Back
Sunrise lists tokenized MSTR on Solana ahead of Strategy’s Q2 earnings

Sunrise lists tokenized MSTR on Solana ahead of Strategy’s Q2 earnings

Backpack Securities issued the Solana-based tokenized stock with 1:1 backing and redemption into Strategy shares, bringing 24/7 trading to an equity widely used as a proxy for Bitcoin exposure.

BTC
SOL
JUP

Fact Check
The primary issuer source, Backpack's official blog post 'Introducing Tokenized Strategy Inc. ($MSTR)', confirms Backpack Securities issued a Solana-based tokenized MSTR redeemable 1:1 for real Strategy shares and transferable to traditional brokerages, launched July 28, 2026 ahead of Strategy's July 30, 2026 Q2 earnings. Solana Compass independently corroborates the 1:1 backing by a real share held by Backpack Securities and ACATS transferability, and that the token was made available via Sunrise. Crypto Times corroborates the Sunrise gateway detail. Strategy's official Investor Relations page confirms the July 30, 2026 Q2 earnings date. Every element of the claim is supported by authoritative and corroborating sources.
Summary

Tokenized MSTR began trading on Solana on July 28 through Sunrise, with Backpack Securities issuing a product backed 1:1 by Strategy Inc. shares held in custody and redeemable for the underlying stock rather than a synthetic or cash-settled tracker. The launch came two days before Strategy’s Q2 2026 earnings report, scheduled for July 30, giving Solana users round-the-clock access to an equity closely tied to Bitcoin sentiment while the Nasdaq-listed shares trade only during regular hours. The token now trades on Solana venues including Raydium and Jupiter, with instant settlement and zero fees on select swaps. Initial on-chain data showed 5,301 MSTR tokens across roughly 30 investors, about $500,000 in market capitalization and $36 million in first-day trading volume, pointing to high turnover relative to the small initial float. Strategy, which rebranded from MicroStrategy in February 2025, held 843,775 Bitcoin as of July 26, 2026, acquired at a total cost of about $63.69 billion, making it the largest corporate holder of Bitcoin. The structure extends trading access but also leaves token holders dependent on the custody and redemption infrastructure that links the Solana token to the underlying shares.

Terms & Concepts
  • tokenized stock: A blockchain-based version of an equity that represents an underlying share and can trade on crypto rails.
  • instant settlement: A trading process in which ownership transfers are completed immediately rather than after the delays common in traditional markets.
  • custody: The safekeeping arrangement under which the real underlying shares are held to back the on-chain tokens.