24/7 Tokenized Stock Trading
Backpack Introduces 24/7 Tokenized US Equity Trading for Global Investors
Anonymous
Key Points
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Redemption and custody infrastructure enable 1:1 on-chain tokenized shares to be redeemed into real shares via traditional settlement rails (ACATS and DTCC), with on-chain composability facilitated by the Sunrise Solana-native protocol for listings and liquidity.
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Backpack Securities operates as a regulated brokerage under New York UCC Article 8, ensuring tokenized shares are real securities with shareholder rights (dividends and corporate actions) rather than derivatives, and the firm is led by former FTX employees.
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Early performance and rollout details show the initial roster included SpaceX (SPCX), Micron (MU) and SanDisk (SNDK); SPCX quickly dominated tokenized SpaceX trading, with the token counting over 10,000 holders and roughly $350 million in cumulative volume, accounting for about 91% of tokenized SpaceX trading across platforms.
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A follow-on post-IPO equity exchange plan ties to Backpack’s planned Nasdaq listing: holders who stake the native token for at least one year will be eligible to exchange for company equity after the IPO, with portions of the token supply locked for at least a year after listing.
Crypto exchange Backpack launched 24/7 trading for select tokenized US equities on July 10, 2025, opening Wall Street stocks to international investors around the clock. The first listings include SpaceX (SPCX), Micron Technology (MU), and SanDisk (SNDK), according to Crypto Briefing.
Unlike synthetic products, each token is backed 1:1 by a real share held in custody. Holders get the same rights as traditional shareholders — dividends, corporate actions, and all. Trades settle instantly in fiat or stablecoins, and the service is open to investors in more than 150 countries, CoinTelegraph reported.
SpaceX Token Dominates Tokenized Equity Trading in Days
The SpaceX token (SPCX) took off fast. It now has over 10,000 holders and has logged roughly $350 million in cumulative trading volume, according to CoinTelegraph. That accounts for about 91% of all tokenized SpaceX trading across platforms. No other tokenized equity has moved that volume that quickly.
The early traction signals real demand for on-chain access to private and public US companies. SpaceX is not listed on any traditional exchange, making tokenized access especially attractive for international retail investors who otherwise have no path to ownership, Crypto Briefing noted.
Real Shares, Not Derivatives — Here Is How It Works
Backpack Securities operates as a regulated brokerage under New York UCC Article 8. That legal framework means tokenized shares are real securities — not derivatives or synthetic bets. Shareholders keep all governance rights, including dividends and votes on corporate actions, TradingView reported.
The tokens run on Solana and are built through a protocol called Sunrise, which handles on-chain listings and liquidity. Holders can transfer tokens between wallets or use them in DeFi applications. When they want out, they redeem through ACATS and DTCC — the same settlement rails used by traditional brokerages, according to mpost.io.
Backpack's IPO Plan Ties Token Staking to Company Equity
Backpack has a planned Nasdaq listing in the works. Under a post-IPO program, holders who stake Backpack's native token for at least one year will be eligible to exchange those tokens for real company equity after the listing. Portions of the token supply will be locked for at least a year after the IPO, CoinTelegraph reported.
The firm is led by former FTX employees who pivoted to build a regulated, crypto-native brokerage. The IPO equity-exchange model is unusual — it gives long-term token holders a direct stake in Backpack itself, blending crypto loyalty programs with traditional shareholder structure.
Backpack Joins a Broader Race to Tokenize Wall Street
Backpack is not alone. Traditional finance firms and crypto platforms are both pushing toward 24/7 tokenized equity markets. The goal is the same: break down barriers of time zones, geography, and settlement delays that lock out global retail investors from US stocks, TradingView noted.
Backpack's approach stands out because it offers true ownership — not just price exposure. Tokens can be redeemed 1:1 for actual shares. Liquidity is backed by traditional exchanges. And the whole stack runs on a public blockchain, making it auditable and composable in ways legacy brokerages cannot match, according to Head Topics.
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