Tokenized stocks · Backpack Securities SPCX

CYPH

Cypherpunk Technologies - Backpack Securities · tracks CYPH · Stock

You own a beneficial interest in shares held through an intermediary.Eligible holders can redeem through the issuer. The issuer or its operator can reclaim, freeze or pause tokens on-chain.

What you own

Claim depth
rung 3 of 4 — beneficial interest in the security
Legal form
Spv claim redeemable
§
confirmed
Pursuant to the Instrument, a separate and distinct trust is established or declared by the Company in…
drive.google.com · p. 7, cl. 3.5 · read
What the holder owns
The token is, in the issuer's own words, 'a non-negotiable digital record evidencing a pro rata beneficial…
§
confirmed
For so long as the Tokens are supported by Backpack Exchange, the Company shall record and recognise only…
drive.google.com · p. 5, cl. 1.18 'Tokenholder' · read
Issuing entity
Trek Nexus Markets Ltd, a British Virgin Islands business company (or one or more of its affiliates), acting…
§
confirmed
"Instrument" means the declaration of trust of the Company dated June 6, 2026, by which the Company…
drive.google.com · p. 3, cl. 1.7 'Instrument' · read
Jurisdiction
British Virgin Islands (token issuer and the recognised beneficiary); New…
§
confirmed
"Backpack Exchange" means Trek Labs Ltd., and/or its affiliates who operate the Platform.
drive.google.com · p. 2, cl. 1.1 'Backpack Exchange' · read
Governing law
British Virgin Islands law governs the Issuer Terms and Conditions, and…
§
confirmed
Any dispute arising out of, or in connection with, these Terms and Conditions, including their existence…
drive.google.com · p. 19, cl. 15.2 · read
Regulatory status
The token side is unregulated and says so: 'The Company and the Tokens are not registered with, endorsed, or…
§
confirmed
On April 21, 2026, Crypto Task Force Staff met with representatives from Trek Labs, Inc. and Barbour…
www.sec.gov · p. 1, memorandum to the Crypto Task Force… · read
Redemption
yes — Practically: any user with a KYC-verified Backpack Exchange account in a… · rails: Deposit the token from a Solana wallet into a Backpack Exchange account… · fees: Withdrawal of a tokenized security from Backpack Exchange to Solana: an…
§
confirmed
where Tokens are deposited to the Platform, this will trigger a Redemption process resulting in the burning…
drive.google.com · p. 1, unnumbered preamble · read
confirmed
To convert between tokenized securities (onchain) and a security entitlement (traditional brokerage), you…
support.backpack.exchange · section 'Before You Start' (retrieved via… · read
confirmed
Eligible tokenized securities can be withdrawn to an external Solana wallet without selling them. If you're…
support.backpack.exchange · hint box under 'Want to move your holdings… · read
confirmed
An estimated platform fee of approximately $0.50 applies and is paid in the tokenized security being…
support.backpack.exchange · section 'Withdrawal: Moving Securities Onchain'… · read
Transfer restrictions
allowlist no · KYC to hold no · US persons excluded yes · mechanism permanent-delegate
§
confirmed
transferHook: { authority: 2cVYpagTt7ZGc3mmTXBa7fAznUtx5DUu6aCq8uVDaf4a, programId: null }…
api.mainnet-beta.solana.com · rpc:getAccountInfo SPCXxcqXj6e5dJDVNovHN8744zkbh… · read
confirmed
Self-custodied tokenized securities on Solana with 24/7 trading, wallet-to-wallet transfers, DeFi…
support.backpack.exchange · section heading 'Tokenized Securities Issued by… · read
confirmed
Backpack Securities is available to eligible users only. It isn't available in the United States, the United…
support.backpack.exchange · overview hint box, also repeated on the… · read
confirmed
permanentDelegate.delegate: 2cVYpagTt7ZGc3mmTXBa7fAznUtx5DUu6aCq8uVDaf4a
api.mainnet-beta.solana.com · rpc:getAccountInfo SPCXxcqXj6e5dJDVNovHN8744zkbh… · read
Dividends
reinvested
§
confirmed
Supported; tax treaty dividend withholding benefits will apply once this is enabled (tax certifications such…
support.backpack.exchange · structure table, row 'Cash Dividends'… · read
Voting
none
§
confirmed
Supported by the brokerage infrastructure (stock splits, mergers, certain spinoffs); reflected in balances is…
support.backpack.exchange · structure table, row 'Corporate actions'… · read
Ledger maturity
Level 0 · score 0

Reference & premium

Underlying market
closed
On-chain price (Jupiter)
$3.76

After-hours premium

No session split yet — this needs a full session of tape on both sides of the underlying market's open.

