Backpack has launched the first 24/7 trading for real U.S. equities across more than 150 countries, giving eligible investors direct ownership of selected equities with instant settlement. According to the company, users outside the United States can now buy, hold, and sell real U.S. securities 24-hours a day, seven days a week, marking a significant shift in how U.S. equities can be traded globally. The exchange announced this development on July 10, marking a milestone that allows international investors to buy and sell real U.S. equities — not synthetic derivatives — 24/7/365 for the first time ever. The service provides continuous price discovery, instant settlement and liquidity connected to traditional equity markets, though the company has not detailed how weekend orders are routed or liquidity provision during U.S. exchange closures. As reported by multiple sources, this launch enables after-hours earnings, regulatory headlines, and macro data to move into execution through a new on-chain lane instead of waiting for the next regular session.
Backpack's structure differs from products that only mirror stock prices because buyers obtain ownership of the underlying securities rather than derivative exposure. As reported by the company, investors receive ownership of the underlying securities instead of synthetic exposure, while transactions settle instantly using either fiat currencies or stablecoins. The exchange emphasized that the new service is designed around ownership of regulated securities rather than derivative products, with trades supported by traditional market infrastructure while allowing investors to move between conventional brokerage accounts and blockchain-based tokenized assets. The platform also supports tokenized versions of the same equities on Solana, allowing users to convert between traditional securities and blockchain representations on a 1:1 basis. According to recent analysis, Backpack's pitch is straightforward: continuous access can shorten the gap between news and repricing, though the bigger question remains whether this access translates into durable order flow or remains a niche feature around the edges of the market.
Among the first assets listed for 24/7 trading, Backpack's tokenized SpaceX shares have become the most liquid and highest-volume tokenized SpaceX equity traded on-chain, outpacing competing offerings and underscoring strong investor demand for direct, redeemable access to one of the most highly anticipated IPOs in history. The company has now expanded its initial offering to include SpaceX (SPCX), Micron (MU), and SanDisk (SNDK) as part of the opening lineup of stocks available for around-the-clock trading. Backpack reported that tokenized SpaceX shares became the most actively traded tokenized version of the private rocket and AI company after launching in June, though the company did not disclose specific trading volumes or provide comparisons with competing offerings. The broader Backpack ecosystem now serves users across more than 150 countries and has processed over ₹450 billion in trading volume. Recent analysis suggests the initial lineup matters, with SpaceX, Micron, and SanDisk among the first equities available for 24/7 trading, suggesting early demand may be strongest in event-driven and higher-volatility names, where news outside the regular session can have an outsized impact.
The launch enters a competitive landscape where tokenized stocks already represent more than $6.4 billion in market capitalization, with Coinbase planning U.S. tokenized stock launches when rules allow, according to Reuters reports. However, Backpack faces the main bear case of liquidity quality, as access alone does not create depth, especially with NYSE set to trade tokenized and conventional shares on the same order book and Nasdaq proposing the same model. The real competitive setup involves crypto-native platforms competing on access and user flow, while legacy exchanges absorb the tokenized format into their existing market structure. According to recent analysis, if liquidity remains thin, 24/7 access will look more like a headline feature than a durable moat, but if depth improves over time, Backpack could become an extra distribution layer for U.S. equity demand - and force legacy venues to compete harder for that continuous flow. The company's advantage lies in time and access, with even a basic 24/7 blockchain bridge making equity markets accessible 24/7, giving one platform a chance to capture continuous demand while the larger exchanges build out comparable offerings.
Traditional financial institutions have also moved into the sector, with the U.S. Securities and Exchange Commission approving Nasdaq's pilot program allowing tokenized stocks to trade alongside conventional securities on the same exchange in March. Separately, the New York Stock Exchange partnered with Securitize to develop a 24/7 marketplace for tokenized stocks and exchange-traded funds. The Depository Trust & Clearing Corporation announced plans to launch a tokenized securities service in October following a pilot involving more than 50 financial and crypto firms. NYSE already has SEC approval to list and trade tokenized securities on its existing trading infrastructure, with tokenized and conventional shares on the same order book, the same CUSIP, and T+1 settlement through DTC. Nasdaq has filed a parallel path for tokenized securities starting in 2026, also keeping tokenized and traditional shares on the same Order Book with equal execution priority. Backpack Co-founder and CEO Armani Ferrante emphasized the company's vision, stating "Market infrastructure is moving towards a simple idea: capital doesn't sleep."
