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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.
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'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.
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.
Backpack Securities Launches $SPCX Token to Bridge SpaceX Stock with Solana-Based DeFi
According to Backpack’s official tweet, Backpack Securities announced on June 11 that the $SPCX token officially launched on Solana via SunriseDeFi following SpaceX’s Nasdaq listing. Users can trade stocks on the Backpack platform and freely transfer assets between traditional brokerages and Solana-based DeFi wallets through deposit and withdrawal operations.
Bybit Alpha, Byreal have listed SPCX for trading, currently priced at $161
According to Odaily, Bybit Alpha and Byreal have now listed $SPCX for trading, with its current price on the Solana chain at $161. SPCX is an on-chain SpaceX token issued by Backpack and has been deployed to Solana.
Related news
Backpack Leads in Incremental Growth as Tokenized Stock DEX Trading Volume Rises $193 Million Over Prior 7 Days
data shows Backpack's tokenized stock DEX trading volume increased by $193 million over the past 7 days compared to the prior 7 days, ranking first in incremental growth among comparable issuers. Coinbase ranked second with a trading volume increase of $106 million, while st0x ranked third with an increase of $38.6 million.
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.
Multicoin Capital former co-founder's latest update: Joins Backpack US board, previously considered exiting the crypto space
Odaily News, Backpack officially announced that Kyle Samani, former co-founder of Multicoin Capital and early investor in Solana, has now joined the Backpack US board of directors.Previously, Kyle Samani had publicly expressed intentions to step away from the crypto industry, signaling a gradual exit to focus on personal investments. In February of this year, he posted that "cryptocurrency is not as interesting as expected, and blockchain has limited potential," but later deleted the post.
Backpack Announces Multicoin Capital Co-Founder Kyle Samani Joins Board
According to an official post from Backpack, Multicoin Capital co-founder and early Solana investor Kyle Samani has officially joined the Backpack US board of directors. Backpack stated that this appointment reflects a shared belief that the future of global finance will combine institutional risk controls with the efficiency and transparency of on-chain markets. Kyle Samani has long specialized in decentralized finance, blockchain infrastructure, and the evolution of global capital markets, making him one of the most influential voices in the crypto industry.
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.
SpaceX IPO Drives Record Tokenized Stock Trading, June On-Chain Volume Reaches $3.86 Billion
According to Odaily, driven by the hype surrounding SpaceX’s initial public offering (IPO), the tokenized stock market hit a record high for trading activity in June, with on-chain transaction volume reaching $3.86 billion, a 145% increase from May. Among the trades, tokenized SpaceX stocks accounted for $1.19 billion, representing approximately 31% of the total tokenized stock volume in June. The SPCX token launched by Backpack Securities became the most actively traded tokenized SpaceX stock product, with a single-month on-chain trading volume of $1.08 billion.Data indicates that this growth surge was primarily fueled by demand for SpaceX-related assets. Previously, SpaceX completed a $75 billion IPO, marking the largest IPO in history, and the company is valued at approximately $1.8 trillion on a fully diluted basis. Traditional popular assets such as Nvidia, Tesla, the S&P 500 ETF (SPY), and the Nasdaq 100 ETF (QQQ) remained actively traded, but none matched the market heat of tokenized SpaceX stocks. Additionally, the total market capitalization of the tokenized stock market rose to $1.53 billion in June, up 6.64% from the previous month, marking the 15th consecutive month of growth. (CoinDesk)