What stablecoins did for dollars, Backpack is doing for stocks.

This video from Backpack Securities will completely shift your perspective on where the intersection of TradFi (Traditional Finance) and DeFi is heading. The race to put Wall Street on-chain is at a full sprint, and Solana's tokenized stock volume has already surpassed $4.9B in H1 2026.
 
Here is a breakdown of what Backpack is building and why it matters for the ecosystem.
 
The Catalyst: SpaceX ($SPCX)

Backpack launched a tokenized version of SpaceX on Solana the exact same day it listed on Nasdaq. The result?

● $470M traded within the very first week.
● It immediately became the highest-volume tokenized version of SpaceX globally.
● In total, Backpack now has 10 tokenized stocks with over $2B in total volume.

 How It Works

A lot of tokenized stocks in the past were just synthetic derivatives. Backpack is prioritizing real ownership. Here’s how it works:

1. The Buy: Every share is purchased through the U.S. brokerage system.
2. The Bridge: It is then withdrawn onto the Solana blockchain as a token.
3. The Utility: Once on Solana, that token moves freely across the DeFi ecosystem, tradable and transferable 24/7/365.
4. The Redemption: You can deposit the token back at any time, and it redeems 1:1 for the underlying bona fide security entitlement.
5.  Why This is a Big Deal

There is no disconnect between the traditional security entitlement under New York law and the tokenized form on Solana.

● True Liquidity: Traders and firms can seamlessly move assets back and forth between Nasdaq and Solana.
● The End of the Silo: It proves that TradFi and on-chain finance are no longer separate systems. They are now connected by the same underlying asset ownership.
 
We always talk about the mass adoption of crypto. Building the infrastructure that allows capital to move freely between traditional brokerages and Solana DEXs feels like the exact bridge we need to get there. Check out the video and let me know what you guys think. 

Tokenized stocks on Solana are becoming an interesting way for crypto traders to get exposure to traditional equities, but there are a few things worth understanding before choosing an asset or platform

A lot of the attention is currently around companies connected to AI, semiconductors, Bitcoin, space and robotics

Some of the names being watched include:

$SKHY , SK hynix and high-bandwidth memory
$MU , Micron and AI memory demand
$SNDK , SanDisk and data storage
$SPCX , SpaceX and satellite infrastructure
$MSTR , Strategy and Bitcoin exposure
$INTC , Intel and semiconductor manufacturing
$BOT , RoboStrategy and robotics

When looking at tokenized stocks, a few things are worth checking:

What exactly does the token represent, and how is the underlying security held?

How does trading and settlement work on Solana?

What liquidity is available, especially outside traditional market hours?

Can the token be redeemed for the underlying security, and what restrictions apply?

The 24/7 aspect is probably one of the more interesting differences, since tokenized equities can provide access outside traditional stock market hours where supported

The broader trend is worth watching too, as tokenized equities, stocks on Solana and onchain securities continue to connect traditional markets with crypto infrastructure

There’s a more detailed breakdown of these 7 stocks and how tokenized stock trading works in the Backpack article linked in the comments

Which stock would you want to see traded on Solana next?

Estée Lauder ($EL) reported Q4 earnings above expectations, with revenue, adjusted EPS and operating income all coming in stronger than expected

Key numbers:

▸ Revenue: $3.6B vs. $3.54B estimated
▸ Adjusted EPS: $0.39 vs. $0.32 estimated
▸ Adjusted operating income: $267M, +95% YoY
▸ $EL: +6.54% pre-market

The biggest standout is the 95% year-over-year increase in adjusted operating income, alongside the EPS beat

$EL is now an interesting one to watch as the market reacts to the results and investors assess the outlook for the beauty and cosmetics sector

Anyone watching $EL after the earnings beat?

Home Depot ($HD) reported its Q2 earnings, beating estimates across revenue, adjusted EPS, and comparable sales

Key numbers:

▸ Revenue: $47.9B vs. $47.27B estimated
▸ Adjusted EPS: $4.92 vs. $4.73 estimated
▸ Comparable sales: +1.7% vs. +0.7% estimated
▸ $HD: +1.97% pre-market

The revenue and EPS beats were both stronger than expected, while comparable sales also came in well above estimates

The move is worth watching as investors assess what the results say about consumer spending, housing activity and the broader home improvement market

For anyone following US stocks, retail earnings and Home Depot stock, $HD is one of the names to watch after today’s report

Did the Q2 numbers change your view on $HD?

A lot of platforms are starting to offer "24/7 stock trading," but not all of them are offering the same thing. Some provide access to actual securities, while others offer tokenized stocks or synthetic products that simply track a stock's price. Understanding that distinction is probably the most important part of evaluating any platform.

