Backpack CEO Armani Ferrante wants to grow the exchange's tokenized stock lineup on Solana from about 200 symbols to 10,000, linking brokerage accounts and decentralized finance through a single API. He gave no launch date, days after the SEC granted a five-year conditional exemption for tokenized stock trading on qualifying venues.
Backpack CEO Armani Ferrante wants to expand tokenized stock market access on Solana from about 200 symbols to 10,000, connecting brokerage accounts and decentralized finance through one API. According to a post shared by Solana on Sep. 26, Ferrante said: "We want to bring the entire stock market to Solana."
Ferrante called the jump from 200 to 10,000 symbols the next leap for the platform, but the post did not identify a launch date or name which stocks would be added first. The 200-symbol figure describes Ferrante's starting point rather than a confirmed count of tokens already in circulation.
How Backpack moves stocks between brokerage and DeFi
Backpack introduced its securities platform in June, letting eligible customers hold U.S. stocks and ETFs through a brokerage service and convert eligible holdings into tokenized securities on Solana. Depositing a supported token back through Backpack Exchange converts it back into a traditional security entitlement, the company says.
Its Sep. 23 CoreWeave announcement describes the same round trip: a customer can withdraw a CoreWeave holding as a CRWV token on Solana, then deposit the token again to convert it back into a brokerage holding.
What the SEC's new exemption covers
The expansion plan follows the SEC's Sep. 17 conditional exemption, which lets certain venues trade tokenized National Market System stocks through permissioned automated market makers and liquidity pools under a five-year framework limiting the symbols and trading volume a venue may handle. The agency's announcement does not identify Backpack as a participating venue.
The SEC also requires public, auditable smart contracts and a halt in token trading whenever the underlying stock halts on its primary exchange.
Ownership rights still differ from the underlying stock
For its tokenized Micron security, Backpack says dividend payments are reinvested into additional tokens, with corporate actions handled through proportional changes to token balances meant to preserve the underlying holding's economic value. The SEC's January staff statement said the rights attached to a token depend on its structure and may differ from those of the underlying security.
Backpack's U.S. arm also appointed former Multicoin Capital executive Kyle Samani to its board in September, without setting a timetable for expanding its U.S. stock or tokenized asset services.
Source: crypto.news
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