Tokenized Chewy ($CHWY) Now Available on Solana

Backpack expands its tokenized stock lineup on Solana with Chewy ($CHWY). Each $CHWY token is tradable 24/7 and redeemable 1:1 for a traditional share of Chewy (NYSE: CHWY) through Backpack Securities.

Token details

About Chewy

Chewy, Inc. (NYSE: CHWY) is an online pet retailer founded in 2011 by Ryan Cohen and Michael Day, with co-headquarters in Plantation, Florida and Boston, Massachusetts. It sells pet food, supplies and medications across North America, with much of its volume coming through Autoship, a subscription that reships recurring items on a set schedule. The company has pushed further into pet health through Chewy Pharmacy, the Connect with a Vet telehealth service, CarePlus insurance and wellness plans, and Chewy Vet Care, its own veterinary clinics. Chewy was bought by PetSmart in 2017, listed on the NYSE in 2019, and fully separated from PetSmart in 2023.

Moving between $CHWY and traditional CHWY shares

$CHWY and traditional Chewy, Inc. (NYSE: CHWY) shares are convertible 1:1 through Backpack Exchange. The flow works the same way as depositing or withdrawing a stablecoin.

Withdraw a share of Chewy from Backpack Exchange to tokenize it into $CHWY on Solana.

Deposit $CHWY from a Solana wallet to Backpack Exchange to convert it back into the underlying CHWY share held in Backpack Securities.

How to trade $CHWY

You can trade Backpack-issued $CHWY on Solana using Backpack Wallet.

$CHWY is also accessible across the Solana ecosystem, including decentralized exchanges, aggregators, wallets, and apps such as Backpack, fomo, Titan, Jupiter, Phantom, Solflare, Raydium, Kamino, and others.

Unlike most tokenized stocks that only track a price, tokenized securities issued by Backpack, including $CHWY, are:

• Redeemable 1:1 for real underlying shares
• Transferable to traditional brokerages