Tokenized shares of Ferrari NV, trading as $RACE, are now available on Solana through the Sunrise asset gateway, with Backpack Securities as the issuer. The launch took effect October 6, 2026.
How the $RACE Token Works
Each $RACE token is backed 1:1 by an actual Ferrari share held in regulated custody. Backpack Securities serves as the issuer, and token holders can redeem their tokens back into traditional stock entitlements through Backpack Securities.
Sunrise handles distribution and is designed to plug tokenized stocks into wallets and decentralized exchanges, or DEXs. Supported venues include Phantom, Jupiter, and Raydium. Trading runs 24/7, and the tokens are built to be eligible for dividends and corporate actions.
Expansion of Tokenized Equities
Ferrari is not the first major company to arrive on this platform. The $RACE launch is tied to an ongoing partnership that started with tokenized SpaceX shares in June 2026. Backpack Securities aims to expand the number of tokenized stock symbols on Solana from the current 200 toward a goal of 10,000.
Key Considerations
Several factors warrant attention going forward. First is whether $RACE builds meaningful trading activity on Solana DEXs, since a token with thin volume offers limited liquidity. Second is how smoothly redemption through Backpack Securities works in practice, as confidence depends on the ability to convert tokens back into stock entitlements. Third is how dividends and corporate actions get passed through to token holders. Fourth, round-the-clock trading creates a practical test: when the underlying market is closed, the token continues trading, so how closely its price stays aligned with the real share during those hours will reveal the model's effectiveness.
