Sunrise Adds 20 Tokenized Stocks to Solana Through Backpack Securities
The new listings expand Solana’s tokenized-equity market into the low-thirties, as supply approaches $500 million and cumulative decentralized-exchange volume surpasses $734 million.
Sunrise, a Solana-based liquidity protocol initiated by Wormhole Labs, has listed 20 additional tokenized stocks issued by Backpack Securities. The expansion brings more traditional U.S. equities onchain and strengthens Solana’s position as a venue for decentralized tokenized-stock trading.
A broader onchain equity roster
The latest listings include familiar companies such as Micron Technology (MU), Moderna (MRNA), and Nike (NKE). The additions broaden Sunrise’s roster beyond the technology-heavy selection that characterized its earliest offerings, bringing the total number of listed tickers into the low-thirties.
Each tokenized stock represents real ownership of the underlying security. The assets are backed 1:1 and are fully redeemable for conventional equity entitlements, including dividends. That structure distinguishes the products from synthetic instruments that merely track stock prices without conferring a claim on the underlying shares.
The Sunrise-Backpack rollout began in June 2026 with tokenized SpaceX equity, trading under the ticker SPCX. The token went live on June 12 alongside SpaceX’s Nasdaq IPO and generated $439 million in trading volume during its first week, according to the research source.
Issuance, liquidity and the remaining risks
The partnership divides responsibilities between regulated-market functions and onchain distribution:
- Backpack Securities provides custody and issues the tokenized equities.
- Sunrise coordinates listings and liquidity formation across Solana-based decentralized exchanges and wallets.
- The protocol’s multi-venue approach is designed to help new assets develop usable markets rather than remain in isolated, illiquid pools.
The market has expanded quickly. Cumulative decentralized-exchange trading volume for tokenized stocks on Solana crossed $734 million by mid-July, while total tokenized-equity supply reached $465 million by late August. Those figures place the chain’s tokenized-stock supply near the half-billion-dollar threshold.
The model still carries risks that do not apply in the same way to purely onchain assets. Regulatory treatment for tokenized securities remains unsettled, while the custody pathway between traditional equities, blockchain tokens, and redemptions creates counterparty and operational dependencies. A disruption at Backpack Securities could put the redemption promise under pressure.
What This Means
The addition of 20 stocks in one batch suggests that Sunrise and Backpack Securities believe their issuance, custody, and liquidity framework can support a wider market. For Solana, the combination of growing supply, high trading volume, and a broader range of companies indicates that tokenized equities are moving beyond a limited demonstration.
The next test will be whether this activity remains deep and reliable as the roster expands. If liquidity, redemption access, and regulatory compliance hold up, Sunrise could become a durable distribution layer for securities on Solana. For now, the scale of the pipeline makes tokenized stocks an increasingly important part of the network’s institutional adoption story.