DraftKings’ tokenized stock DKNG hits $39M in volume on Solana within three hours

A tokenized version of DraftKings stock racked up $39 million in trading volume within three hours of going live on Solana.

The DKNG token, issued through Backpack Securities, is fully backed 1:1 by actual DraftKings shares held in custody. Holders can redeem their tokens or transfer them into traditional brokerage accounts.

Solana’s unlikely transformation into a stock exchange

Daily tokenized stock volumes on the network have exceeded $600 million at various points in 2026. By early September 2026, total tokenized equity supply on Solana reached approximately $684 million. The network has captured over 95% of global on-chain tokenized equity DEX volume through mid-2026.

Backpack Securities launched its first tokenized equity with SpaceX shares back in June 2026, giving retail investors access to a company that doesn’t trade on public markets. Since then, it has expanded to companies including GoPro and Moderna, building a growing catalog of on-chain equities that trade across Solana DEXs like Raydium and Jupiter.

Traditional stock markets operate roughly six and a half hours per day, five days a week, closed on holidays, and gated behind brokerage accounts with varying fee structures. Tokenized equities on Solana trade 24/7, settle near-instantly, and benefit from the network’s low transaction costs.

Why tokenized stocks are eating memecoins’ lunch

Tokenized equities have begun outperforming memecoins in trading volume on Solana.

The DKNG token attracted thousands of holders within its first days of trading. The combination of regulatory compliance, since tokens can be redeemed for actual shares, and the convenience of round-the-clock trading appears to be pulling in a broader investor base.

What this means for traditional finance

The fact that DKNG tokens can be transferred to traditional brokerage accounts suggests Backpack has navigated the compliance landscape carefully.

Solana’s dominance in this category, controlling over 95% of on-chain tokenized equity volume, also raises competitive questions for other Layer 1 blockchains. Ethereum, which has positioned itself as the institutional chain of choice, has yet to capture meaningful tokenized equity activity.

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