Backpack Tokenized Securities

Last Updated Jul 16, 2026

WithdrawableConvertible to real shareAffiliate issuer

Quick answers

On Solana, in self-custody wallets and on Solana DEXs. Backpack provides deposits, withdrawals, and conversion back into security entitlements for all six tokens.

A digital trust receipt referencing a pro-rata interest, if any, in an asset-specific bare-trust pool. It is not a specifically identifiable share.

Trek Nexus Markets Ltd, a British Virgin Islands business company, or an affiliate designated as the issuing entity for a token series.

No, not during ordinary operation. Trek Forge Ltd, a Backpack affiliate, or its nominee/custodian is the sole registered beneficiary. Your wallet proves on-chain control, not registration on the issuer's beneficiary ledger.

Deposit an eligible token to Backpack for burn and credit of the corresponding real-share security entitlement at the current conversion rate. ACATS/DTCC-compatible brokerage transfer is then available. Direct issuer redemption is only a contingency route and requires registration plus KYC/KYT.

What it is

Backpack Tokenized Securities is a Solana spot-token product created when an eligible Backpack Securities holding is withdrawn on-chain. The brokered UCC Article 8 entitlement ends when tokenization completes. What replaces it is a separate tokenized security entitlement issued under a British Virgin Islands bare-trust structure.

Backpack markets the move between the security entitlement and a self-custodied token as 1:1. The binding terms are narrower, and the conversion rate can shift. Backing and verification below sets out what moves it.

Trek Forge holds registered-beneficiary status in ordinary operation. Trek Forge Ltd is a Backpack Exchange affiliate and the sole registered beneficiary of the trust. On-chain possession alone does not give you direct trustee instructions, redemption rights against the issuer, or title to a specific share.

Source: Backpack Securities · Tokenized Securities

Asset Tokenization Terms

Issuer Terms

The companies involved

Trek Nexus Markets Ltd

Issuer and bare trustee

Registration: British Virgin Islands business company. The issuer terms also permit one of its affiliates to be the issuing entity for a specific token series.
Role: Issues the token and acts as bare trustee over the corresponding approved-asset pool.
Regulatory position: Not registered with or approved by the BVI Financial Services Commission. The issuer states that the tokens fall outside the BVI Securities and Investment Business Act; no regulator determination is supplied.

Trek Forge Ltd

Sole registered beneficiary

Registration: British Virgin Islands company and Backpack Exchange affiliate.
Role: Registered Tokenholder and sole registered beneficiary during ordinary operations, or acts through a designated nominee or custodian.
Redemption: Requests ordinary redemption from the issuer after a user deposits an eligible token to Backpack.

Backpack Exchange / Trek Labs Ltd

Platform and conversion operator

Role: Runs the account ledger and the ordinary tokenization and detokenization path.
Controls: Applies account eligibility, KYC/KYT, limits, queues, fees, and suspension rules.

The issuer or an affiliate may hold the underlying assets, and external brokers or custodians may be used. No underlying broker or custodian is named.

Source: Tokenized Securities Issuer Terms

Tokenized Securities Risk Disclosure

Trust profile

Claim structure

Tokenized security entitlement

The token references a pro-rata bare-trust pool. Trek Forge is the sole registered beneficiary during ordinary operation, rather than the wallet holder.

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Backing verification

Self-reported

The issuer documents describe asset-specific pools and minting after receipt of the underlying. No public reserve report or independent pool-level attestation was found.

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Custody isolation

Custodian undisclosed

The issuer or an affiliate may hold the assets or use external brokers and custodians. No provider is named; same-series assets may be held in omnibus or commingled accounts.

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Conflict / independence

Affiliate issuer

Trek Forge is a Backpack affiliate and the sole registered beneficiary. Ordinary conversion also runs through Backpack.

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Redemptions & transfers

Convertible

Eligible holders can detokenize through Backpack into the corresponding real-share security entitlement, then use ACATS/DTCC-compatible brokerage transfer infrastructure. Direct issuer recognition is a separate contingency route.

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What you own

You hold an on-chain digital trust receipt, not a directly registered share.

The receipt references a pro-rata interest, if any, in the bare-trust pool for that approved asset. It does not identify a specific share.