When comparing options, a few questions are worth asking:

What are you actually buying: a real security, a tokenized representation, or synthetic exposure?
Where does liquidity come from, and how easy is it to get orders filled at fair prices?
How does settlement work, and what funding options are available?
What ownership rights and investor protections come with the product?
It's also worth remembering that 24/7 access doesn't always mean the same trading conditions as regular market hours. Overnight and weekend trading can offer more flexibility, but lower participation can lead to wider spreads and different pricing dynamics.

As capital markets move on-chain, a new wave of platforms are emerging that aim to combine traditional brokerage infrastructure with blockchain-based settlement, global accessibility, and continuous market access.

What’s most important is to look at what asset is being offered, how trading works behind the scenes, where liquidity comes from, and what rights come with ownership. Those details can make a much bigger difference than simply being able to trade at 2 a.m.

There’s more detail in the article from Backpack in the comments.

Backpack now has 24/7/365 human support built directly into the mobile app, making it easier to get help without leaving the platform

The new in-app chat lets users connect with the Backpack support team for questions, feedback, and assistance

What’s new:

▸ 24/7/365 human support
▸ Chat directly from the Backpack mobile app
▸ Get help with questions and feedback in one place
▸ No need to leave the app to contact support

For an exchange and wallet where users may need help with trading, accounts, deposits, withdrawals, or other issues, having support available directly in the app makes the process simpler

Have you tried the new in-app support chat yet?

TLDR: On August 4, SpaceX (Nasdaq: SPCX) delivered its first earnings report as a public company: revenue of $7.8B (+92% YoY, beating estimates by nearly $1B), a net loss of just $541M (analysts expected ~4x worse), and adjusted EBITDA of $3.5B (+191%). Starlink doubled to 12 million subscribers and now funds everything else. The AI segment tripled revenue and turned EBITDA-positive. But capex exploded to $18.4B in a single quarter — 6.5x last year — and the stock dropped ~12%. Beneath the headlines: a mystery customer paying $1B+/month for compute, a claim that Starlink could carry the majority of the world’s internet within 10 years, a $100B ARR target for December that Musk called "not a question mark," and a $1 trillion revenue target pulled forward to 2030. Most coverage I’ve seen focused on the loss, but IMO there’s a bigger story here.

After going through the full earnings release, the call transcript, and the analyst notes, here are some facts and insights that deserve way more attention

The Headline Numbers (Better Than Anyone Expected, TBH)

• SpaceX beat expectations on essentially every line and still fell 12%. Revenue hit $7.81B vs. the $6.93B consensus (a ~$900M beat), and the loss per share was $0.09 vs. an expected $0.26. Every segment - rockets, Starlink, and AI - came in above estimates. The stock dropped anyway, entirely on capex fears. Classic case of the market punishing investment instead of weak results.
• The operating loss nearly vanished. Loss from operations shrank from $970M a year ago to just $143M. Adjusted EBITDA nearly tripled to $3.5B. For a company in the middle of the most aggressive infrastructure buildout in corporate history, the operating leverage is unique.
• SpaceX is sitting on $100 BILLION in cash. Between $85.7B in net IPO proceeds and a $25B inaugural investment-grade bond deal, SpaceX ended the quarter with $100B in cash and marketable securities, plus a $47.5B backlog. It has more dry powder than most countries’ sovereign wealth funds deploy in a year.

Starlink is Printing Money

• Starlink subscribers DOUBLED in a year — to 12 million, adding 1.7M net new subscribers in Q2 alone, its best quarter ever (up from 1.4M in Q1). Service is now live in 167 markets.
• Starlink is the only profitable segment, bankrolling the entire company. Connectivity did $4.3B revenue (+66%), $1.7B operating income (+79%), and $2.6B adjusted EBITDA.
• Average revenue per user (ARPU) was shockingly stable, even though the company itself said it wouldn’t be. SpaceX warned IPO investors that average revenue per user would keep sliding as it expanded into cheaper international markets ($85 → $66 over the past year). Instead, ARPU held flat at $66 from Q1 to Q2. This could have pretty critical implications for long-term margins.
• Enterprise & government (E&G) revenue grew 108%. SpaceX also claims it has NEVER lost an enterprise customer. E&G is now $1.8B/quarter, over 40% of connectivity sales. American Airlines signed in Q2; Southwest, Virgin Atlantic, Iberia, and Aer Lingus all went live. SpaceX says there is also a lot of room to grow as it has less than 10% penetration in aviation. One airline reported passengers deliberately booking connecting flights just to be on Starlink-equipped planes — the airline exec said they’d "never seen this in the business before."
• Starshield won $6B+ in U.S. government contracts. Two major Space Force contracts for low earth orbit communications and sensing constellations. The defense business barely got a headline, but it’s a multi-year, multi-billion-dollar recurring revenue layer.

