Backpack CEO Armani Ferrante has announced plans to significantly expand tokenized stock access on Solana from approximately 200 symbols to 10,000, according to reports from TechFlow. Ferrante stated that the next phase aims to expand the number of tokenized stocks from approximately 200 to 10,000, covering the entire stock market and moving them onto the Solana blockchain. The CEO described this expansion as 'the next leap' in bringing the entire stock market to Solana through a unified API system. The vision involves using a unified application programming interface to enable real stocks to flow bidirectionally between traditional securities accounts and decentralized finance protocols, moving beyond the current limited offering.
Backpack's current securities platform, launched in June, allows eligible users to convert certain brokerage holdings into Solana tokens and back through its exchange. As reported by Solana, the company's brokerage holdings are security entitlements governed by New York's Uniform Commercial Code Article 8. The platform supports cash dividends, corporate actions, and transfers using established brokerage infrastructure including ACATS and Depository Trust & Clearing Corporation systems. Backpack-issued tokens can be held in compatible wallets and transferred between users, with the ability to be used in DeFi applications subject to specific product features. The platform also integrates a unified margin account, lending, and IPO share allocation into the same account.
The expansion plans come amid evolving regulatory developments in tokenized securities. According to reports from Solana, the SEC granted conditional relief on September 17 for certain venues to trade tokenized National Market System stocks through permissioned automated market makers and liquidity pools. Under the SEC's five-year framework, venues must verify that tokenized stocks provide holders with the same rights and privileges as equivalent traditional shares, and notify issuers when unaffiliated third parties tokenize their stock. The framework also requires public, auditable smart contracts and halts in token trading when underlying stocks are halted on primary exchanges. As reported by CNBC's ETF Edge, the order limits trading to approved participants, with caps on symbols and volume, and expires after five years.
Backpack's tokenized securities platform has demonstrated strong market traction since its launch. The product started with the tokenization of SpaceX stock SPCX in June 2026, achieving over $470 million in on-chain transactions in the first week and over 10,000 holding addresses. The brokerage covers about 1,000 U.S. stocks and ETFs, with an additional 20 tokens added for 24-hour trading and redemption in September. In the first half of the year, on-chain stock transactions on Solana reached approximately $4.9 billion, with about 95% of all on-chain stock transactions concentrated on Solana. The platform has also issued tokenized versions of Micron and other major U.S.-listed companies.
The BP token has shown significant market interest, reaching a historical high of $1.43 during intraday trading on September 25, with a circulation of about 250 million tokens and a cap of 1 billion tokens. This led to a fully diluted valuation exceeding $1.2 billion at one point. The token's utility is tied to trading, staking, and issuance access, with fees structured around these activities. Backpack differentiates itself in the competitive tokenized securities market by offering 'redeemable real stocks' - tokens that can be converted back to traditional securities rights one-for-one, unlike synthetic or semi-synthetic stocks. The company's U.S. operations received additional support in September when Kyle Samani, former Multicoin Capital executive, was appointed to its board to support work across regulated U.S. financial services and onchain markets.
