A tokenized version of SPY, State Street's S&P 500 exchange-traded fund, is now trading on Solana. Sunrise, the listing platform built by Wormhole Labs, announced on 2 November 2026 that "$SPY is now listed on Solana via Sunrise," issued by Backpack Securities, the brokerage arm of Backpack. The listing gives Solana traders a token for the whole S&P 500, next to the single stocks Backpack Securities has already brought on chain.
SPY is the ticker of the SPDR S&P 500 ETF Trust, a fund that tracks the S&P 500 index of large U.S. companies. The new token, SPY (Backpack Securities), joins S&P 500 tokens already trading on Solana, including SPYx from xStocks AAPLx$339.33-1.8% and SPYon from Ondo USDY$1.15+0.3%.
How Backpack Securities backs and redeems its tokenized stocks and ETFs
Backpack Securities applies one model to every token it issues, and that model is the guide to how the SPY token works. According to Backpack's explainer on Sunrise, "each tokenized security is backed 1:1 by a real share held in custody by Backpack Securities," and "every tokenized security issued by Backpack is redeemable 1:1 for the real underlying share." Once redeemed, the shares can be transferred to a traditional brokerage. Until then the tokens are self-custodied, and Backpack says they can be used as lending collateral, in liquidity pools and across Solana DEXs.
Backpack Securities is the U.S.-regulated brokerage and custody platform Backpack announced in June 2026. The Block reported that it gives investors "the same rights as a traditional broker, including cash dividends, corporate actions, and integration with systems like ACATS and DTCC." ACATS is the system U.S. brokers use to move holdings between accounts, and DTCC is the post-trade utility that runs it. Our coverage of the Backpack Securities launch has more on the structure, and our comparison of three tokenized SpaceX products sets out how Backpack's model differs from xStocks.
Backpack CEO Armani Ferrante told The Block at that launch that "real equity ownership and blockchain-native access are not competing models; they are two parts of the same financial system."
SPY's first hour of trading on Solana, next to xStocks' SPYx
Backpack's SPY token outtraded SPYx on Solana DEXs in its first hour. In the 19:00 UTC hour on 2 November, the hour of Sunrise's announcement and the token's first hour of trading in Solana Compass data, Backpack's SPY did about $798,000 of DEX volume across 11,542 trades, according to Solana Compass hourly trading data. SPYx did about $416,000 across 2,883 trades in the same hour, and the two tokens closed the hour within about half a percent of each other.
SPYx still has much deeper pools. Backpack's SPY had more than $300,000 of liquidity at about 20:25 UTC on 2 November, against more than $2.1 million for SPYx, per Compass token data for SPYx, which also puts SPYx's market value at about $72 million. Liquidity is the money sitting in trading pools, and deeper pools mean large orders move the price less.
The listing extends a run of Sunrise listings from Backpack Securities, including tokenized BlackRock (BLK) and Strategy (MSTR) shares. Earlier on 2 November, Sunrise said its listings did more than $2 billion of tokenized stock volume in October. Other issuers are adding to the same market, with Securitize Stocks growing to 25 U.S. equities the same day.
Use the canonical SPY mint: lookalike tokens already trade on Solana
Anyone can create a Solana token with the ticker SPY, and several already exist. Solana Compass token data shows at least two unrelated tokens using the SPY symbol, including one launched on Pump.fun at 19:26 UTC on 2 November, seconds before Sunrise's announcement, with a market value of about $2,500. Neither is the token Sunrise lists.
Sunrise's model is built around one official mint per asset. Backpack's explainer describes it as "a single Solana-native mint for the asset, so there is exactly one version to find, trade, and build on." Sunrise posted the SPY mint, SPYBo66VJPFjh1pXMb9Le53kDYWTK1zzYVDeVRWtsbi, in a reply to its announcement and called it "the canonical $SPY on Solana." Check the full address before trading, since a matching ticker proves nothing.
SPY token redemption, fees and venues: what to confirm
Before trading, the SPY-specific details to confirm with Backpack Securities are which venues carry the token, who is eligible to redeem it for fund shares, and any redemption fees. Backpack's explainer says dividends and corporate actions are reflected in the tokenized form of its securities, which is the place to start on how SPY's distributions reach holders. The thing to watch over the coming weeks is whether liquidity in the Backpack token grows toward the levels SPYx has built.