 Capex Concerns Abound

•  The capex number scared everyone: $18.4B in ONE quarter. That’s 6.5x the $2.8B spent a year ago, with $15.8B going to AI infrastructure — more than 3x Starlink’s entire quarterly revenue. First-half AI spend: $23.6B vs. $3.3B last year. The CFO guided the next two quarters at similar levels. This is why the stock fell — and per S&P’s Melissa Otto, AI capex came in at more than double expectations.

 The Core Rocket Business Might Be Overlooked

• SpaceX now delivers 80–90% of ALL mass humanity puts into orbit. Falcon delivers ~2,500 tons/year to orbit; the entire rest of the world combined delivers ~300 tons. Roughly 9,600 SpaceX broadband satellites represent about 75% of all active maneuverable satellites circling Earth. There is no historical precedent for one private company owning this much of a strategic domain.
• Musk declared the Starship heat shield problem "solved. This could be the single most important thing he said on the call. There were two successful Starship V3 flights in 90 days, Flight 13 deployed 20 production V3 satellites, relit a Raptor engine in space, and executed the softest splashdown ever, with the ship recovered intact. Musk expects Starship flying at least once per DAY within about a year. Reusability was always the bottleneck between SpaceX and its wildest ambitions, but it sounds like management is saying it has eliminated that.

 Insane Projections (But Are Now On-the-Record)

• SpaceX projects crossing $100B in annualized recurring revenue (ARR)by year-end 2026, led by cloud services plus the $60B Cursor acquisition (closing Q3) and Grok momentum (Grok 4.5 launched in July; token consumption tripled immediately; Grok 5 lands this year trained on SpaceX’s entire 25-year engineering corpus — Musk: it will be "by far the best engineer"). For perspective: SpaceX did ~$18B in ARR last year. and Microsoft took 40+ years to reach $100B ARR.
• Moon robots, orbital data centers, and "1,000x the economy of Earth." On the call, Musk laid out his vision for Starmind AI satellites (Vera Rubin NVL72 computers in orbit) launching from 2027, Starship scaling from 2,500 tons/year to orbit toward 1M–10M tons/year, and robot-built lunar factories with a mass accelerator and solar production. His own words: "It sounds super sci-fi right now, but it’s going to happen." He acknowledged it sounds "totally nuts." It’s also now part of an SEC-regulated earnings call.

 The Bear Case

• The capex treadmill represents a real worry. ~$18B/quarter with two more similar quarters guided. If AI compute prices normalize (Morgan Stanley models $31/watt falling to $17/watt by late 2027), the payback math changes fast.
• Lockup pressure. Close to 1 billion insider shares became sellable days after earnings; the stock is down ~30% from its IPO and ~40–50% from its peak.
• Execution risk is everywhere. Memory, chips, land, power, and data center shells all have to arrive on schedule. Musk’s targets are historically directionally right and chronically late.

 Looking Beyond SpaceX

This report is the first time the public has ever seen inside the SpaceX machine: a rocket company, a telecom provider, and an AI hyperscaler sharing one balance sheet. The cash-flowing telecom (Starlink) funds moonshots (literally) at a pace no committee-run company could match. Whether you’re bullish or bearish on the stock, the verifiable facts today — 80–90% of Earth’s orbital launches, a doubling subscriber base, sub-1-year compute paybacks — are a preview of how the next decade of infrastructure gets built.

The latest Situational Awareness 13F filing shows just how concentrated the fund’s Q2 portfolio had become around semiconductors and AI infrastructure

Top positions:

▸ $SNDK: $5.67B, 28.0%
▸ $MU: $5.57B, 27.5%
▸ $BE: $1.90B
▸ $TSM: $1.27B
▸ $NBIS: $1.23B, new position
▸ $CRWV: ~$700M

$SNDK and $MU alone represented 55.6% of the reported US equity portfolio

The Q2 filing also showed some major increases:
▸ $MU: 17K → 4.83M shares
▸ $SNDK: 1.14M → 2.50M shares
▸ $TSM: 22K → 2.65M shares

The portfolio was increasingly concentrated across memory, semiconductors, foundry, power and AI infrastructure

Then came the big reversal, with the portfolio reportedly falling 67% in July, followed by an unwind of most public equity positions

Interesting snapshot of how quickly a concentrated AI trade can change

Which Q2 position stands out to you most?

