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Project Overview
Backpack is a next-generation regulated cryptocurrency exchange and self-custodial wallet ecosystem designed to unify trading, lending, and asset management into a single, capital-efficient margin account. By integrating spot, perpetuals, and prediction markets with a high-performance matching engine and daily proof-of-reserves, the platform allows users to earn yield on idle collateral while maintaining institutional-grade security and cross-chain functionality across Solana, Ethereum, and more.
Ferrari Tokenized Stock RACE Goes Live on Solana, Effective October 6
Odaily News: Ferrari NV tokenized stock RACE has launched on Solana through the Sunrise asset gateway, with Backpack Securities serving as the issuer, effective October 6. Each RACE token is backed 1:1 by one actual Ferrari share held in regulated custody, and holders can redeem it for traditional stock equity through Backpack Securities. The token is supported on trading venues including Phantom, Jupiter, and Raydium, offering 24/7 trading and eligibility for dividends and corporate actions; Backpack plans to expand its tokenized stock tickers on Solana from approximately 200 to 10,000.
Former SEC Acting Chairman Michael Piwowar Joins Backpack US Board of Directors
Backpack has announced the appointment of former U.S. Securities and Exchange Commission (SEC) Commissioner and Acting Chairman Dr. Michael S. Piwowar to the Board of Directors of Backpack US.Public records show that Piwowar served as an SEC Commissioner from 2013 to 2018 and was appointed Acting Chairman by President Trump. He was among the earliest top U.S. regulators to engage in discussions on digital assets and ICO oversight. Prior to joining the SEC, he served as Chief Economist for the U.S. Senate Committee on Banking, Housing, and Urban Affairs, contributing to the drafting of SEC-related provisions in the Dodd-Frank Act and the JOBS Act.Backpack stated that this appointment comes at a time when the U.S. Commodity Futures Trading Commission (CFTC) has approved the first regulated Bitcoin perpetual contract. The company previously offered regulated perpetual contract trading services within the EU and has the capability to roll out the same product line under the new U.S. framework. Additionally, former CFTC Acting Chairman Mark Wetjen serves as President of Backpack US and participates in the DTCC Tokenization Working Group, continuously advancing the company's compliance strategy within the U.S. market.
Backpack Securities Officially Launched: Trade U.S. Stocks and Crypto Assets in One Account
Backpack has officially launched its securities business, allowing users to trade real U.S. stocks and ETFs, as well as cryptocurrency, perpetual contracts, and yield-generating products, all within a single account. According to the company, the service operates under the legal framework of New York State, granting users true ownership of securities and supporting features such as cash dividends and inter-transfer between brokerage accounts.In terms of trading, the platform supports 24/5 trading hours with instant order execution and direct access to public market liquidity. Additionally, Backpack announced that it will implement a zero-fee policy in June to enhance trading efficiency and user experience.
Backpack Launches Securities Platform to Bridge Traditional and Digital Asset Markets
Cryptocurrency exchange Backpack announced the launch of Backpack Securities, enabling investors to buy, hold, and sell real stocks backed by regulated U.S. securities infrastructure—entitling them to dividends, corporate actions, and rights under systems such as ACATS and DTCC. Additionally, positions can be converted into tokenized securities freely transferable and tradable 24/7 on public blockchains like Solana. Orders are routed directly into U.S. equity market liquidity pools, with execution prices reflecting real-time market prices.
Backpack CEO: Bringing the Entire Stock Market to Solana, One API to Connect Brokerages and On-Chain
Odaily News: Solana's official X account reposted an interview clip with Backpack founder and CEO Armani Ferrante. Ferrante stated that Backpack's goal is "not 10 stocks, not 100 stocks, but to bring the entire stock market onto Solana."At its core is an API connecting brokerages and DeFi: tokens held by users correspond to real shares, are 1:1 in-kind redeemable, and can flow freely in both directions between brokerage accounts and on-chain. Ferrante gave an example: users can buy SpaceX tokens on Solana and then transfer them directly to brokerage accounts such as Backpack, Fidelity, and Robinhood. He emphasized that the fundamental difference between this and other tokenized stock solutions on the market is that "what you actually get is the stock itself."Ferrante revealed that currently there are only about 200 tokenized stock assets across all chains combined, and the next step is to expand to 10,000.