Depth, volume, activity

Liquidity
$332.0k
Volume 24 h
$15.80M
Organic share
7.6% of $1.20M
Flow 24 h
154,575 trades · 10,125 traders · 15.3 per trader
Venues
1 DEX pair(s) · 0 exchange market(s)
Holders
1,072
Market cap
$440.3k

Holder concentration

Top 1 / 5 / 20, unlabelled owners only
34.3% / 77.7% / 86.6%
Top 1 / 5 / 20, raw
25.6% / 64.3% / 86.6%
Distinct owners in the top 20
12
Frozen accounts in the top 20
0
Supply
117,241.00
OwnerShare
2zYZ1q…d7yK25.59%
GpMZbS…xFbL17.13%
GpMZbS…xFbL8.67%
9hykHc…YAP16.94%
C7esEM…H13u5.97%

Control surface & key governance

Clawback
yes
Freeze authority
2cVYpa…af4a
Pausable
yes
Paused right now
no
Allowlist
no
Transfer hook
no
Mint authority
Program
§
contradicted-corrected
mintAuthority: HK6jF79duLLLfCMRQFBSgo6CgQ5mF4tFMFU7CmKcXctZ — account owner…
api.mainnet-beta.solana.com · rpc:getAccountInfo SPCXxcqXj6e5dJDVNovHN8744zkbh… · read
Freeze authority held by
Program
§
confirmed
freezeAuthority: 2cVYpagTt7ZGc3mmTXBa7fAznUtx5DUu6aCq8uVDaf4a — account owner…
api.mainnet-beta.solana.com · rpc:getAccountInfo SPCXxcqXj6e5dJDVNovHN8744zkbh… · read
Permanent delegate
Program
§
confirmed
programData authority: ERc1sdq7Lwb74kjuage5foTpavWKxdwXHUvqfg2JX5gz
api.mainnet-beta.solana.com · rpc:getAccountInfo FewRXXTzV2WwigvTQNsVanhEmCM9w… · read
Rebase authority
Program
§
confirmed
"extension":"scaledUiAmountConfig","state":{"authority":"HK6jF79duLLLfCMRQFBSgo6CgQ5mF4tFMFU7CmKcXctZ","multip…
api.mainnet-beta.solana.com · rpc:getAccountInfo SPCXxcqXj6e5dJDVNovHN8744zkbh… · read
Evidence
rpc:getAccountInfo on SPCXxcqXj6e5dJDVNovHN8744zkbhM2bYudU45BimGb and on both authority keys, 2026-09-17. The…

Verification

Strength
0 of 5 — none
Type
None
§
confirmed
The Company will provide or make available to Tokenholders periodic information or statements regarding their…
drive.google.com · p. 11, cl. 4.8 · read
Machine-readable
no

Venues

DEX pools

PoolPriceLiquidityVol 24 h
raydium SOL$3.76$59.6k$3.11M

Exchange markets

No exchange market reported.

Trust chain

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.

Trust chain — Backpack Securities SPCX13 actors between a holder and the company, 9 rights flows drawn as lanes; colour is how well the link is evidenced, line style is how it was verified.HolderKYC-verified platform users, non-USpersonsWallet or venueBackpack Exchange, Sunrise, Raydium,Meteora +2 moreToken program and keysno party namedToken issuerTrek Nexus MarketsTokenization providerTrek Forge, Trek LabsTransfer agentno party namedSecurity agent or trusteeno party namedCustodian or prime brokerRQD Clearing, Atomic Vaults Securities,Backpack Securities Global Limited, TrekBrokerage Services LimitedAttestor or oracleno party namedUnderlying companySpaceXReference marketno party namedLaw, regulator and courtsFinCEN, FINRA, SEC, VARASolana networkno party namedOwnership of the underlying — documented evidence, self-reported verificationSecurity interest — documented evidence, self-reported verificationIssuance and redemption — documented evidence, self-reported verificationTransfer and control — documented evidence, onchain verificationDividends and cash entitlements — documented evidence, onchain verificationVoting and information rights — documented evidence, self-reported verificationCorporate actions — documented evidence, onchain verificationPrice and reserve verification — documented evidence, self-reported verificationRegulatory permission and disclosure — documented evidence, attested verification
Colour — who said so
  • documented — the source’s own words, read and quoted
  • inferred — our reading of the structure, not the source’s words
  • asserted — written down, nobody has checked since
  • unknown — nothing found for the fields this link rests on
Line — how it was checked
  • onchain — read off the ledger
  • attested — a third party vouches for it
  • self-reported — only the issuer says so
  • none — not verifiable from where we stand
  • Ownership of the underlyingdocumented · self-reported

    Ownership of the underlying: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. legalForm=spv-claim-redeemable…

    • legalFormconfirmed
    • holderClaimconfirmed
    • underlyingCustodianconfirmed
    • collateral.ratioconfirmed
    • collateral.compositionconfirmed
  • Security interestdocumented · self-reported

    Security interest: Token issuer → Security agent or trustee → Holder. securityInterest.exists=no; securityInterest.priority=none

    • securityInterest.existsconfirmed
    • securityInterest.holderconfirmed
    • securityInterest.priorityconfirmed
    • bankruptcyRemoteno claim
  • Issuance and redemptiondocumented · self-reported

    Issuance and redemption: Holder → Tokenization provider → Token issuer. redemption.available=yes; redemption.eligibility=Practically: any user with a…

    • redemption.availableconfirmed
    • redemption.eligibilityconfirmed
    • redemption.railsconfirmed
    • redemption.feesconfirmed
    • redemption.kycconfirmed
    • redemption.minimumconfirmed
  • Transfer and controldocumented · onchain

