Tokenized stocks · Backpack Securities SPCX
BlackBerry - Backpack Securities · tracks BB · Stock
Pursuant to the Instrument, a separate and distinct trust is established or declared by the Company in…
p. 7, cl. 3.5 · read For so long as the Tokens are supported by Backpack Exchange, the Company shall record and recognise only…
p. 5, cl. 1.18 'Tokenholder' · read "Instrument" means the declaration of trust of the Company dated June 6, 2026, by which the Company…
p. 3, cl. 1.7 'Instrument' · read "Backpack Exchange" means Trek Labs Ltd., and/or its affiliates who operate the Platform.
p. 2, cl. 1.1 'Backpack Exchange' · read Any dispute arising out of, or in connection with, these Terms and Conditions, including their existence…
p. 19, cl. 15.2 · read On April 21, 2026, Crypto Task Force Staff met with representatives from Trek Labs, Inc. and Barbour…
p. 1, memorandum to the Crypto Task Force… · read where Tokens are deposited to the Platform, this will trigger a Redemption process resulting in the burning…
p. 1, unnumbered preamble · read To convert between tokenized securities (onchain) and a security entitlement (traditional brokerage), you…
section 'Before You Start' (retrieved via… · read Eligible tokenized securities can be withdrawn to an external Solana wallet without selling them. If you're…
hint box under 'Want to move your holdings… · read An estimated platform fee of approximately $0.50 applies and is paid in the tokenized security being…
section 'Withdrawal: Moving Securities Onchain'… · read transferHook: { authority: 2cVYpagTt7ZGc3mmTXBa7fAznUtx5DUu6aCq8uVDaf4a, programId: null }…
rpc:getAccountInfo SPCXxcqXj6e5dJDVNovHN8744zkbh… · read Self-custodied tokenized securities on Solana with 24/7 trading, wallet-to-wallet transfers, DeFi…
section heading 'Tokenized Securities Issued by… · read Backpack Securities is available to eligible users only. It isn't available in the United States, the United…
overview hint box, also repeated on the… · read permanentDelegate.delegate: 2cVYpagTt7ZGc3mmTXBa7fAznUtx5DUu6aCq8uVDaf4a
rpc:getAccountInfo SPCXxcqXj6e5dJDVNovHN8744zkbh… · read Supported; tax treaty dividend withholding benefits will apply once this is enabled (tax certifications such…
structure table, row 'Cash Dividends'… · read Supported by the brokerage infrastructure (stock splits, mergers, certain spinoffs); reflected in balances is…
structure table, row 'Corporate actions'… · read Daily observations from RWA Sonar’s snapshots. Gaps are missing measurements, not zero. Vertical markers are recorded evidence or control changes.
No session split yet — this needs a full session of tape on both sides of the underlying market's open.
| Owner | Share |
|---|---|
7JNypv…GF78 | 31.86% |
D36wVD…JwRZ | 24.00% |
D6H2fV…CDRL | 16.45% |
Bwb2R7…LL7p | 6.19% |
2hzPFV…VMjJ | 5.64% |
2cVYpa…af4amintAuthority: HK6jF79duLLLfCMRQFBSgo6CgQ5mF4tFMFU7CmKcXctZ — account owner…
rpc:getAccountInfo SPCXxcqXj6e5dJDVNovHN8744zkbh… · read freezeAuthority: 2cVYpagTt7ZGc3mmTXBa7fAznUtx5DUu6aCq8uVDaf4a — account owner…
rpc:getAccountInfo SPCXxcqXj6e5dJDVNovHN8744zkbh… · read programData authority: ERc1sdq7Lwb74kjuage5foTpavWKxdwXHUvqfg2JX5gz
rpc:getAccountInfo FewRXXTzV2WwigvTQNsVanhEmCM9w… · read "extension":"scaledUiAmountConfig","state":{"authority":"HK6jF79duLLLfCMRQFBSgo6CgQ5mF4tFMFU7CmKcXctZ","multip…
rpc:getAccountInfo SPCXxcqXj6e5dJDVNovHN8744zkbh… · read Observed for this exact mint. Structural compatibility is assessed separately below.
Swap · Provide liquidity
Swap the token or provide liquidity in 1 observed Raydium pool.
