Backpack, the crypto-native exchange and wallet operator, launched a 24/7 trading market for US equities on July 10, 2026, starting with tokenized shares of SpaceX (SPCX), Micron Technology (MU), and SanDisk (SNDK). The shares are backed 1:1 by real shares held in US custody and are tradable both through traditional brokerage infrastructure and directly on the Solana blockchain.
How tokenized stocks work on Backpack
Each tokenized equity on Backpack corresponds to a real share held in US custody, entitling holders to dividends and corporate actions just like any shareholder. Buying SPCX means owning a SpaceX share represented as a token on a blockchain, not a derivative bet. Settlement is immediate, and the tokens are composable with other Solana-based applications. Custody and 1:1 redemption rely on standard financial rails including ACATS and DTCC processes, managed by the Solana-native protocol Sunrise.
Early demand and rollout timeline
The July 10 expansion is the second phase of a rollout that began in early June. Backpack Securities launched in June 2026, with SPCX debuting on June 12 alongside Backpack's own Nasdaq IPO. Since then, SPCX has accumulated more than 10,000 on-chain holders and surpassed $350 million in trading volume. Micron's tokenized shares went live on June 22, timed ahead of its Q3 earnings release, and SanDisk joined on July 10.
The broader Backpack ecosystem
Backpack offers a unified margin account combining crypto, stocks, and lending in a single interface. The BP utility token, launched in March 2026, sits at the center of the incentive structure, with staking providing lower trading fees and equity participation rights. The progression has been deliberate: BP token in March, Backpack Securities and SPCX in June, and the 24/7 multi-equity market in July.
Implications for international investors
Round-the-clock trading changes how international investors access US stocks, eliminating the 16-hour pause in price discovery. News breaking on a Sunday can be traded immediately rather than waiting for Monday's open. Backpack's use of standard ACATS and DTCC processes positions it closer to regulated mainstream finance than earlier synthetic tokenization attempts. Key questions remain around custody transparency, redemption reliability under stress, and on-chain handling of corporate actions, but Backpack's 1:1 backing model and established settlement rails address these more credibly than most competitors.