Backpack Securities issued tokenized Ferrari NV shares, branded $RACE, on Solana on October 6, 2026, with each token backed one-to-one by a real Ferrari share held in regulated custody. The instrument distributes through the Sunrise asset gateway and trades on Phantom, Jupiter, and Raydium around the clock.

The $RACE token lives on Solana at contract address RACEyWiM2ztEZcJx2AHXU2eWjhxU57x3vXn92b39dLD. Backpack Securities acts as issuer, and holders can redeem their tokens for traditional stock entitlements through the same firm. The structure mirrors the model Backpack Securities used for tokenized SpaceX shares, which went live in June 2026.

What is the Sunrise gateway?

The Sunrise gateway plugs tokenized equities into non-custodial wallets and decentralized exchanges. It routes 24/7 trading of $RACE through Solana-native venues, bypassing broker rails for the trading leg. The underlying securities stay in regulated custody at Backpack Securities; only the onchain representation moves.

Supported venues include Phantom for wallet access, Jupiter for aggregated routing, and Raydium for onchain liquidity, with the gateway built to plug in additional Solana DEXs over time.

How does $RACE pass through corporate actions?

Tokens carry eligibility for dividends and corporate actions. The mechanics of that pass-through form the first operational test of the structure, since traditional registrars do not yet route shareholder entitlements to onchain addresses by default. Until Backpack runs a full distribution cycle end-to-end, the dividend claim rests on contract, not on precedent.

How does the Ferrari listing fit the broader push?

Ferrari is the second marquee name added to the Backpack-Sunrise partnership, following the SpaceX launch in June 2026. The deal brings a publicly traded European luxury name into a category that has so far skewed toward private US technology companies.

Backpack Securities has stated it aims to grow the count of tokenized stock symbols on Solana from roughly 200 toward a stated goal of 10,000. The Ferrari listing signals the next phase of that build-out: extending the rail from private pre-IPO exposure to liquid blue-chip names.

What are the operational risks?

Several execution points will determine whether $RACE functions as a credible equity proxy or a synthetic. Redemption through Backpack Securities must clear reliably under load; the one-to-one backing holds only as strong as the off-ramp, and any delay in converting tokens back into stock entitlements would erode confidence in the wrapper.

Dividend and corporate-action pass-through to token holders forms a second open question. The 24-hour trading window on Solana creates a third: when underlying equity markets are closed, the token continues trading. Price discovery during off-hours will reveal how tightly the onchain market tracks the real share and whether arbitrage keeps the spread in line.

What changes for Solana's equity stack?

The launch widens Solana's footprint in tokenized real-world assets and brings a household consumer brand to a shelf that has so far skewed toward private technology names. The $RACE contract address remains the cleanest reference for verification: any token circulating under a different string is not the Backpack-issued instrument.

The next milestone to watch is the first dividend distribution, which will set the precedent for how corporate actions travel from a Maranello shareholder register to a Solana wallet. Until the first cycle clears, $RACE functions as a 24/7 trading shell over a regulated, less-liquid underlying.