DraftKings Tokenized Stock $DKNG Clears $39M on Solana Within 3 Hours of Launch

DraftKings' tokenized stock $DKNG went live on Solana on September 11 at approximately 20:00 UTC, issued by Backpack and listed via Sunrise infrastructure. The official Solana account confirmed the listing within minutes of launch. By 23:00 UTC, total trading volume had reached $39 million, which SolanaFloor noted was equal to 13.5% of DraftKings' entire US stock trading volume for the day.

How $DKNG Trades 24/7 via Backpack Securities and Raydium

The token operates on a 1:1 redemption model. According to Backpack Securities, a holder can withdraw a share of DraftKings from Backpack Exchange to mint $DKNG on Solana, or deposit the token back to receive a traditional brokerage share. The issuer compares the mechanism to moving stablecoins in and out of an exchange. Each token is redeemable for a real underlying share of DraftKings Inc. (Nasdaq: DKNG), the Boston-based sports betting and fantasy sports company founded in 2012 that operates across more than 25 US states and Canada.

$DKNG is tradeable on Raydium RAY$1.94+3.9% and accessible via Jupiter JUP$0.330+3.2%, Phantom, Solflare, and Kamino, adding a 24/7 DeFi liquidity layer to a stock that otherwise trades only during Nasdaq market hours.

$25.7M in Volume and 44K Wallets in the First Hour on Raydium

Raydium RAY$1.94+3.9% posted statistics approximately one hour after launch:

The three-hour total of $39M exceeded the volume of Wendy's $WEN tokenized stock, which launched on Solana earlier the same day and cleared $7.3M.

StonkFun Opens Memecoin Pairs Quoted Against $DKNG

StonkFun, a Solana token launch platform, enabled $DKNG-quoted markets from the moment of listing. Any user can deploy a fixed-supply token with a trading market denominated in $DKNG rather than SOL or USDC, using the same 1% fee structure the platform applies to all pairs. StonkFun wrote at the time of launch: "Your parlay guy is about to become your token guy." The post drew over 111,000 views.

After-Hours Trading Underscores Solana's Hold on Tokenized Equity Volume

The DKNG launch went live at 20:00 UTC, coinciding with the US market close, so nearly all initial trading volume accumulated outside Nasdaq hours. An August 2026 report from Allium found that 63% of Solana's tokenized equity trades occur while US exchanges are closed. The same report placed Solana at 47% of all global RWA trades by count, with tokenized equities comprising $8.2 billion of the chain's $14.7 billion in total RWA spot volume during the measured period.

On the same day as the DKNG launch, Solana's tokenized equity supply hit a $684M record as xStocks crossed $800M in AUM. By early September 12, Solana Compass counted 9,257 wallets holding $DKNG roughly 12 hours after listing.