Backpack CEO's detailed critique of "AMC CEO's backlash over Robinhood stock tokenization controversy": Robinhood stock tokens are debt securities, and for every $1 users put in, less than $1 actually flows into the real stock market
Odaily News – In response to today's "AMC CEO questions Robinhood over stock tokenization controversy," Backpack CEO Armani Ferrante posted on X, stating that he is a maximalist on tokenization but agrees that Aron's core concerns carry substantive weight: Robinhood's Stock Tokens are debt securities, not 100% backed by the underlying stocks. The funds used to purchase these tokens do not all flow into the actual stock market; instead, through an authorized participant redemption mechanism and partial cash/eligible financial instrument collateral, value leaks to intermediaries, which may lead to divergence between on-chain prices and the underlying shares. He noted in his remarks: "For every $1 a user spends on Robinhood's stock tokens to buy the corresponding stock, less than $1 actually flows into the real stock market."He also pointed out that proper tokenization should be strictly aligned with the stock market, achieving 1:1 stock backing, direct linkage to real market trading, and granting users full shareholder rights, thereby bringing more international capital inflows to listed companies. He also acknowledged that Robinhood Chain is one of the most exciting ecosystems in the crypto space recently, urging the industry to get tokenization right as it iterates.
Backpack Securities’ $SPCX trading volume surpasses $35 million, leading in both trading volume and liquidity
Within 24 hours of SpaceX’s Nasdaq listing, the $SPCX token—issued by Backpack Securities—surpassed $35 million in trading volume, leading all tokenized stock trading volumes on Solana and exceeding the next $SPCX competitor’s volume by over five times. Its liquidity ranked second among all tokenized stocks. Armani Ferrante, CEO of Backpack, stated that liquidity is concentrated on Backpack’s tokenized stocks because it is the only solution enabling round-trip trading between Solana and Nasdaq, allowing purchases and sales via brokerage accounts and redemption of underlying securities. Backpack Securities, launched by Backpack, aims to integrate traditional and tokenized stock trading, fostering coexistence of real equities across brokerage and on-chain environments and supporting 7×24 real-time U.S. equity trading. The $SPCX token is pegged to actual SpaceX shares; users can deposit and withdraw on-chain shares into Backpack Securities and transfer them to U.S.-based brokerages such as IBKR.
Ferrari Tokenized Stock RACE Goes Live on Solana, Effective October 6
Odaily News: Ferrari NV tokenized stock RACE has launched on Solana through the Sunrise asset gateway, with Backpack Securities serving as the issuer, effective October 6. Each RACE token is backed 1:1 by one actual Ferrari share held in regulated custody, and holders can redeem it for traditional stock equity through Backpack Securities. The token is supported on trading venues including Phantom, Jupiter, and Raydium, offering 24/7 trading and eligibility for dividends and corporate actions; Backpack plans to expand its tokenized stock tickers on Solana from approximately 200 to 10,000.
Backpack launches stock and ETF cash dividend functionality; eligible dividends will be directly credited to user accounts.
Backpack announces the launch of its stock and ETF cash dividend feature. Once eligible assets generate cash dividends, the funds will be directly credited to the user's Backpack account.
Backpack CEO's detailed critique of "AMC CEO's backlash over Robinhood stock tokenization controversy": Robinhood stock tokens are debt securities, and for every $1 users put in, less than $1 actually flows into the real stock market
Odaily News – In response to today's "AMC CEO questions Robinhood over stock tokenization controversy," Backpack CEO Armani Ferrante posted on X, stating that he is a maximalist on tokenization but agrees that Aron's core concerns carry substantive weight: Robinhood's Stock Tokens are debt securities, not 100% backed by the underlying stocks. The funds used to purchase these tokens do not all flow into the actual stock market; instead, through an authorized participant redemption mechanism and partial cash/eligible financial instrument collateral, value leaks to intermediaries, which may lead to divergence between on-chain prices and the underlying shares. He noted in his remarks: "For every $1 a user spends on Robinhood's stock tokens to buy the corresponding stock, less than $1 actually flows into the real stock market."He also pointed out that proper tokenization should be strictly aligned with the stock market, achieving 1:1 stock backing, direct linkage to real market trading, and granting users full shareholder rights, thereby bringing more international capital inflows to listed companies. He also acknowledged that Robinhood Chain is one of the most exciting ecosystems in the crypto space recently, urging the industry to get tokenization right as it iterates.
