Roundhill's $DRAM Memory Chip ETF Token Goes Live on Solana via Backpack Securities and SunriseDeFi

Roundhill's Memory ETF token is now tradeable on Solana. Backpack Securities issued the $DRAM token on June 26, with SunriseDeFi providing the on-chain infrastructure, the same pair that has tokenized three other equities on the network in the past two weeks.

The official Solana account announced the launch at 13:41 UTC on June 26, drawing more than 106,000 views within hours. Phantom added support for the token on the same day.

What the Roundhill Memory ETF Tracks

The Roundhill Memory ETF (DRAM) is an actively managed fund that launched on the Cboe BZX Exchange on April 2, 2026. According to Roundhill's product page, the fund targets companies that derive at least 50% of revenue from semiconductor memory development or production, covering high-bandwidth memory (HBM), NAND flash, NOR flash, and related technologies. Its top holdings include Samsung, SK Hynix, Micron, Kioxia, and SanDisk.

Roundhill describes the fund's thesis as positioning memory as "a critical bottleneck of the AI revolution," with sustained demand tied to AI infrastructure buildout. The expense ratio is 0.65%. The fund had reached $21.09 billion in market capitalization by late June, per Kraken's data, growing to that size from its April 2 launch date.

The tokenized version carries the same ticker and is backed 1:1 by DRAM ETF shares held in custody by Backpack Securities. Its Solana mint address is DRAMjSWR7HRfJKjRkvQWYL2bcaejaVhuxEcjf4pAY4Cw. The token was listed at approximately $72–75 per unit, tracking the ETF's NAV.

The Fourth Backpack/Sunrise Tokenized Equity in 14 Days

The DRAM launch extends a sequence that Backpack Securities and SunriseDeFi have been running at pace through June. SPCX went live on June 12. Micron Technology shares launched on June 22, timed two days ahead of Micron's fiscal Q3 earnings report. SanDisk (SNDK) followed on June 24, the third equity in twelve days. DRAM is the fourth, and the first tokenized ETF rather than a tokenized individual stock in this series.

Each token in the series follows the same technical pattern: 1:1 share backing with custody at Backpack Securities, which holds a U.S. brokerage license. Holders can deposit tokenized shares into Backpack Exchange and redeem them for the underlying asset, transferable to a traditional brokerage via ACATS/DTCC settlement rails. That redemption pathway, connecting on-chain tokens to conventional market plumbing, has been central to the series' design from the beginning.

Solana Compass tracks on-chain holder counts for each of the three Backpack tokenized equities currently active. As of June 26, the Micron (MU) token, which launched on June 22, holds 353 on-chain holders and $11.1 million in 24-hour trading volume. SanDisk (SNDK), launched two days later on June 24, has grown to 157 holders and $4.9 million in 24-hour volume. DRAM, live since this morning, shows 91 holders in its first hours. The prior two launches show that holder counts on this infrastructure typically grow in the days following initial availability.

DRAM Bundles the Full Memory Chip Supply Chain in One Token

Tokenizing an ETF is structurally different from tokenizing an individual equity. A single tokenized stock gives on-chain traders exposure to one company. DRAM gives exposure to the entire memory chip supply chain in a single token: the ETF holds Samsung, SK Hynix, Micron, Kioxia, and SanDisk, weighted by a modified market-cap methodology that caps any single name at 25% and rebalances quarterly.

That design targets traders who want semiconductor sector exposure, particularly AI memory demand, without concentrating on any single issuer. The underlying ETF was itself a sector-specific product with no direct predecessor: Roundhill describes DRAM as the first dedicated memory stock ETF. On-chain, a Solana wallet holder has one-token access to a basket that tracks HBM and NAND producers simultaneously.

Tokenized Equity Volume on Solana Hit a $553M Daily Record Two Days Before the DRAM Launch

The DRAM launch arrives as tokenized assets hit a $553 million daily trading volume record on Solana on June 24, according to Crypto Briefing. Weekly volume for the week of June 15–21 reached $1.298 billion, and cumulative transfer volume across the ecosystem has crossed $10 billion. Solana accounts for an estimated 95–98% of global tokenized equity spot trading volume, per the same reporting.

The $553M ATH came one day after tokenized assets surpassed memecoins as a share of Solana daily spot volume for the first time, a signal of how rapidly the category has grown on the network in June 2026.

The tokenized DRAM token is available on Raydium and Backpack Exchange. Phantom confirmed support on launch day. Titan Exchange also announced DRAM trading availability within hours of the launch.

Custody Structure and Regulatory Limitations of the On-Chain DRAM Token

The tokenized DRAM token tracks the ETF's performance but does not replicate holding the ETF directly. The underlying Roundhill DRAM fund uses total return swaps for RIC compliance and is structured as a non-diversified fund. On-chain holders of the tokenized version access price exposure through Backpack Securities' 1:1 custody backing; they do not hold shares of the fund in the same way a traditional brokerage account would. Dividends and corporate action treatment follow the terms set by Backpack Securities.

The token is also early in its trading history. As of June 26, the on-chain version shows 91 holders and $125,534 in 24-hour trading volume recorded across 935 trades, per Solana Compass token data. Volume for MU and SNDK built over the days following their launches, so early figures are a feature of the initial trading window rather than a signal about longer-run adoption.

Regulatory treatment for tokenized ETFs on public blockchains is still evolving. Backpack Securities' approach, brokerage custody combined with ACATS transfer pathways, is one model, not an industry standard. Holders bear the risk associated with the custody structure and any changes to the regulatory environment governing tokenized securities.