|---|---|---|---|
| Rocket Lab | RKLB | 10 | Ondo Global Markets, BG El Salvador, S.A. de C.V., bStocks, Jarsy, Inc. |
| AST SpaceMobile | ASTS | 7 | Ondo Global Markets, BG El Salvador, S.A. de C.V., bStocks, Backed |
| Hims & Hers | HIMS | 7 | Ondo Global Markets, BG El Salvador, S.A. de C.V., Robinhood Assets, Trek Nexus Markets Ltd |
| IonQ | IONQ | 7 | Anchored Finance, Ondo Global Markets, BG El Salvador, S.A. de C.V., Backed |
| Trump Media & Technology Group | DJT | 6 | BG El Salvador, S.A. de C.V., Trek Nexus Markets Ltd, Coinbase Onchain SPV Ltd, Dinari |
| Vertiv | VRT | 6 | Ondo Global Markets, BG El Salvador, S.A. de C.V., Dinari, Backed |
| Oklo | OKLO | 5 | Ondo Global Markets, BG El Salvador, S.A. de C.V., Dinari, Backed |
| SoFi Technologies | SOFI | 5 | Ondo Global Markets, BG El Salvador, S.A. de C.V., Backed, Robinhood Assets |
| SoundHound AI | SOUN | 5 | Ondo Global Markets, BG El Salvador, S.A. de C.V., Backed, Robinhood Assets |
| Intuitive Machines | LUNR | 4 | Ondo Global Markets, BG El Salvador, S.A. de C.V., Backed, Robinhood Assets |
| MP Materials | MP | 4 | Ondo Global Markets, BG El Salvador, S.A. de C.V., Dinari, Backed |
| OPEN | OPEN | 4 | Backed, Ondo Global Markets, BG El Salvador, S.A. de C.V., Dinari |
| DraftKings | DKNG | 3 | BG El Salvador, S.A. de C.V., Trek Nexus Markets Ltd, Backed |
| Grab | GRAB | 3 | Ondo Global Markets, BG El Salvador, S.A. de C.V., Backed |
| Planet Labs | PL | 3 | Ondo Global Markets, Backed, Robinhood Assets |
| QuantumScape | QS | 3 | BG El Salvador, S.A. de C.V., Dinari, Backed |
| Archer Aviation | ACHR | 2 | Ondo Global Markets, BG El Salvador, S.A. de C.V. |
| BigBear.ai Holdings | BBAI | 2 | Ondo Global Markets, BG El Salvador, S.A. de C.V. |
| Joby Aviation | JOBY | 2 | BG El Salvador, S.A. de C.V., Robinhood Assets |
| Lucid | LCID | 2 | BG El Salvador, S.A. de C.V., Backed |
| Securitize (Reality rSECZ) | SECZ | 2 | BG El Salvador, S.A. de C.V., Securitize Corp. |
| Twenty One Capital, Inc. | XXI | 2 | BG El Salvador, S.A. de C.V., Dinari |
| Virgin Galactic | SPCE | 2 | BG El Salvador, S.A. de C.V., Backed |
Questions
What is a SPAC in simple terms?+
A listed company with only cash, raised to buy a private company within a fixed time. When it buys one, that company becomes public without its own IPO. Until then, shareholders can get their money back from the trust.
Are there tokenized SPACs?+
Hardly. We found one tracker token of a SPAC share (Dinari’s CEPO.d, almost unused) and no SPAC that lives on-chain. The closest real case is Securitize, which de-SPACed in July 2026 and issued its own NYSE shares as tokens.
Do I get the SPAC redemption right with a token?+
Not with a tracker token, unless the issuer explicitly passes it through — we found no issuer that does. The custodian holds the share and the right. With Securitize’s tokenized SECZ you hold the actual share, but SECZ is no longer a SPAC.
Why did SPACs come back in 2025?+
Lower rates, a more open IPO market and a wave of crypto-treasury companies that wanted a fast listing. 2025 saw 144 SPAC IPOs, and 2026 passed that in nine months.
Are SPACs good investments?+
On average, not after the merger: the average one-year return after a SPAC merger was about −51% from 2012 to 2024. Before a merger, the trust limits the downside of the share to roughly its cash value; the warrants and the sponsor promote are what make the economics different. This is not investment advice.
- Pre-IPO tokens explained →
- Tokenized stocks vs real stocks →
- Tokenized stock issuers compared →
- xStocks vs Robinhood stock tokens →
- SEC Investor.gov — What you need to know about SPACs
- SEC press release 2024-8 — SPAC rules
- Jay Ritter — SPAC IPO statistics (University of Florida)
- Securitize Holdings prospectus (424B3)
- Twenty One Capital — NYSE listing
- ProCap Financial 10-K
- Bitcoin Standard Treasury / CEPO — July 2026 update
This guide explains how these products work and is not investment advice or an offer of any security. Who may buy a product is set by its issuer; check the offering documents before investing.