Backpack Securities Tokenizes Robinhood Stock on Solana, HOODx Live on Jupiter and Raydium

Backpack (Backpack Exchange) listed HOODx (HOODx), a tokenized form of Robinhood (Robinhood) Markets stock ($HOOD), on Solana on July 16 through Backpack Securities, its regulated brokerage arm. The token went live across four of Solana's largest decentralized exchanges: Jupiter JUP$0.201-3.4% (Jupiter), Raydium RAY$0.676-1.3% (Raydium), Meteora MET$0.153-4.5% (Meteora), and Orca ORCA$1.20-0.1% (Orca), trading at $102–$115 in real-time alignment with the stock's Nasdaq price, per CryptoBriefing. The Solana Foundation confirmed the launch on July 16.

Routing to Solana ran through Sunrise (Sunrise), a liquidity gateway built by Wormhole W$0.00958-1.1% (Wormhole) Labs using its Native Token Transfers framework. Sunrise wraps external assets as native SPL tokens and routes them into Solana's trading venues at launch. HOODx follows SPCX and Micron stock listings on the platform earlier in 2026, per CryptoBriefing.

How Backpack Securities Issues and Backs HOODx

Backpack Securities is the regulated brokerage arm of Backpack Exchange. The platform converts U.S. stock entitlements into on-chain token representations, enabling 24/7 trading, instant settlement, and DeFi collateral use (none available through traditional brokerages). Users can convert HOODx back into conventional equity holdings via ACATS and DTCC settlement channels, according to The Block.

Backpack CEO Armani Ferrante described the approach as a unified system when the securities platform launched.

Backpack also launched a stock screener for its tokenized equities neobrokerage on July 16, the same day as the HOODx listing, adding research tooling alongside the new asset. Raydium confirmed HOODx is available for both trading and liquidity provision on its platform.

Robinhood's Own Stock Now Trades on Solana Without Robinhood's Involvement

Robinhood itself launched tokenized stock trading for European Union customers in late June 2025, running on Arbitrum, covering more than 200 U.S. equities and ETFs. That product is not available to U.S. customers. Robinhood's own publicly traded stock, by contrast, is now tokenized on Solana by a competing platform. The Solana Foundation's official account noted the situation plainly: "Very crypto of us to launch $HOOD on Solana."

The company that built a retail trading platform now has its shares freely tradable 24/7 on Solana's DEX venues, through infrastructure built by a competitor, without Robinhood's direct involvement.

HOODx Lands as Solana Tokenized Equity Hits Record Levels

Solana's tokenized equity market has expanded sharply in 2026. The chain logged $10 billion in tokenized stock volume in June, capturing an estimated 95% of global on-chain equity trading. Tokenized equity value on Solana hit a $535 million all-time high on July 16 (the same day HOODx launched), as Jupiter Lend simultaneously crossed $20 million in xStocks AAPLx$332.33+1.4% (xStocks) deposits. Solana Compass tracked 4,484 wallets holding HOODx on Solana as of launch day, with an on-chain market cap of $63.5 million.

HOODx adds Robinhood's own stock to a market where Solana now handles the majority of on-chain equity volume globally, with Backpack Securities and Sunrise building the infrastructure that Robinhood itself chose a different chain to offer.