$173.7k pool liquidity · $2.19M volume 24 h · 1 pool
Evidence strength: Onchain corroborated. 1/1 published Solana accounts existed when checked · Liquidity pool ↗
No checked protocol currently accepts this exact token as programmatic collateral.
A contract can hold and transfer the token, but possession alone gives the lender no direct ordinary-course right against the trust. Realising value depends on a market sale or deposit into an eligible Backpack account, while the issuer can pause, rebase or remove the token from the escrow account.
Technically lockable, not autonomous
The lender can seize the token, not the trust claim
No checked protocol currently lists this exact token as programmatic collateral.
Conditional — issuer redemption requires KYC/AML and is not an autonomous smart-contract exit.
Observed exact-token pools: Raydium. Pool presence does not guarantee executable liquidation size.
Template: BVI bare-trust entitlement recognised through the Backpack/Trek Forge structure · token-2022 · pausable + clawback + rebase. “Can recover” means an issuer has the capability, not a duty to act.
Open the complete technology + legal template →
Can a protocol account hold and release it?
A program-controlled token account can hold it and no holder allowlist is active, but a protocol must support Token-2022 pausing and scaled balances. The permanent delegate can transfer or burn the balance without the escrow program's signature.
Can the lender seize and realise value?
The lending contract can transfer or sell the on-chain balance if transfers are open. The trustee recognises Trek Forge, not the wallet holder, so the lender obtains no direct redemption, distribution or enforcement right merely by taking the token; ordinary exit requires a market buyer or a KYC-eligible Backpack account.
Can the transfer be stopped or reversed?
The permanent delegate can remove or burn tokens from any token account and the mint can be paused. That may permit recovery after a hack, but no reviewed term obliges the issuer to act for the protocol, and the same power means protocol custody is not final.
Can a stranded balance be recovered?
A permanent delegate can technically extract or burn a balance stranded in an inaccessible program account. Whether Backpack would recognise the claimant and reissue or credit the position is discretionary and not a protocol-enforceable remedy.
The Company will provide or make available to Tokenholders periodic information or statements regarding their…
p. 11, cl. 4.8 · read | Pool | Price | Liquidity | Vol 24 h |
|---|---|---|---|
| raydium SOL | $7.98 | $173.7k | $2.19M |
No exchange market reported.
Thirteen actors stand between you and the company, and nine rights flows run between them. A lane’s colour is how well the link is evidenced and its line style is how it was verified; neither is typed by hand. An actor nobody fills keeps its seat, because an empty one is the finding.
Ownership of the underlying: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. legalForm=spv-claim-redeemable…
legalFormconfirmedholderClaimconfirmedunderlyingCustodianconfirmedcollateral.ratioconfirmedcollateral.compositionconfirmedSecurity interest: Token issuer → Security agent or trustee → Holder. securityInterest.exists=no; securityInterest.priority=none
securityInterest.existsconfirmedsecurityInterest.holderconfirmedsecurityInterest.priorityconfirmedbankruptcyRemoteno claimIssuance and redemption: Holder → Tokenization provider → Token issuer. redemption.available=yes; redemption.eligibility=Practically: any user with a…
redemption.availableconfirmedredemption.eligibilityconfirmedredemption.railsconfirmedredemption.feesconfirmedredemption.kycconfirmedredemption.minimumconfirmedTransfer and control: Holder → Token program and keys → Tokenization provider. transferRestrictions.allowlist=no; transferRestrictions.kycToHold=no…
transferRestrictions.allowlistconfirmedtransferRestrictions.kycToHoldconfirmedtransferRestrictions.mechanismconfirmedkeyGovernance.freezeconfirmedkeyGovernance.delegateconfirmedknownExtensionsno claimDividends and cash entitlements: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. dividends=reinvested…
dividendsconfirmedcorporateActionsconfirmedkeyGovernance.rebaseconfirmedVoting and information rights: Underlying company → Custodian or prime broker → Token issuer → Transfer agent → Holder. voting=none
votingconfirmedCorporate actions: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. corporateActions=For the token: dividends…
corporateActionsconfirmedkeyGovernance.rebaseconfirmedPrice and reserve verification: Reference market → Attestor or oracle → Wallet or venue → Holder. pricing.referenceMarket=exchange-nbbo…
pricing.referenceMarketconfirmedpricing.arbitrageableconfirmedcustodyVerification.typeconfirmedcustodyVerification.agentconfirmedcustodyVerification.frequencyunverifiedRegulatory permission and disclosure: Law, regulator and courts → Token issuer → Tokenization provider → Holder. regulatoryStatus=The token side is unregulated…
regulatoryStatusconfirmedgoverningLawconfirmedtransferRestrictions.usPersonsExcludedconfirmeddocumentsno claimThe fields behind each grade, with their values, on the issuer panel
30 documented3 inferred1 unknown4 n/a
The same 38 questions are put to every issuer, so a gap is visible as a gap. An outcome is never invented. The quote behind each answer, the cases and where we looked are on the issuer panel.
