Backpack launches U.S. brokerage for tokenized U.S. stocks

Backpack launched Backpack Securities, a U.S.-regulated brokerage that lets users buy, hold and sell real U.S. stocks and convert those holdings into tokenized securities that will initially trade 24/7 on the Solana blockchain.

The platform combines regulated brokerage and custodial services with a blockchain tokenization layer. The brokerage will provide genuine equity ownership, support cash dividends and corporate actions, and integrate with settlement systems such as ACATS and the DTCC. Shares held in regulated custody can be converted into tokenized versions that users can transfer to wallets and connect with decentralized finance protocols.

Backpack plans to begin rolling out brokerage services in June. Tokenized securities will be issued through a partnership with Sunrise, a Solana-based tokenization protocol, and will be tradable around the clock on Solana. The company plans to expand token transfers to additional blockchains over time.

Backpack was founded in late 2023 as a Solana wallet by the team behind the Mad Lads NFT collection. Leadership includes CEO Armani Ferrante, a former Solana developer and early Alameda Research employee, and Can Sun, former general counsel for FTX. The company expanded from a wallet into an exchange and positioned Backpack Securities to link regulated brokerage infrastructure with blockchain access.

The offering follows a trend of crypto platforms adding tokenized securities, extended trading hours and fractional ownership to let assets trade outside standard market hours and integrate with on-chain services.

Earlier plans from the company outlined a token and capital structure that would allocate 37.5% of a 1 billion-token supply to a post-IPO corporate treasury and create an equity-linked staking model that would reward token stakers with 20% of corporate equity. Backpack raised $17 million in a 2024 Series A led by Placeholder VC, with participation from Robot Ventures, Wintermute and Selini. The company has been reported to be in private talks for additional financing at a $1 billion pre-money valuation.

In a statement, CEO Armani Ferrante described the product as “Real equity ownership and blockchain-native access are two parts of the same financial system.” He added that Backpack was founded on the belief that capital should move seamlessly across asset types and markets.

The brokerage and custody components will operate under U.S. regulatory oversight while the tokenized securities will move on a public blockchain. The company says investors will retain the rights associated with traditional ownership through the regulated custody layer, and that the tokenized versions will enable liquidity and composability on-chain.