Sunrise Brings Backpack’s Tokenized Meta Shares to Solana

Sunrise listed META, a tokenized Meta Platforms share issued by Backpack Securities, on Solana on Oct. 21, according to its launch announcement.

Sunrise says META is “redeemable 1:1 for the traditional share.” That conversion requires an eligible, verified Backpack account. Transfers of redeemed shares from Backpack to another broker are not currently supported, according to Backpack’s brokerage-transfer documentation.

Solana’s official account said META was available through apps including Jupiter, Phantom, Raydium, Meteora and Kamino Swap.

Sunrise published META’s canonical Solana mint as `METAaH6MMZZgy2CTEJq3QdNi7AFVTV3NxHFBfFgLEDd`.

How Redemption Works

Backpack’s conversion guide describes a two-way process: withdrawing supported traditional securities from Backpack converts them into tokens sent to a Solana wallet; depositing supported tokens converts them back into traditional securities holdings on Backpack. Users need a Backpack account with completed know-your-customer checks and a Solana wallet.

That route is not open to every onchain buyer. Backpack Securities’ eligibility rules exclude the U.S., U.K., United Arab Emirates and Japan, and the service is not offered on Backpack EU. Users must be in a supported region and accept the securities user agreement. The tokenization terms also prohibit transfers to U.S. persons and say secondary-market purchases do not automatically confer redemption eligibility.

The legal structure differs from holding shares in a brokerage account. Backpack’s issuer terms identify British Virgin Islands company Trek Nexus Markets Ltd or an affiliate as the token issuer. Underlying assets are held in separate trust pools for each asset, potentially through appointed regulated custodians. In the ordinary course, the issuer recognizes Backpack affiliate Trek Forge as the registered beneficiary, rather than individual wallet holders, and redemption instructions run through Backpack.

The tokenization terms provide for conversion-rate adjustments tied to dividends, corporate actions and rebasing, as well as applicable costs. Redemption may be subject to queues and compliance checks; the tokens are not SIPC-insured.

Backpack’s conversion guide currently quotes an approximately $0.50 withdrawal fee, paid in the token being withdrawn, and no deposit fee, although Solana network fees may apply.