Backpack launches tokenized stock trading platform for U.S. equities

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Backpack tokenized stock trading

Highlights

Backpack Securities launches in June, enabling users to buy, hold, and tokenize real U.S. stocks through regulated brokerage and Solana-based Sunrise protocol.
Tokenized stock offering intensifies competition with Coinbase, Kraken, Binance, OKX, Robinhood, and DeFi platforms as exchanges race to extend trading hours and asset interoperability.
Backpack, backed by $17 million Series A funding in 2024 and a $1 billion pre-money valuation, plans to allocate 37.5% of 1 billion exchange tokens to a post-IPO treasury and equity-linked staking.

Platform structure and June rollout

As reported by The Block, Backpack on Tuesday announced that Backpack Securities lets users buy, hold, and sell real U.S. stocks through regulated brokerage infrastructure, then convert those holdings into tokenized securities that can move across blockchain networks.

The offering combines two connected parts. One is a U.S.-regulated brokerage and custody platform that provides investors with direct stock ownership and the same rights typically available through traditional brokers, including cash dividends, corporate actions, and links to systems such as ACATS and DTCC.

The second part comes through a partnership with Solana-based tokenization protocol Sunrise, which enables users to turn stock holdings into tokenized securities. These tokens are initially transferable, compatible with wallets and DeFi protocols, and tradable around the clock on Solana, with the company indicating plans to expand to additional blockchains.

Chief Executive Armani Ferrante said the company sees direct equity ownership and blockchain-native access as complementary parts of the same financial system. Brokerage services are expected to begin rolling out in June.

Competitive pressure in tokenized finance

The launch comes as centralized exchanges in the U.S. and abroad add products such as yield, derivatives, payments, prediction markets, and tokenized stocks. The trend includes major U.S. venues such as Coinbase and Kraken, global exchanges including Binance and OKX, and decentralized trading platforms such as Hyperliquid and Lighter.

Robinhood has also introduced an Arbitrum-based effort to offer hundreds of tokenized U.S. stocks and exchange-traded funds. Tokenization is drawing interest because it can extend trading hours, support fractional ownership, and connect traditional financial assets with DeFi infrastructure.

Backpack was founded in late 2023 as a Solana wallet by the team behind the Mad Lads NFT collection, including former Solana developer Ferrante and former FTX general counsel Can Sun. Earlier this year, the company outlined a plan to allocate 37.5% of its 1 billion exchange token supply to a post-IPO treasury and an equity-linked staking model, while it was also reportedly discussing a $50 million fundraising round at a $1 billion pre-money valuation. In 2024, Backpack raised $17 million in Series A funding led by Placeholder VC, with backing from Robot Ventures, Wintermute, and Selini.

In our earlier article on IBM shares, we noted that the stock pulled back after hitting a record high as short-term traders took profits following a strong rally. We also highlighted the bullish catalysts behind the move, including IBM’s plan to invest about $10 billion in quantum computing and continued optimism around enterprise AI, while flagging overbought technical conditions and key support levels to watch.

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