Tokenized Stocks Explained: On-Chain Equities and IPO Access on Backpack

‍

With rising interest in stocks like AVGO, MRVL, and TTD driven by the AI infrastructure boom and ongoing market volatility, more traders are asking: can you trade real stocks on a crypto exchange?

‍

The answer is now yes — and not through synthetic price trackers. A new generation of tokenized equities puts actual, SEC-registered shares on the blockchain with full ownership rights.

‍

This guide breaks down what tokenized stocks are, how they work, and how Backpack is bringing real equities and IPO allocations on-chain through its partnership with Superstate.

‍

What Are Tokenized Stocks?

‍

Tokenized stocks are digital representations of company shares that exist on a blockchain. Each token corresponds to an actual share of stock and is recorded on a shareholder registry maintained by a registered transfer agent.

‍

The key difference between tokenized stocks and traditional shares is the settlement infrastructure. Traditional equities settle through centralized clearinghouses on a T+2 timeline. Tokenized equities settle on-chain, often near-instantly, while maintaining the same legal status.

‍

This is different from perpetual futures contracts, which are derivatives that track an asset's price without conferring ownership. When you hold a tokenized stock, you hold the actual equity.

‍

Real Shares vs. Synthetic Wrappers

‍

Not all tokenized stock products are created equal. There are two fundamentally different models in the market right now.

‍

Synthetic or custodial wrappers are tokens that track the price of a stock but don't represent direct ownership. A custodian holds shares on your behalf, and you hold a token that mirrors price movements. You typically don't receive voting rights or dividends.

‍

Issuer-backed, SEC-registered equities are actual legal shares issued through a registered transfer agent, recorded on an official shareholder registry, and tokenized natively on a blockchain like Solana or Ethereum. Holders receive the same rights as traditional shareholders — including potential dividend and voting rights.

‍

Backpack's partnership with Superstate falls into the second category. Through Superstate's Opening Bell platform, publicly traded companies can issue their shares directly as tokens. These tokens carry the same CUSIP identifiers as their counterparts on Nasdaq or the NYSE.

‍

Galaxy Digital (GLXY) became the first public company to tokenize its stock through Opening Bell on Solana. SharpLink Gaming (SBET) followed with plans to tokenize on Ethereum. Forward Industries (FORD) is working with Drift, Kamino, and Jupiter Lend to expand the functionality of its on-chain shares.

‍

How On-Chain IPO Access Works

‍

On March 4, 2026, Backpack announced on-chain IPO share allocations. This allows eligible users to access official IPO shares before they begin trading on public stock exchanges.

‍

Backpack CEO Armani Ferrante described the vision: when companies go public, founders typically go on a roadshow to present to Wall Street institutional buyers. Most retail investors wait until shares hit the open market. Backpack aims to become a stop on that roadshow, allocating shares directly to users during the pre-listing phase through Superstate's Opening Bell infrastructure.

‍

A waitlist is now open. Early registrants receive priority access. Allocation eligibility depends on account activity and community engagement, and users must meet regulatory requirements.

‍

Ferrante has described this as the first token utility rollout planned for 2026.

‍

Why This Matters for Stock Investors

‍

Broadcom (AVGO) reported fiscal Q1 2026 results on March 5, showing 29% year-over-year revenue growth and record AI revenue of $8.4 billion. The stock rose approximately 5%. Trade Desk (TTD) jumped 19% on reports of early talks with OpenAI. Marvell (MRVL) reported strong results driven by custom silicon demand.

‍

For traders who want exposure to these companies alongside their crypto portfolio — and want to use those assets as collateral or composable DeFi components — tokenized equities offer something traditional brokerages cannot.

‍

On Backpack, users can already trade perpetual futures, earn yield through Auto Lend, and manage everything in a single cross-margined account. Adding real equities means traders can eventually hold tokenized AVGO alongside BTC and SOL — all within one portfolio.

‍

How to Get Started

‍

1. Sign up for Backpack Exchange if you haven't already.

‍

2. Complete identity verification (KYC is required for tokenized equity access).

‍

3. Join the IPO waitlist for priority access to upcoming allocations.

‍

4. Stay active on the platform — user activity and engagement influence issuer interest in allocating shares through Backpack.

‍

For background on Backpack's trading products, see the Beginner's Guide or learn about Interest Bearing Perpetuals.

‍

Learn more about Backpack

Exchange | Wallet | Twitter | Discord

‍

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Backpack. Please read our full disclaimer for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Backpack is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice.

‍