Overview
- Backpack launched a 24/7 market on July 10 that lets users outside the United States buy, hold, and sell a select roster of real U.S. stocks at any hour.
- The initial lineup includes tokenized shares for SpaceX (SPCX), Micron (MU), and SanDisk (SNDK) that Backpack says are redeemable one‑for‑one for the underlying custodial shares.
- Backpack operates a regulated brokerage arm called Backpack Securities and says the tokenized shares carry legal ownership rights, including dividend and corporate‑action entitlements under New York UCC Article 8.
- Trades settle instantly on the platform, users can fund accounts with fiat or stablecoins, and on‑chain Solana tokens enable wallet transfers and DeFi compatibility while preserving redemption into off‑chain custody.
- Early uptake has been strongest for SPCX, which exceeded 10,000 holders and large on‑chain volume, but analysts and reporters warn that off‑hour liquidity, cross‑border tax treatment, and evolving regulation remain open risks as tokenized equities scale.