BSPx tokens go live same-day as Bending Spoons’ 40% Nasdaq pop lifts cap to $25.7B
Kraken's xStocks and Backed.fi launched tokenized BSP shares the moment Nasdaq trading opened, syncing crypto rails to a $1.68B IPO.
Bending Spoons’ Nasdaq debut on July 1 closed with shares up nearly 40% at $40.50, pushing the Milan-based holding company’s market capitalization to roughly $25.7 billion. Within the same trading session, tokenized wrappers of the stock — ticker BSPx — went live on Kraken’s xStocks and on Backed.fi, marking one of the tighter turnaround windows yet between a traditional equity listing and its on-chain mirror.
The IPO math
Bending Spoons priced its offering at $29 per share, clearing the $26-$28 guidance range set ahead of the listing. Total proceeds came in near $1.68 billion, with roughly $953.9 million flowing directly to the company’s balance sheet rather than to selling shareholders.
The $25.7 billion debut valuation is more than double the $11 billion private-market mark the company carried as recently as October 2025. That repricing made billionaires of co-founders Luca Ferrari and Matteo Danieli, who started the business in 2013 as a diary app called Evertale before pivoting into a serial acquirer of consumer software brands — Evernote, Vimeo, WeTransfer, AOL and Eventbrite among them. The combined portfolio claims more than 1 billion registered users and hundreds of millions of monthly actives.
On-chain wrapper, same-day liquidity
BSPx tokens are structured as 1:1 claims on Bending Spoons’ actual equity, letting holders gain exposure without a traditional brokerage account. The near-simultaneous listing on Kraken’s xStocks and Backed.fi is notable less for the underlying company — which has no operational tie to crypto — and more for what it signals about infrastructure readiness: tokenization platforms are now positioned to mirror a hot IPO’s price action in real time rather than with the multi-week lag that’s characterized earlier tokenized-equity launches.
For traders watching flows into synthetic equity products, the relevant data point isn’t the 40% pop itself but the fact that on-chain venues captured day-one volatility on a name most crypto-native investors had never had direct access to.
Regulatory overhang
Tokenized equities remain unresolved from a compliance standpoint across most jurisdictions. The SEC has continued to treat products blending securities exposure with crypto rails cautiously, and any enforcement action targeting platforms like xStocks or Backed.fi would carry implications well beyond BSPx.
Holders of tokenized BSP shares are therefore pricing two variables simultaneously: Bending Spoons’ operating performance across its app portfolio, and the still-undefined regulatory trajectory for tokenized-security wrappers globally. Neither variable is fully reflected in the underlying Nasdaq print.