Backpack launches tokenized Brazil ETF amid post-election market rally

Backpack Securities has launched a tokenized version of the iShares MSCI Brazil ETF on Solana through Sunrise, bringing one of the main vehicles for trading Brazilian equities onto crypto rails as investors react sharply to Brazil’s first-round election result.

Issued by Backpack Securities, $EWZ is now listed on @Solana with @Sunrise.

▸ Redeemable 1:1 for iShares MSCI Brazil ETF shares
▸ Transferable to traditional brokerages

The iShares MSCI Brazil ETF seeks to track an index composed of Brazilian equities. pic.twitter.com/PV5ZPPAB6R

— Backpack Onchain (@BackpackOnchain) October 5, 2026

The tokenized EWZ is redeemable 1:1 for traditional shares of the ETF through Backpack Securities. The launch comes as EWZ jumped roughly 13% Monday following a surprise result in Brazil’s first-round presidential vote.

Sen. Flávio Bolsonaro finished first with about 47% of the vote, ahead of President Luiz Inácio Lula da Silva at roughly 45%, setting up an Oct. 25 runoff.

Brazilian markets rallied sharply on the result, with the Bovespa, Brazil’s benchmark stock index, gaining more than 8% and the real strengthening more than 4% as investors increased bets on a more market-friendly fiscal agenda.

The timing shows one advantage of tokenized assets: when events like elections or earnings suddenly increase demand for a specific market, investors can get exposure through crypto platforms without relying only on traditional brokerage hours.

That is the gap Backpack is trying to address. The company launched Backpack Securities earlier this year with Sunrise as its tokenization partner, allowing traditional securities to be converted into Solana-based tokens and later redeemed back into corresponding security entitlements.

Tokenized equities and ETFs have been growing quickly as more traditional assets move onto blockchain rails. DefiLlama reported in August that the market capitalization of tokenized equities had grown ninefold over the previous year to more than $3.7 billion. Its latest dashboard tracks about $2.7 billion in onchain public equities, with roughly $196 million actively deployed across DeFi.