Nothing comes back. The issuer states plainly that it cannot recover, replace or reimburse lost tokens, and that a transfer procured by theft or fraud cannot…
No recourse, and the pre-emptive defence is weak: the issuer disclaims all liability for fraud losses and tells you to verify things yourself, while Backpack…
For a position sitting in a Backpack account there is a real estate route: the account is frozen on evidence of death and unlocked only when a fiduciary opens…
Yes, and the power is pre-wired on both layers. Contractually the Company may blacklist, freeze or restrict transfer and redemption when directed by a…
You keep the token and lose the exit. No US person may be registered as beneficiary, redeem, receive distributions or require the Company to recognise…
Frozen rather than seized, immediately and without notice, for as long as the designation lasts: the Company may stop dealing with you and your tokens until…
It depends entirely on which of the three forms you hold, and the issuer says so. A token position recorded only on an exchange's internal ledger makes you an…
Backpack may suspend or disable the tokenization service for any or all Approved Assets, with or without notice, "for any reason whatsoever", including leaving…
On broad, self-judged grounds, with notice optional and no appeal published anywhere. The stated triggers are association with a Prohibited Person or…
It may whenever it judges a transfer incomplete, erroneous or contrary to the terms, or on the compliance grounds in cl. 8.2, and it accepts no liability for…
No document addresses key custody, multisig, rotation or incident response, and the issuer insures nothing. Structurally the exposure is as wide as Token-2022…
One key decides. The program holding every mint, freeze, pause and delegate authority is BPF-upgradeable with a single upgrade authority, no audit is…
The party that sets the ratio also disclaims responsibility for getting it wrong, and may correct its own records: no Covered Party or Tokenization Party has…
On paper the shares are trust property held on bare trust in a separate pool per Approved Asset, with no cross-recourse and recourse limited to that pool — so…
You get no notice period and no redemption window. The Company may change, suspend or discontinue any aspect of the Protocol or token services at any time…
The trustee can hand the arrangement to someone else on notice alone: no holder consent, no put, and no change-of-control clause anywhere in the five…
The loss is yours, shared pro rata across that pool, with no top-up obligation, no reserve and no recourse to the Company's own assets or to any other Approved…
You have almost no rights, by design. In the ordinary course you cannot redeem at all: only Trek Forge may submit a request to the trustee, and on-chain…
Yes, unilaterally. A materially adverse amendment takes effect at least ten calendar days after posting, and in that window a Tokenholder "may submit a…
This is the failure the structure is built around, and the only one that can make you a beneficiary. Backpack's permanent cessation, insolvency, or a…
There is no transfer agent in this structure to fail. SPCX is not a registered share with a book-entry register: it is a digital receipt for a beneficial…
No security interest exists, so there is no pledge to enforce and no security agent, collateral agent or security trustee that could resign or be conflicted. A…
You carry it. The Risk Disclosure says a custodian's, broker's or venue's insolvency may leave your tokens "worthless, irredeemable or non-transferable", and…
We could not establish whether the SpaceX shares behind SPCX may be lent or rehypothecated. Nothing in the binding documents permits or forbids it: they allow…
The case cannot arise because nothing is attested. There is no proof-of-reserve feed, no periodic attestation, no auditor report and no reserve endpoint for…
No document covers a merger of the referenced company. The machinery that exists points one way: anything the pool receives that is not the Approved Asset is…
On the brokerage leg a delisting leaves you able to close the position and nothing more. For the token there is no termination clause and no final-valuation…
Because the trustee holds real Class A shares rather than a promise, a SpaceX bankruptcy is passed through rather than cut off: whatever those shares recover…
Mirroring is by ratio, not by balance: your token count stays the same, the pool's unit count changes, and the redemption rate moves with it — the ToS works a…
