TechFlow reported on June 13 that, within 24 hours of SpaceX’s Nasdaq listing, the $SPCX token issued by Backpack Securities surpassed $35 million in trading volume. Among related tokenized stock activity on the Solana platform, $SPCX ranked ahead by trading volume, exceeding the next competitor by more than five times. Its liquidity also ranked second among all tokenized stocks.
$SPCX leads related tokenized stock volume on Solana
The disclosed figures place $SPCX at the front of Solana-based related tokenized stock trading by volume. The token’s volume of more than $35 million, combined with a lead of over five times versus the next competitor, shows that trading activity for this product was concentrated around Backpack Securities’ issuance during the 24-hour period described in the report.
Backpack CEO Armani Ferrante said liquidity is concentrated in Backpack’s tokenized stocks because it is the only tokenized stock that allows circular trading between Solana and Nasdaq, can be bought and sold through brokerage accounts, and can be redeemed for the underlying securities. His comments describe a structure that connects on-chain trading, brokerage access, and redemption of the underlying asset.
Backpack Securities links brokerage accounts and on-chain stock activity
According to the introduction, Backpack Securities was launched by Backpack to combine traditional stock trading with tokenized stock trading. The initiative is designed to support the coexistence of real stocks in both brokerage and on-chain environments, while also enabling 24/7 trading of real U.S. equities.
The $SPCX token is linked to actual SpaceX shares. Users can deposit and withdraw on-chain stock into Backpack Securities, and they can also transfer it out to U.S. brokerages such as IBKR. Based on the information disclosed, Backpack Securities is using tokenized stock products to connect real stocks, brokerage accounts, and circulation on Solana.