Backpack’s tokenized $GRND stock hits $14M in volume within two hours

A tokenized version of Grindr’s stock just did more volume on Solana in two hours than the real thing did on the New York Stock Exchange. The token, $GRND, racked up $14.1 million in trading volume within 120 minutes of its September 10 launch through Backpack Securities, the regulated brokerage arm of the Solana-native Backpack exchange.

How tokenized equities work on Backpack

Backpack’s tokenized equities program launched in June 2026, starting with SpaceX ($SPCX) as one of its flagship offerings. Each token is backed 1:1 by actual US shares held in regulated custody, with minting and redemption pathways running through ACATS and DTCC infrastructure.

These tokens trade 24/7 on Solana-based DEXs, meaning no market close, no waiting for the opening bell, no after-hours limitations. Around the time of the $GRND launch, Backpack added over 20 new tokenized stocks to its roster. The platform has also rolled out features like dividend tracking and the ability to use equity tokens as collateral for perpetual contracts.

Cumulative trading volume across Backpack’s tokenized equity program has reached into the hundreds of millions to billions since inception, with the platform capturing the majority of Solana’s on-chain equity trading activity. The $SPCX token, representing SpaceX shares that aren’t available on public exchanges, was an early driver of that adoption.

The memestock engine finds new rails

Within 24 hours of launch, the $GRND token showed approximately $11.1 million in volume on Solscan, with meaningful holder engagement. The gap between the two-hour figure and the 24-hour figure suggests the initial burst of activity was the main event, with volume tapering as the speculative frenzy cooled.

The Sunrise liquidity protocol, which collaborated with Backpack on the launch, played a role in ensuring sufficient depth for the trading activity. Without adequate liquidity infrastructure, that kind of volume in a two-hour window could have resulted in severe slippage or failed trades.

What this means for tokenized equity markets

The 1:1 backing through regulated custody is a critical detail. Unlike synthetic assets or prediction markets that merely reference stock prices, these tokens represent actual equity claims. Holders can redeem them for real shares through traditional brokerage channels.

The NYSE operates roughly six and a half hours per day, five days a week. Backpack’s tokens trade around the clock. The integration of equity collateral into perpetual contract trading means traders can hold tokenized stocks and simultaneously use them as margin for leveraged crypto positions.

With over 20 tokenized stocks now available, Backpack is positioning itself at the intersection of traditional equity and DeFi markets. The outstanding question is whether regulatory frameworks across jurisdictions will accommodate or resist this kind of cross-pollination between equity markets and DeFi.

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