COPX Copper Miners ETF Tokenized on Solana via Sunrise and Backpack Securities

Backpack and Sunrise have listed COPX, a tokenized version of the Global X Copper Miners ETF, on Solana, giving the network its first commodity-sector ETF token. Backpack Securities issued the token through the Sunrise protocol, which uses Wormhole's NTT infrastructure to create canonical SPL tokens with immediate liquidity across Solana's DeFi ecosystem.

The official @solana account announced on September 21: "BREAKING: $COPX is live on Solana via @sunrise, issued by @Backpack Securities."

What the COPX Token Represents

The underlying Global X Copper Miners ETF holds $7.50 billion in assets and tracks the Solactive Global Copper Miners Total Return Index across 40 companies. Its ten largest positions include Hudbay Minerals, Teck Resources, First Quantum Minerals, BHP Group, Southern Copper, Freeport-McMoRan, KGHM Polska Miedz, Antofagasta, Glencore, and Boliden AB, each ranging from roughly 4.3% to 5.6% of the fund. The ETF launched in April 2010 and charges a 0.65% annual expense ratio.

As with other Backpack Securities listings, the on-chain token is redeemable 1:1 for an actual share held in custody, and holders can convert between the tokenized and traditional forms in either direction.

Commodity ETF Extends Backpack's Tokenized Securities Roster

Prior Sunrise and Backpack Securities listings covered individual equities, including BlackBerry ($BB), Cypherpunk Technologies ($CYPH), and Forward Industries ($FWDI) among the recent wave. COPX is the first commodity-sector ETF token issued through this infrastructure on Solana, extending the asset class from company-specific exposure to a basket that tracks an entire commodity supply chain.

That distinction matters for the copper thesis. Global X's fund page projects copper consumption reaching 42 million metric tonnes by 2040, up from 28 million in 2025, with supply increases expected to lag behind that pace. The demand case runs through electric vehicles, renewable energy storage, and the power grid expansions required to run AI data centers. COPX token holders get price exposure to those dynamics through a regulated ETF structure now tradeable around the clock on Solana.

How Sunrise and Backpack Securities Structure the Token

Sunrise is a canonical asset listing protocol built by Wormhole Labs that coordinates token creation, liquidity seeding, and ecosystem-wide distribution on Solana. It is the same infrastructure that brought PEPE, BB, INJ, CYPH, and FWDI on-chain as canonical SPL tokens. Backpack Securities, which holds the regulatory license for securities issuance, manages custody and the mint-and-redeem mechanics.

The combination of canonical tokenization and regulated custody places COPX in the same category as the broader Solana tokenized equity build-out. Solana reached 850,000 tokenized equity holders earlier this week with $3.3 billion flowing through tokenized equity products in thirty days. COPX is the latest addition to it.

The SEC's five-year innovation exemption for tokenized NMS stock, issued earlier this week, created the regulatory framing under which these listings operate. Backpack Securities has issued multiple listings under that exemption since its publication.