Overview
- Backpack announced on July 10, 2026 that it opened continuous, around-the-clock trading for select U.S. equities, initially listing SpaceX (SPCX), Micron (MU), and SanDisk (SNDK).
- Backpack Securities holds the underlying shares in custody and says each token is redeemable one-for-one for the legal share, preserving dividend rights and corporate-action participation under New York UCC Article 8 and standard settlement rails.
- The platform issues Solana-based tokenized versions that users can move between wallets and use in decentralized finance, and it supports instant settlement funded by fiat or stablecoins, with on-chain and off-chain conversion managed through Backpack’s custody system.
- Backpack reported strong early demand for SPCX, citing more than 10,000 holders, roughly $350 million in cumulative trading volume, and a dominant share of tokenized SpaceX trading across platforms.
- Observers caution that regulatory rules and tax treatment for international buyers remain unsettled, off-hours liquidity depends on market makers which can create pricing risk, and the move could push clearer tokenized‑securities infrastructure and oversight as global demand grows.