Backpack, Sunrise to List $MU on Solana Ahead of Micron Earnings Report

Backpack Securities and Sunrise have listed Micron ($MU), just days ahead of its Q2 earnings report, one of the most hotly-anticipated prints of the AI-memory mega trend.

The launch comes after the historic success of the Backpack x Sunrise $SPCX IPO listing, which reignited Solana’s tokenized stock economy and catapulted trading volume to all-time highs across all timeframes.

Spurred by newfound demand for exposure to Solana’s tokenized stock, Backpack’s $BP is up 379% in the last 30D.

Sunrise Brings Backpack Securities $MU to Solana DeFi

With the assistance of Sunrise DeFi, a Wormhole-powered asset gateway deploying canonical, deeply-liquid foreign assets on Solana, Backpack Securities’ Micron ($MU) is live for 24/7 trading.

The listing comes just days before Micron’s eagerly-awaited Q3 earnings report. As one of only three companies in the world manufacturing high-bandwidth memory, an essential resource for AI growth, financial markets are fixated on the firm’s fiscal release.

"The companies building the AI economy are among the most valuable in the world, yet the markets for their shares still keep banker’s hours. Micron reports earnings this week, the kind of moment that sets where a stock trades next, and in the traditional system trading stops exactly when that news lands. On Solana, the market stays open. Sunrise exists to bring real assets onto Solana with live, continuous markets." - Saeed Badreg, Wormhole Labs CEO

While earnings reports are typically published after market closure, the round-the-clock nature of onchain trading ensures that Solana-native traders can participate in price discovery while TradFi players sit on the sidelines.

"When Micron reports earnings on Wednesday, $MU issued by Backpack Securities will keep trading around the clock — with a real share behind every position, redeemable 1:1 into the underlying real share, and transferable to traditional brokerages. For onchain markets to carry real size and liquidity, shares have to flow between TradFi and DeFi at the speed of a token. That's the difference between price exposure and ownership." - Armani Ferrante, Backpack CEO

Issued by Backpack Securities, $MU will be Solana’s first Micron derivative that is redeemable 1:1 for the underlying asset. While rival issuers track price and enable onchain exposure to market movements, Backpack’s tokenized stocks also enabled corporate actions and dividend payments.

Tokenized Stock Volumes Soar on Solana

Off the back of the historic SpaceX IPO, Solana is reasserting its position as crypto’s everything exchange. Once dismissed by competitors as nothing more than a memecoin casino, Solana DeFi has resurfaced as the industry’s leading venue for trading traditional financial instruments, like stocks, in spot markets.

According to Blockworks data, tokenized stock trading volume has just exploded to new all-time highs. Netting over $1.2B in weekly trading volume, Solana’s tokenized stock sector commands over 95% of market share across all chains, establishing the network as the primary execution for Internet Capital Markets.

$SPCX trading activity, routed primarily through the token issued by Backpack, has dominated proceedings. However, a recent surge in weekend trading volume from xStocks, a rival issuer, suggests that competition in Solana’s tokenization race is heating up. 

Onchain data indicates that xStocks assets like $SPYx and $NVDAx have attracted a massive influx of volume. However, it is uncertain whether this is truly organic. Solscan data indicates that over $54.7M in trading volume on $NVDAx has been routed through a low-fee Raydium pool that only has $30.6k in liquidity.

Similar dynamics can be seen in a low-fee $SPYx Orca pool, which witnessed $21M in trading volume on just $170k in liquidity. Compared with the majority of xStocks assets, $NVDAx and $SPYx have a dramatically higher turnover rate, suggesting either heightened market making activity or inorganic trading via incentivized campaigns, like the OKX trading competition.

$BP Up 379% in 30D

With Solana’s tokenized stock sector ripping to new highs in activity and mindshare, traders are eager to gain exposure to the emerging vertical. Since the launch of Backpack Securities on June 9, and the consequent SpaceX listing, $BP has roared to its current market price of $0.63, up 379% in the past 30D.

With xStocks yet to launch a token, and other issuers like Ondo struggling to achieve similar levels of user activity, market participants argue that $BP has become a proxy for investing in Solana’s tokenized stock sector.

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