Backpack, a crypto exchange, has rolled out 24/7 trading for select tokenized US equities, giving international users a way to trade stocks tied to companies such as SpaceX, Micron, and SanDisk outside traditional market hours. The company said the initial rollout focuses on a limited basket of US listed names, with more planned later.
Backpack’s offering is designed to provide direct ownership of the underlying shares rather than synthetic market exposure. The exchange states that trades can be settled instantly and funded using either fiat or stablecoins.
Key takeaways
- Backpack is enabling around-the-clock trading for tokenized US equities including SpaceX, Micron, and SanDisk.
- The exchange says users receive direct ownership of underlying securities, not synthetic exposure.
- Backpack also issues Solana-based tokenized versions that are transferable between wallets and can be redeemed 1:1 for shares through Backpack.
- RWA.xyz data cited by Backpack’s announcement points to rapid growth in tokenized stocks over the past year.
- Tokenized SpaceX shares reportedly became the most actively traded tokenized private company shares after launching in June, though Backpack did not provide volumes.
How Backpack’s 24/7 tokenized equities work
Backpack said its new product is built for continuous trading by offering tokenized equity access that runs 24 hours a day. For this first stage, the company highlighted that investors will hold the underlying securities directly rather than taking a derivative-style position.
According to Backpack, settlement is instantaneous and supported through both fiat payments and stablecoin funding. The initial catalog of equities is limited, but the company indicated it intends to expand the list beyond the initial names.
The exchange also emphasized an onchain angle: it provides Solana-based tokenized versions of the securities. These tokens are transferable between wallets, can be used in decentralized finance applications, and—crucially—can be converted 1:1 into the corresponding shares via Backpack.
Backpack further said the service is available to investors across more than 150 countries and regions and that tokenized equity trading is supported by liquidity sourced from traditional exchanges.
What’s notable about SpaceX volumes
In discussing early demand, Backpack said tokenized SpaceX shares became the most actively traded tokenized version of the private rocket and AI company after their launch in June. However, the exchange did not disclose trading volumes or offer direct comparisons to tokenized equity offerings from other platforms.
For traders and users, that matters less as a benchmark and more as a signal: among early private-company tokenized products, SpaceX appears to have attracted the most continuous activity. The lack of published volume figures leaves open how that activity compares on a liquidity and execution-quality basis versus peers.
Tokenized equities keep accelerating across the market
Backpack’s launch arrives as tokenized equities continue to expand within the broader onchain real-world assets (RWA) category. RWA.xyz data cited in connection with the release shows the tokenized stock market growing from roughly $379 million to $1.85 billion over the past year.
That growth is also described as accelerating in the near term. Over the last 30 days, the cited dataset reports distributed value rising 28.6% and monthly transfer volume increasing by more than 85% to $8.76 billion. Those figures suggest that tokenized stocks are not only attracting initial interest, but also seeing increasing throughput.
Crypto exchanges have played a major role in driving that adoption. The article notes that Kraken acquired xStocks developer Backed Finance in late 2025 and has since expanded the platform across its exchange. It also highlights that Bybit and Bitget have integrated xStocks, while Coinbase and Binance have rolled out tokenized equity offerings in recent months.
Traditional finance is joining the 24/7 shift
Alongside exchange-led launches, major traditional market infrastructure has increasingly engaged with tokenization. In March, the US Securities and Exchange Commission approved Nasdaq’s pilot to trade tokenized stocks alongside conventional securities on the same exchange. Earlier coverage also referenced the New York Stock Exchange’s partnership with Securitize to build a 24/7 platform for tokenized stocks and ETFs.
Infrastructure providers are moving too. The Depository Trust & Clearing Corporation (DTCC) announced plans to launch a tokenized securities service in October, following a pilot that involved more than 50 financial and crypto firms. While these developments are not identical to Backpack’s product approach, they collectively point to the same direction: tokenized securities are starting to move from experimental pilots toward broader market plumbing.
For investors, the practical difference between “traditional securities access” and “tokenized securities access” often comes down to trading hours, settlement pathways, and how easily assets can be used in onchain workflows. Backpack’s framing—instant settlement, direct ownership, transferability, and redemption 1:1—targets those friction points directly.
Even so, readers should watch how liquidity holds up as more equities are added. The industry’s growth indicators are compelling, but questions remain about depth across different issuers, redemption mechanics in stressed conditions, and the consistency of pricing when token markets run continuously.
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