Backpack dominates tokenized stock trading with $193M weekly volume surge

Backpack Securities added $193.3 million in DEX trading volume for its tokenized stocks over the past week, extending a streak that has turned the Solana-based platform into the undisputed heavyweight of on-chain equity trading. The weekly figure is part of a much larger story. In July 2026 alone, Backpack crossed $1 billion in DEX trading volume for tokenized stocks, capturing 73% of the total issuer-level market share. For a platform that controls roughly 5% of total tokenized stock supply, that kind of volume dominance is the trading equivalent of a bantamweight knocking out heavyweights. SpaceX token leads the charge The engine behind Backpack’s surge has a familiar name: SpaceX. The platform’s SPCX token, a tokenized representation of SpaceX equity, has become the single most traded tokenized stock on Solana by a wide margin. During Q2 2026, SPCX captured 87% of all Solana DEX volume for tokenized SpaceX shares, pulling in $935 million in aggregate trading. That’s remarkable given SpaceX remains a private company with no traditional public market for retail investors, making the tokenized version one of the only liquid ways to gain exposure. Backpack’s dominance isn’t limited ...