SEC-Registered Equities Debut on Centralized Crypto Exchange:Superstate Partners with Backpack to Bring Native Tokenized Stocks to Crypto Markets

Backpack to become the first centralized crypto exchange to support native on-chain equities—giving traders access to publicly traded companies alongside crypto and stablecoins

Superstate, a financial technology firm modernizing public capital markets, today announced a partnership with Backpack, a global centralized crypto exchange, to bring natively-tokenized public equities to centralized trading for the first time.

The partnership integrates Superstate’s Opening Bell, the company’s on-chain equity platform, into Backpack Exchange, and will allow eligible non-U.S. users to trade and cross-margin real, SEC-registered public company shares, not wrappers, alongside crypto and stablecoins.

These equities are issuer-led, carry the same CUSIPs as those listed on Nasdaq or NYSE, and are issued through Superstate’s SEC-registered transfer agent. This structure gives investors direct ownership and potential dividend and voting rights while setting the stage for future DeFi interoperability through Backpack Wallet.

Backpack and Superstate will announce supported tokenized shares and rollout timing in the coming weeks.

“Through Opening Bell, the same stock that trades on Nasdaq or NYSE can move to crypto-native platforms like Backpack” said Robert Leshner, CEO of Superstate. “For traders, that means more assets to buy, sell, and use as collateral—with better margin opportunities than traditional markets. For issuers, it expands reach to millions of crypto-native investors, connecting them directly with modern capital markets infrastructure

“The future of finance is the future of crypto, and bringing Superstate assets to Backpack brings us one step closer to our vision of becoming a primary financial services provider for crypto native generations,” said Armani Ferrante, Founder and CEO of Backpack. “By listing real tokenized stocks alongside crypto, we’re giving users more markets, more opportunities, and more assets so that they can trade on one platform seamlessly.”  

With this integration, Backpack becomes the first exchange to trade issuer-backed, SEC-registered equities natively onchain, unlocking a new category of assets that combine the legitimacy of traditional markets with the speed and composability of crypto. The collaboration continues to bridge traditional finance and crypto markets, expanding the utility of tokenized equities today and setting the stage for future DeFi interoperability and broader global investor participation.

Access & Eligibility 

Access to Opening Bell on Backpack is limited to eligible non-U.S. users and subject to Backpack’s KYC/AML and local jurisdictional restrictions. This communication is not an offer to sell or a solicitation to buy any security.

Superstate’s products, including Opening Bell, remain available for both U.S. and international users.

About Superstate

Superstate is a financial technology firm reshaping public capital markets. The company connects financial assets with crypto capital markets to expand access, improve liquidity, and advance capital formation through onchain public investment products. Offerings include Opening Bell, a platform for compliant onchain equity issuance and tokenization; USTB, a tokenized fund backed by U.S. Treasuries; and USCC, a tokenized fund optimized for crypto basis exposure. Learn more at superstate.com.

About Backpack

Backpack Exchange is a fully regulated global cryptocurrency exchange innovating to build a secure, intuitive trading platform for both experienced and new Web3 users. Backpack is licensed or authorized to provide cryptocurrency-related services in multiple jurisdictions, serving users in over 150 countries and regions with more than $236 billion in trading volume since 2024. Learn more at backpack.exchange.