    Transfer and control: Holder → Token program and keys → Tokenization provider. transferRestrictions.allowlist=no; transferRestrictions.kycToHold=no…

    • transferRestrictions.allowlistconfirmed
    • transferRestrictions.kycToHoldconfirmed
    • transferRestrictions.mechanismconfirmed
    • keyGovernance.freezeconfirmed
    • keyGovernance.delegateconfirmed
    • knownExtensionsno claim
  • Dividends and cash entitlementsdocumented · onchain

    Dividends and cash entitlements: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. dividends=reinvested…

    • dividendsconfirmed
    • corporateActionsconfirmed
    • keyGovernance.rebaseconfirmed
  • Voting and information rightsdocumented · self-reported

    Voting and information rights: Underlying company → Custodian or prime broker → Token issuer → Transfer agent → Holder. voting=none

    • votingconfirmed
  • Corporate actionsdocumented · onchain

    Corporate actions: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. corporateActions=For the token: dividends…

    • corporateActionsconfirmed
    • keyGovernance.rebaseconfirmed
  • Price and reserve verificationdocumented · self-reported

    Price and reserve verification: Reference market → Attestor or oracle → Wallet or venue → Holder. pricing.referenceMarket=exchange-nbbo…

    • pricing.referenceMarketconfirmed
    • pricing.arbitrageableconfirmed
    • custodyVerification.typeconfirmed
    • custodyVerification.agentconfirmed
    • custodyVerification.frequencyunverified
  • Regulatory permission and disclosuredocumented · attested

    Regulatory permission and disclosure: Law, regulator and courts → Token issuer → Tokenization provider → Holder. regulatoryStatus=The token side is unregulated…

    • regulatoryStatusconfirmed
    • governingLawconfirmed
    • transferRestrictions.usPersonsExcludedconfirmed
    • documentsno claim

The fields behind each grade, with their values, on the issuer panel

What if…

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.

Sources
  1. https://drive.google.com/file/d/1Bw7oNVFsrqu8SE41-xAIJfPJnhdNnNms/view · archived copy
  2. https://drive.google.com/file/d/1R1-MTQYGcWj5qk4q9vJcAsMwDwGP5Bok/view · archived copy
  3. https://drive.google.com/file/d/1stJoNwPAOaHDbFmL72OGSkAxyCf-_RCo/view · archived copy
  4. https://drive.google.com/file/d/1NK498yjlZRuy6FUjJ0tc9WMbNG1sxk9u/view · archived copy
  5. https://support.backpack.exchange/backpack-securities/stock-trading-hours-and-fees · archived copy
  6. https://support.backpack.exchange/backpack-securities/faqs · archived copy

Full answers, with the quotes, the notes and where we looked, on the issuer panel

Health rules

CheckStatusValueThresholdsInputsWhat it says
Price trackingnot measured—≤ 1 % good · ≤ 3 % caution · > 3 % warningreference source: — · reference price: — · age seconds: — · market open: no · usd price: 3.76no reference price for the underlying share, so the premium cannot be measured
Pool liquiditygood332000≥ $100,000 good · ≥ $10,000 caution · < $10,000 warningliquidity usd: 332000 · dex pairs: 1$331963 of reported liquidity across 1 DEX pair
Organic flowcaution7.59≥ 10 % organic and ≤ 25 trades/trader good · one of the two fails caution · both fail warningorganic share pct: 7.59 · trades per trader: 15.3 · trades24: 1550007.59 % organic share and 15.27 trades per trader over 154575 trades
Failed swapsgood12≤ 20 % good · ≤ 50 % caution · > 50 % warningpools: 9hykHc…YAP1/raydium/50/6 · pools counted: 1 · signatures seen: 50 · failed tx: 612 % of 50 sampled pool signatures failed across 1 pool
Holder concentrationcaution34.3≤ 25 % good · ≤ 50 % caution · > 50 % warningtop1 share pct excluding labels: 34.3 · top5 share pct excluding labels: 77.7 · top20 share pct excluding labels: 86.6 · top1 share pct: 25.6 · excluded: — · distinct owners top20: 12the largest unlabelled wallet holds 34.27 % of supply
Reserve verificationwarning0strength ≥ 3 good · strength 1–2 caution · strength 0 warningcustody type: none · machine readable: no · verification label: noneverification strength 0/5 — none
Authority keysgood—a multisig or a program good · a hot key cautionmint: program · freeze: program · delegate: program · rebase: program4 of 4 authorities held by a multisig or a program, none by a hot key
Trading pausegood—not paused good · paused warningcontrol paused: no · issuer api paused: —not paused
Frozen accountsgood0none in the top 20 good · ≥ 1 in the top 20 cautionfrozen accounts top20: 0 · top20 count: 20no frozen account in the top 20
Venue spreadnot measured—≤ 2 % good · ≤ 5 % caution · > 5 % warningvenue spread pct: — · venue spread low: — · venue spread high: — · venues priced: 1only 1 venue price this token, so there is no spread to measure