Kraken’s xStocks shipped 60 Solana assets with 24/5 trading, but their own risk docs say holders get exposure, not voting rights or legal claims to shares. SPCX is a cleaner stress test: if Backpack can keep redemption and broker-to-chain conversion liquid during IPO volatility, the arb loop matters more than the ticker hype; if it gums up, it’s just another premium-prone wrapper with better branding.

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