Eligibility file · Mixed

Backpack Securities stock tokens (trust receipts by Trek Nexus Markets Ltd, BVI, on Solana)

What the client owns

A digital receipt for a pro rata share of a bare trust over the pooled shares, “if any”; not the share. Third-party custodial: A custodian’s security entitlement formatted as a token; the claim runs against the intermediary.

Who may hold it

Not offered to US persons. First purchase $1. Tokens are minted only when a Backpack Exchange user with completed KYC withdraws a stock position; Backpack Securities is not offered in the United States, the United Kingdom, the United Arab Emirates, Japan, or on Backpack EU, and the tokens may not go to US persons. Orders must be worth at least $1, and fractional shares trade down to 0.01 of a share in regular US hours. A wallet holder is not a recognised beneficiary: the issuer recognises only Trek Forge Ltd unless Backpack stops supporting the tokens, fails, or blocks redemptions for more than 90 days.

Who can freeze or claw back

Solana SPCX: can freeze a holder, pause transfers, claw back, mint. An account only a program can sign for can freeze a holder and claw back tokens and pause transfers. An account only a program can sign for can change the code with no delay.

How it exits

Redeem in kind. Deposit the token to a Backpack account in good standing; it is detokenized automatically and the account is credited with the pro rata share of the pooled stock, which can then be sold through Backpack Securities. On-chain holders have no redemption of their own.. Settles in underlying shares (brokerage position).

Research and shelf status are on the memo: Backpack Securities stock tokens (Trek Nexus Markets, Solana) Adverse research finding

Issuer

Trek Nexus Markets Ltd (British Virgin Islands business company; unregulated) as issuer and bare trustee; Trek Forge Ltd (BVI, a Backpack affiliate) as the only recognised beneficiary; Backpack Securities Global Limited (New Zealand) introducing broker; Atomic Vault Securities, LLC and RQD Clearing, LLC (FINRA members) in the broker chain

Registration

Regulation S, offshore

Official record

Trek Nexus Markets Ltd (internal register of beneficiaries; records only Trek Forge Ltd while Backpack supports the tokens)

Instruments

SPCX MU SNDK DRAM HOOD INTC NKE MSTR

Chains

Solana

Reviewed

2026-09-23 · v1

Next review

2027-03-23

Other programs tokenize the same securities. Every version side by side: SPCX, MU, SNDK, DRAM, HOOD, INTC, NKE, MSTR.

Who may buy, hold, transfer, and redeem

Each answer rests on the issuer’s own words, quoted from the document named under it. Ketju re-reads each document and records whether the words are still there. Where the documents say nothing, the row says so.

What the holder owns

A digital receipt for a pro rata share of a bare trust over the pooled shares, “if any”; not the share.

“The Tokens are intended solely as digital receipts evidencing a pro rata beneficial entitlement (if any) under a bare trust declared by the Company”

Backpack Securities: Issuer Terms and Conditions (Trek Nexus Markets Ltd) · Important Notice (p. 1) · words found 2026-09-23

Who may hold it

Not for US residents or US persons; Backpack Securities is also closed in the UK, UAE, Japan and on Backpack EU.

“The Asset Tokenization Services are not available to residents of the United States”

Backpack Securities: Tokenized Securities Asset Tokenization Terms of Service (10 June 2026) · Section E (p. 3) · words found 2026-09-23

First purchase minimum

Orders must be worth at least $1.

“Every order must be worth at least $1.”

Backpack Securities FAQs · Is there a minimum amount to start? · words found 2026-09-23

Account types

Any verified Backpack Exchange user in an allowed country; no separate account.

“There is no separate stocks account to open or additional verification process to complete.”

Backpack Securities: Eligibility and access · Eligibility and access · words found 2026-09-23

Who it may be transferred to

Tokens move freely on Solana, but a transfer to a third party gives the recipient no standing with the issuer.

“any transfer or withdrawal of your Tokens to a third party shall be ineffective for purposes of recognition by the Issuer as registered Tokenholder or beneficiary”

Backpack Securities: Tokenized Securities Asset Tokenization Terms of Service (10 June 2026) · Section 3.1 (p. 11) · words found 2026-09-23

How a holder redeems

On-chain holders cannot redeem; a token deposited back to a Backpack account is detokenized into the stock position.