You never receive a dividend as cash: the trustee must apply it to buying more units of the same asset, so it reaches you only as a better redemption ratio…
Withholding happens above you and is never quantified. Dividends are reinvested "net of any applicable fees, expenses, or withholdings", and Backpack says it…
SPCX references Space Exploration Technologies Corp. Class A common stock, which has been listed on Nasdaq since 2026-06-12, so there is no pre-IPO liquidity…
No, and there is no proxy path. The trustee votes the pooled shares only on instructions from "the relevant Tokenholder", a term the terms define as the person…
Redemption does not depend on a price at all: the conversion is a pro rata slice of the pool computed in units, so a closed market or a stale oracle cannot…
Access and redemption can be suspended or cancelled, with no compensation clause and no holder consent. The one thing regulatory action can do for you is open…
A reclassification lands on you. The product's stated basis is that the token is not a security or a SIBA "investment" and is distributed outside the United…
Three private forums, each excluding collective redress, and none in your own courts. Against the trustee: confidential BVI IAC arbitration before a sole…
Your entitlement survives, your ability to act does not. The record that confers rights is off-chain — the Company's internal register of beneficiaries, which…
Full answers, with the quotes, the notes and where we looked, on the issuer panel
| Check | Status | Value | Thresholds | Inputs | What it says |
|---|---|---|---|---|---|
| Price tracking | not measured | — | ≤ 1 % good · ≤ 3 % caution · > 3 % warning | reference source: — · reference price: — · age seconds: — · market open: no · usd price: 7.98 | no reference price for the underlying share, so the premium cannot be measured |
| Pool liquidity | good | 113000 | ≥ $100,000 good · ≥ $10,000 caution · < $10,000 warning | liquidity usd: 113000 · dex pairs: 1 | $113180 of reported liquidity across 1 DEX pair |
| Organic flow | caution | 4.84 | ≥ 10 % organic and ≤ 25 trades/trader good · one of the two fails caution · both fail warning | organic share pct: 4.84 · trades per trader: 13.9 · trades24: 96000 | 4.84 % organic share and 13.94 trades per trader over 95981 trades |
| Failed swaps | caution | 44 | ≤ 20 % good · ≤ 50 % caution · > 50 % warning | pools: D36wVD…JwRZ/raydium/50/22 · pools counted: 1 · signatures seen: 50 · failed tx: 22 | 44 % of 50 sampled pool signatures failed across 1 pool |
| Holder concentration | caution | 31.9 | ≤ 25 % good · ≤ 50 % caution · > 50 % warning | top1 share pct excluding labels: 31.9 · top5 share pct excluding labels: 84.1 · top20 share pct excluding labels: 94.8 · top1 share pct: 31.9 · excluded: — · distinct owners top20: 14 | the largest unlabelled wallet holds 31.86 % of supply |
| Reserve verification | warning | 0 | strength ≥ 3 good · strength 1–2 caution · strength 0 warning | custody type: none · machine readable: no · verification label: none | verification strength 0/5 — none |
| DeFi enforceability | warning | — | permissionless custody and default enforcement good · usable with explicit protocol support or eligibility conditions caution · generic escrow or meaningful default enforcement is blocked warning | template id: backpack-securities--token-2022-pausable-clawback-rebase · escrow: conditional · borrower default: market-only · protocol hack: issuer-may-recover · access loss: discretionary-recovery | A contract can hold and transfer the token, but possession alone gives the lender no direct ordinary-course right against the trust. Realising value depends on a market sale or deposit into an eligible Backpack account, while the issuer can pause, rebase or remove the token from the escrow account. |
| Authority keys | good | — | a multisig or a program good · a hot key caution | mint: program · freeze: program · delegate: program · rebase: program | 4 of 4 authorities held by a multisig or a program, none by a hot key |
| Trading pause | good | — | not paused good · paused warning | control paused: no · issuer api paused: — | not paused |
| Frozen accounts | good | 0 | none in the top 20 good · ≥ 1 in the top 20 caution | frozen accounts top20: 0 · top20 count: 20 | no frozen account in the top 20 |
| Venue spread | not measured | — | ≤ 2 % good · ≤ 5 % caution · > 5 % warning | venue spread pct: — · venue spread low: — · venue spread high: — · venues priced: 1 | only 1 venue price this token, so there is no spread to measure |