Crypto platform aims to let retail investors buy IPO shares at the same price as Wall Street insiders
Backpack is building 'IPOs Onchain' to deliver tokenized, actual IPO share allocations to eligible users before public trading begins.Summary
The crypto platform Backpack is developing "IPOs Onchain" in partnership with Superstate, an SEC-registered transfer agent, to allow eligible users to purchase official IPO share allocations at the offering price before they trade publicly. These shares are delivered as tokenized equities on Solana, representing "real, direct ownership" via Superstate's infrastructure, which issues SEC-registered shares as native tokens. This initiative aims to challenge the long-standing Wall Street perk where institutional investors capture the significant value of the "IPO pop." However, early access is currently limited by issuer approval and eligibility requirements, potentially excluding mass U.S. retail investors initially. For this model to scale, issuers and underwriters must view the on-chain tranche as a valuable distribution channel, and clear regulatory and operational frameworks for custody, trading, and investor rights must be established. The economic incentive is substantial, as IPO underpricing transferred $13.11 billion in 2025.
(Source：CryptoSlate)