Sunrise, the liquidity protocol built on Solana and initiated by Wormhole Labs, just listed 20 additional tokenized stocks issued by Backpack Securities. The move continues a rapid expansion that has turned Solana into the dominant venue for decentralized trading of tokenized US equities in a matter of months.
The new batch of listings brings familiar Wall Street names onchain, with tokens representing real ownership of the underlying securities. Each tokenized stock is backed 1:1 and fully redeemable for conventional equity entitlements, including dividends.
From SpaceX to 20 new tickers
The Sunrise-Backpack partnership launched its phased rollout in June 2026, starting with tokenized SpaceX equity, ticker SPCX. That token went live on June 12 to coincide with SpaceX’s Nasdaq IPO and promptly generated $439 million in trading volume during its first week alone.
By mid-July, cumulative DEX trading volume for tokenized stocks on Solana had crossed $734 million. By late August, total tokenized equity supply on the chain surged to $465 million.
The listing count has climbed steadily through the summer, moving from a handful of tickers into the mid-teens and now the low-thirties as of September. The latest 20 additions include well-known names such as Micron Technology (MU), Moderna (MRNA), and Nike (NKE), broadening the appeal beyond the tech-heavy roster that dominated early listings.
The division of labor is clean: Backpack Securities handles custody and issuance of the tokens, while Sunrise coordinates onchain listing and liquidity formation across various DEXs and wallets in the Solana ecosystem.
Why tokenized stocks keep gaining traction
These aren’t synthetic exposure products or perpetual contracts that merely track a stock price. Holders of a tokenized Micron or Nike share own an actual claim on the underlying security, complete with dividend rights. If someone wants to exit the crypto rails entirely, they can redeem for the traditional stock through Backpack Securities.
Solana’s positioning in the tokenization race
With $465 million in total tokenized equity supply by late August and trading volumes that crossed $734 million by mid-July, Solana has captured a significant share of the decentralized tokenized-equity market. The Sunrise protocol’s role as liquidity coordinator across multiple DEXs means new listings can find functional markets quickly rather than languishing in illiquid pools.
The risk profile isn’t trivial. Regulatory clarity around tokenized securities remains a moving target, and the custody chain, from traditional equity to blockchain token and back, introduces counterparty considerations that purely onchain assets don’t carry. If Backpack Securities faced operational disruption, the redeemability guarantee that underpins the entire model would come under stress.
Still, 20 new tickers in a single batch signals confidence that the regulatory and operational framework is holding up. With cumulative volumes approaching three-quarters of a billion dollars and supply pushing toward half a billion, the Sunrise-Backpack pipeline is no longer an experiment. It’s becoming infrastructure.