SpaceX’s $194 billion share unlock exposes a major risk in Aave’s tokenized stock ambitions

Aave Labs proposed accepting tokenized SpaceX shares, identified as SPCXc, as collateral on its V4 Equities Hub on Base about a week before roughly 1.3 billion SpaceX shares became eligible for sale on Oct. 22. At the Oct. 20 close of $147.89, the shares becoming eligible for sale were worth about $194.3 billion. Aave's risk adviser, LlamaRisk, published an assessment of the proposed tokenized-share listing on the V4 Equities Hub in October.