Backpack plans to tokenise 10,000 stocks on Solana

Backpack CEO Armani Ferrante announced an ambition to increase the number of tokenised U.S. equities available on the Solana blockchain from about 200 to 10,000 symbols. The expansion would rely on a single API that lets a real share move from a traditional brokerage account into decentralized finance applications and back.

Current tokenised stock offering

Backpack’s platform, launched in June, lets eligible users convert certain brokerage holdings into Solana‑based tokens and redeem them for the underlying shares. The service supports cash dividends, corporate actions and transfers through established infrastructure such as ACATS and the Depository Trust & Clearing Corporation.

Examples of tokenised securities

• SpaceX – first tokenised stock issued on Solana with Sunrise infrastructure.
• Micron – tokenised shares that reinvest dividends into additional tokens.
• SanDisk – part of a group of equities available to non‑U.S. users.
• CoreWeave – token (CRWV) that can be withdrawn from Backpack Exchange and redeposited for the underlying share.

Planned expansion

Ferrante described the move from 200 to 10,000 symbols as “the next leap,” but did not provide a rollout timeline or specify which stocks would be added first. The goal is to make the entire U.S. stock market accessible on Solana through the proposed API.

Regulatory context

The SEC has issued a conditional exemption that allows certain venues to trade tokenised National Market System stocks, provided they meet strict conditions on rights parity, issuer notification, public smart‑contract audits and trading halts when the underlying stock is halted. The agency’s statement does not name Backpack as a participating venue, and the company’s current products have not been confirmed to operate under the exemption.

U.S. operational steps

In September, Backpack added former Multicoin Capital executive Kyle Samani to its U.S. board to support regulated financial services and on‑chain market activities. No specific timetable for expanding U.S. tokenised stock services was disclosed.