Backpack, the Solana-based crypto exchange and wallet founded by ex-FTX/Alameda team members, recently opened a waitlist for its new “IPOs Onchain” product.
This allows eligible users to access official IPO share allocations on-chain before shares hit public markets, providing direct equity ownership (tokenized on Solana) with features like potential dividends and real stock rights.
Early sign-ups get priority for the first IPO offerings, and Backpack uses waitlist demand as a signal to attract issuers during roadshows. This ties into broader token utility: Backpack previously announced that users staking their upcoming Backpack token for at least one year can swap it for equity representing 20% of the company at a fixed ratio, ahead of potential IPO plans.
Register for Tekedia Mini-MBA edition 19 (Feb 9 – May 2, 2026).
Register for Tekedia AI in Business Masterclass.
Join Tekedia Capital Syndicate and co-invest in great global startups.
Register for Tekedia AI Lab.
The on-chain IPO access is positioned as an early 2026 rollout for token holders and active users. Community reactions on X highlight excitement about democratizing IPO access (no traditional gatekeepers) and real equity on-chain, with some calling it a game-changer for compliant tokenized assets.
This builds on Backpack’s push toward deeper integration of traditional finance with crypto, potentially boosting token value through utility and community alignment. Details on specific upcoming IPOs or exact allocation criteria are still emerging.
Superstate is a blockchain-based financial technology firm specializing in the tokenization of traditional financial assets, founded by Robert Leshner (the co-founder of Compound, a major DeFi protocol). The company focuses on bridging Wall Street with crypto capital markets by bringing real-world assets (RWAs) — such as equities, funds, and potentially other securities — on-chain in a compliant, regulated manner.
Superstate acts as the infrastructure provider and enabler for issuing and managing tokenized versions of traditional assets directly on blockchains like Ethereum and Solana. This means: Creating native tokenized shares that represent direct legal ownership not just synthetic derivatives or price trackers.
Handling regulatory compliance, including working with registered transfer agents, SEC-registered structures, and qualified purchasers. Maintaining official shareholder registries on-chain while ensuring features like potential dividends, voting rights, and settlement efficiency.
They emphasize pragmatic, regulation-respectful innovation to modernize capital markets, reduce intermediaries, enable faster settlement, and expand global access especially for non-U.S. users in many cases. Tokenized funds like USTB (short-duration U.S. Treasuries) and USCC, which have brought billions in traditional capital on-chain; tokenized treasuries exceeding significant AUM figures in reports.
Opening Bell, their platform for tokenized public equities and direct stock issuance. This allows companies to issue SEC-registered shares natively on-chain, supporting both existing public stocks and new issuances like IPOs.
Specific Role in the Backpack Partnership
In the context of Backpack’s “IPOs Onchain” waitlist, Superstate serves as the key infrastructure partner: Backpack handles the user-facing marketplace and access. Superstate empowers issuers (companies going public) to bring shares on-chain through Opening Bell.
This setup delivers real IPO share allocations as tokenized assets on Solana, giving eligible users direct equity ownership with potential perks like dividends and rights — before shares hit traditional public markets. The partnership builds on prior integrations where Backpack users could trade Superstate-tokenized stocks, positioning it as a compliant bridge between TradFi IPO processes and crypto-native users.
This collaboration aims to democratize IPO access (reducing reliance on institutional gatekeepers), use blockchain for transparent/ efficient distribution, and signal demand to attract more issuers. Superstate’s involvement ensures the tokenized shares are compliant and represent genuine ownership, not wrappers.
Superstate’s tokenization role is foundational in this emerging “on-chain public markets” space — turning illiquid or restricted TradFi assets into composable, accessible blockchain-native ones while prioritizing legal and regulatory soundness.