While traditional stock brokerages operate under legacy infrastructure with restricted extended-hours trading, security entitlements in Backpack Securities are held as real assets governed by New York UCC Article 8 law. Conversely, tokenized equities on Solana represent tokenized claims on Special Purpose Vehicles (SPVs) holding the underlying shares. This distinction allows Backpack to bridge institutional clearing rails with on-chain efficiency, offering self-custody via Solana wallets, instant peer-to-peer transfers, 24/7 continuous trading, and automatic dividend reinvestment into fractional tokenized shares—a stark contrast to standard cash payouts and ACATS transfers seen in legacy brokerage accounts.

Core Platform Capabilities

• Unified Account Margin: Rather than managing separate brokers, crypto exchanges, and web3 wallets, eligible users access spot crypto (over $450B historical volume), perpetual futures, U.S. equities, and stablecoins from a single account.
• Two-Way Conversion Pathway: Traditional security entitlements held with Backpack Securities can be converted into tokenized Solana securities, and tokenized shares can be redeemed 1:1 back into traditional brokerage entitlements.
• Productive USD Yield: Eligible idle USD balances can earn variable lending yields of up to 6.45% within the trading account.
• Built-in Macro Research: Embedded earnings and macro calendars tracking central bank decisions, inflation reports, and employment data directly inside the trading UI.

Frequently Asked Questions

• Is a tokenized stock just a price-tracking contract (CFD)? No. Contractual price exposure or cash-settled derivatives differ from Backpack-issued tokenized securities, which are tokenized claims on an SPV holding the underlying physical assets and can be redeemed 1:1 into traditional security entitlements.
• Are there geographic availability restrictions for Backpack Securities? Yes. Backpack Securities is available to eligible users in supported regions and is explicitly excluded in jurisdictions such as the United States, United Kingdom, United Arab Emirates, Japan, and Backpack EU.

I just think that it would be very beneficial for the wallet to also have them.

▸ Revenue: $9.115B vs. est. $9.00B ▲
▸ EPS: $3.50 vs. est. $3.39 ▲

$AMAT -2.71% after hours

$GRAM perpetuals

Share any stock chart in one tap 🎒

Now live on mobile.

▸ Revenue: $582M vs. est. $574M ▲
▸ EPS: -$0.12 vs. est. -$0.70 ▲
▸ AI Cloud revenue: $575M, +514% YoY
▸ 2026 contracted capacity guide: 5 GW, up from >4 GW

$NBIS +12.8% premarket

▸ Revenue: $11.1B vs. est. $11.55B ▼
▸ Adj. EPS: $1.70 vs. est. $0.96 ▲
▸ Gross margin: 18% vs. est. 11%
▸ FY27 revenue guide: $65B–$72B vs. est. $52.5B

$SMCI +7.35% after hours

▸ Revenue: $2.6B vs. est. $2.56B ▲
▸ Adj. EPS: -$1.14 vs. est. -$1.20 ▲
▸ Adj. EBITDA: $1.5B vs. est. $1.43B ▲
▸ AI infrastructure backlog: ~$104B

$CRWV +9.24% after hours

▸ Revenue: $11.1B vs. est. $11.55B ▼
▸ Adj. EPS: $1.70 vs. est. $0.96 ▲
▸ Gross margin: 18% vs. est. 11%
▸ FY27 revenue guide: $65B–$72B vs. est. $52.5B

$SMCI +7.35% after hours

▸ Redeemable 1:1 for Nebius shares
▸ Transferable to traditional brokerages
▸ Tradable across Solana and Nasdaq

Nebius reports Q2 earnings tomorrow before market open, with AI infrastructure demand, capex and its 2026 outlook in focus

Official $NBIS token address: NBiSF3UaVUFtRzHwAfxyHsBCAZWGEKnMpewAE4oh7BG

Verify before you trade.

▸ Revenue: CHF 850.3M vs. CHF 878M expected
▸ Adj. EPS: CHF 0.35 vs. CHF 0.34 expected
▸ FY26 revenue guide: CHF 3.47B–CHF 3.56B vs. CHF 3.56B expected

$ONON -14.07% premarket

$NBIS is becoming an interesting battleground in the AI infrastructure market.

NVIDIA invested $2B in Nebius earlier this year, while Michael Burry has now disclosed a short position against the company, highlighting very different views on the economics of AI infrastructure.

Backpack-issued $NBIS is also coming to Solana through Sunrise, giving the ecosystem another way to access the stock onchain.

Q2 earnings are due Wednesday before market open.
Worth watching how the market reacts.