You Get

Control of a transferable Solana token

An ordinary Backpack route to burn an eligible token and receive the corresponding security entitlement at the current conversion rate

Economic adjustments for dividends and corporate actions through the pool and conversion mechanics, subject to costs and the issuer terms

You Don't Get

Registration as the trust beneficiary during ordinary operation, which Trek Forge holds

A direct shareholder vote or title to a specifically identifiable underlying share

An unconditional bearer right to redeem directly with the issuer

SIPC or government investor-protection coverage for the token

Source: Asset Tokenization Terms §§1.3–1.15

Issuer Terms

Key risks

Trek Forge is the sole registered beneficiary during ordinary operation. Your wallet proves control of the token, but the issuer does not ordinarily register you or accept direct instructions from you. Source: Tokenized Securities Risk Disclosure

The token terms describe approved-asset pools, but no underlying broker, custodian, public pool balance, or independent reserve attestation is disclosed. Same-series assets may be omnibus or commingled. Source: Issuer Terms

Buying on-chain does not ensure eligibility to deposit to Backpack. Direct issuer redemption is unavailable in ordinary operation. After a contingency it stays conditional on identity, KYC/KYT, evidence, legal, and compliance checks. Source: Tokenized Securities Risk Disclosure

Backing and verification

The issuer declares a separate bare trust for each approved asset or token series. All tokens in one series share that asset pool pro rata. Minting is intended to follow receipt of the underlying asset.

Item	Detail
Backing claim	Asset-specific bare-trust pool; issuer-stated
Underlying holder	Issuer or affiliate; external provider may be used
Named broker / custodian	None disclosed
Public reserve report	None found
Independent pool attestation	None found
Same-series segregation	May be omnibus or commingled

“1:1” is useful product shorthand, not a guarantee that one token will always convert into exactly one share. Dividends, corporate actions, transaction costs, rebasing, and rounding can change the conversion rate.

Source: Tokenized Securities Issuer Terms

Risk Disclosure

Dividends and voting

Cash dividends: intended to be reinvested into additional units of the same approved asset, net of applicable costs and withholding, rather than paid to the token holder as cash.
Balance effect: additional units, splits, and other corporate actions flow through the conversion rate, token multiplier, rebase, or token-balance adjustment.
Execution risk: the terms disclaim liability if reinvestment is delayed, fails, or occurs at an unfavorable price.
Voting: no direct shareholder vote. Backpack may solicit an advisory vote, which is nonbinding. The issuer follows the registered beneficiary's instructions.

Source: Backpack Securities · Tokenized Securities

Asset Tokenization Terms §§1.4–1.8

Conversion and redemption

Item	Detail
Tokenize	Withdraw an eligible approved asset; the brokered entitlement terminates and tokens are delivered to Solana
Detokenize	Deposit the token to Backpack; Trek Forge requests redemption, the token is burned, and the corresponding real-share security entitlement is credited
Brokerage transfer	Available through ACATS/DTCC-compatible infrastructure after redemption into the security entitlement
Ordinary direct issuer redemption	Not available
Contingency redemption	Conditional on a defined Backpack/Trek Forge contingency, issuer registration, KYC/KYT, and evidence checks

Direct issuer recognition unlocks only on a Direct Redemption Contingency, one of six defined events:

Backpack permanently ceases operations
Backpack becomes insolvent
A relevant redemption or withdrawal suspension runs longer than 90 days
Trek Forge steps down as registered beneficiary
A court or regulator issues a binding direction
The issuer determines that direct recognition is necessary

Recognition stays discretionary even after one of these events.

Source: Backpack Securities · Tokenized Securities

Conversion Flow

Tokenized Securities Issuer Terms

Trading and transfer

All six live Token-2022 tokens have active market data:

Item	Detail
Solana trading	SPCX, MU, SNDK, DRAM, BOT, SKHY
Liquidity source	Aggregated across Solana DEXs
On-chain transfer	24/7, wallet-to-wallet
Network	Solana

The tokens remain transferable and tradable on Solana even when US stock markets are closed. That transferability does not carry registered-beneficiary status on the issuer's internal ledger.

Source: Backpack Securities · Tokenized Securities

exact-mint Solana verification, 16 July 2026

Fees

Item	Detail
Token withdrawal	Approximately US$0.50, paid in the token
Token deposit	No separate Backpack fee listed
Solana network fee	Applies
Conversion-rate deductions	Transaction costs, fees, and rounding may apply

Source: Backpack Securities · Conversion Flow

Asset Tokenization Terms

Geographic eligibility

Region	Detail
Restrictedcannot acquire through the service	United States persons and any jurisdiction where holding or transfer is prohibited or requires unavailable registration.
Detokenizationaccount-gated	Requires an eligible Backpack account and compliance with the platform's then-current country, KYC/KYT, and asset rules.

The tokens themselves are not SIPC-insured and are not covered by a government deposit or investor-protection scheme. A token acquired on a secondary market may be transferable but still ineligible for detokenization through Backpack.

Source: Tokenized Securities Risk Disclosure

Asset Tokenization Terms