Tokenized DraftKings ($DKNG) Now Available on Solana

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

Token details

About DraftKings

DraftKings Inc. (Nasdaq: DKNG) is a digital sports entertainment and gaming company headquartered in Boston, launched in 2012 by Jason Robins, Matt Kalish and Paul Liberman. Its lineup spans online and retail sports betting, online casino, daily fantasy sports, a digital lottery courier app, and a prediction markets product. DraftKings Sportsbook runs in more than 25 US states, Washington, D.C., and Ontario, Canada.

Moving between $DKNG and traditional DKNG shares

$DKNG and traditional DraftKings Inc. (Nasdaq: DKNG) shares are convertible 1:1 through Backpack Exchange. The flow works the same way as depositing or withdrawing a stablecoin.

Withdraw a share of DraftKings from Backpack Exchange to tokenize it into $DKNG on Solana.

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

How to trade $DKNG

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

$DKNG 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 $DKNG, are:

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