Tokenized Chipotle ($CMG) Now Available on Solana

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

Token details

About Chipotle

Chipotle Mexican Grill, Inc. (NYSE: CMG) is a fast-casual restaurant chain headquartered in Newport Beach, California, started by Steve Ells in Denver in 1993 and listed on the NYSE since 2006. It serves burritos, bowls, tacos, quesadillas and salads built to order along a service line. Unlike most large restaurant chains, Chipotle runs almost all of its locations itself rather than franchising them, keeping its restaurants in the United States, Canada and parts of Europe company-owned, with a small number of licensed locations in other markets.

Moving between $CMG and traditional CMG shares

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

Withdraw a share of Chipotle from Backpack Exchange to tokenize it into $CMG on Solana.

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

How to trade $CMG

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

$CMG 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 $CMG, are:

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