Bybit Alpha, Byreal Now Listed for SKHY Trading
Odaily Odaily: Bybit Alpha and Byreal have now listed $SKHY for trading. SKHY is a tokenized security of SK Hynix launched by Sunrise, issued by Backpack Securities, providing users with an on-chain investment channel for SK Hynix-related assets.At the same time, Bybit Alpha has concurrently launched the Token Splash trading competition event. Users who participate in $SKHY trading can join in to receive rewards.
Bybit Alpha and Byreal Have Launched SNDK Trading
Bybit Alpha and Byreal have launched $SNDK trading. $SNDK is a tokenized asset issued jointly by SunriseDeFi and Backpack, representing SanDisk—the world’s leading NAND flash memory manufacturer—on-chain. Meanwhile, Bybit Alpha has also launched its Token Splash trading competition: users can participate in the prize distribution by trading $SNDK.
Backpack Securities’ $SPCX trading volume surpasses $35 million, leading in both trading volume and liquidity
Within 24 hours of SpaceX’s Nasdaq listing, the $SPCX token—issued by Backpack Securities—surpassed $35 million in trading volume, leading all tokenized stock trading volumes on Solana and exceeding the next $SPCX competitor’s volume by over five times. Its liquidity ranked second among all tokenized stocks. Armani Ferrante, CEO of Backpack, stated that liquidity is concentrated on Backpack’s tokenized stocks because it is the only solution enabling round-trip trading between Solana and Nasdaq, allowing purchases and sales via brokerage accounts and redemption of underlying securities. Backpack Securities, launched by Backpack, aims to integrate traditional and tokenized stock trading, fostering coexistence of real equities across brokerage and on-chain environments and supporting 7×24 real-time U.S. equity trading. The $SPCX token is pegged to actual SpaceX shares; users can deposit and withdraw on-chain shares into Backpack Securities and transfer them to U.S.-based brokerages such as IBKR.
Related news
Backpack CEO: Once Wall Street Fully Adopts APIs, a Five-Person Team Could Build the Next Robinhood
Backpack CEO Armani Ferrante stated that if the entire financial infrastructure of Wall Street becomes APIs that developers can directly call, programmable finance will spawn a large number of innovative experiments. He gave an example, saying that at that point, a dorm-room startup team of just five people could potentially build the next Robinhood, something that would be almost impossible to achieve under the traditional financial system.Ferrante also pointed out that traditional financial products can be reimplemented through smart contracts, thereby significantly reducing operating costs and product fees. For example, developers could create on-chain products that track the S&P 500 index (SPY), driving fees down to near zero. He believes that as the openness of financial infrastructure increases, a large number of such innovative attempts will emerge in the future.
Daily trading volume reaches $657 million, Solana tokenized stock trading exceeds twice that of any other single day since September
According to Solana monitoring, on Monday, tokenized stock trading volume on Solana reached $657 million, more than double the volume of any other single day since September. Backpack Securities accounted for $598 million of that total.
Backpack warns of fake airdrops impersonating tokenized stocks
Backpack warns that scammers may use legitimate token addresses to disguise fake airdrops, and users should be wary of unfamiliar links and wallet connection requests.
Backpack and South Korea's SK Securities Reach Strategic Partnership to Expand Stock Trading Channels
According to official statements, Backpack has entered into a strategic partnership with SK Securities in South Korea, and plans to provide eligible global investors with access to trade Korean stocks through the Backpack app. This collaboration will combine SK Securities' expertise in the South Korean capital markets with Backpack's global user reach, and, building on its existing US equity securities platform, will further explore partnerships in the fields of tokenized securities and real-world assets (RWA).
Backpack and xStocks split Solana tokenized stock trading volume, each accounting for 49%
According to SolanaFloor (@SolanaFloor), as of October 13, 2026, Backpack and xStocks are evenly matched in on-chain tokenized stock trading volume on Solana, each accounting for 49% of the daily total trading volume and collectively covering 98% of the market share.
Kyle Samani: My largest personal angel investment has gone to Backpack
Kyle Samani, co-founder of Multicoin Capital, has announced that his largest personal angel investment has gone to Backpack. On September 2, Backpack announced that Kyle Samani has joined the Backpack US board of directors. Samani has long focused on DeFi, blockchain infrastructure, and the development of global capital markets. Backpack stated that this appointment reflects a shared conviction between both parties: the future of global finance will combine institutional-grade risk controls with the efficiency and transparency of on-chain markets.