“on-chain holders and holders of Exchange Account Entitlements have no entitlement to access Redemption or burning functionalities in the ordinary course”

Backpack Securities: Issuer Terms and Conditions (Trek Nexus Markets Ltd) · Section 4.1(a) · words found 2026-09-23

Who keeps the official record

While Backpack supports the tokens, the issuer’s register names only its affiliate Trek Forge as beneficiary, not the wallet holder.

“the Company shall record and recognise only Trek Forge (or its designated nominee or custodian) as the Tokenholder and sole beneficiary”

Backpack Securities: Issuer Terms and Conditions (Trek Nexus Markets Ltd) · Section 1.18 (p. 5) · words found 2026-09-23

What the issuer says it can freeze or take back

The issuer may blacklist or freeze any token or address; on chain one authority can freeze, pause and move any balance.

“The Company reserves the right, in its sole discretion, to blacklist, freeze, or restrict the use, transfer, or redemption of any Tokens or any blockchain address”

Backpack Securities: Issuer Terms and Conditions (Trek Nexus Markets Ltd) · Section 8.2 (p. 15) · words found 2026-09-23

Fact	What the file records
Who onboards the holder	distributor
Voting rights	None
Distributions	reinvested
SIPC coverage of the wallet	No

Who can change the record

Powers read from the deployed contracts and their verified source: the token and every contract it consults on transfer. A power recorded here is the issuer’s ability, not evidence it has been used.

Token	Chain	Freeze a holder	Pause	Claw back	Gate holders	Change the code	Keys held by
SPCX	Solana	Yes	Yes	Yes	No	No	An account only a program can sign for can freeze a holder and claw back tokens and pause transfers. An account only a program can sign for can change the code with no delay.

Who holds the keys

Every current holder of each power, read from the chain on 2026-09-23. A single key is one private key: whoever holds it acts alone. A multisig needs the stated number of signers. A timelock makes every action wait, so holders can see it coming.

Token	Chain	Key	What it can do	Held by	Address
SPCX	Solana	Mint authority	mint new tokens	an account only a program can sign for	HK6jF7…XctZ
SPCX	Solana	Freeze authority	freeze a holder	an account only a program can sign for	2cVYpa…af4a
SPCX	Solana	Permanent delegate	claw back tokens	an account only a program can sign for	2cVYpa…af4a
SPCX	Solana	Pause authority	pause transfers	an account only a program can sign for	2cVYpa…af4a
SPCX	Solana	Transfer-hook authority	decide who may hold, change the code	an account only a program can sign for	2cVYpa…af4a

Solana SPCX: 4 contract reads at block 449806983, 0 functions in verified source, 2026-09-23

Read from the chain

mintAuthority=HK6jF79duLLLfCMRQFBSgo6CgQ5mF4tFMFU7CmKcXctZ
freezeAuthority=2cVYpagTt7ZGc3mmTXBa7fAznUtx5DUu6aCq8uVDaf4a
permanentDelegate=2cVYpagTt7ZGc3mmTXBa7fAznUtx5DUu6aCq8uVDaf4a
defaultAccountState=initialized

Where it trades

Venue	Kind
Backpack Exchange (Backpack Securities stock positions, withdrawn as tokens)	issuer primary
Solana decentralized exchanges	dex

How it exits

Path	Settlement	Settles in
Redeem in kind	Deposit the token to a Backpack account in good standing; it is detokenized automatically and the account is credited with the pro rata share of the pooled stock, which can then be sold through Backpack Securities. On-chain holders have no redemption of their own.	underlying shares (brokerage position)
Secondary market only; no issuer redemption	Trade on Solana decentralized exchanges.	USDC

Reopen conditions: events that change an answer above

The freeze, pause and permanent-delegate authority 2cVYpagTt7ZGc3mmTXBa7fAznUtx5DUu6aCq8uVDaf4a changes, freezes an account, or moves a holder’s tokens
A transfer-hook program is set on any mint (today the hook extension has no program)
A Direct Redemption Contingency occurs: Backpack stops supporting the tokens, fails, or blocks redemptions for more than 90 days
The trust Instrument of 6 June 2026 is published, or the custodian of the pooled shares is named
The restricted-country list changes or the tokens open to US persons

What the monitor reads daily

Every control function in the table above and the contracts the token consults on transfer; the token’s on-chain supply against yesterday’s; and its market quote against yesterday’s quote. Every document quoted above is re-read too, and a quote that leaves its document reopens the file. A change opens a review item in the governance queue and reopens the file before any client action.

Sources

Backpack Securities: Issuer Terms and Conditions (Trek Nexus Markets Ltd) · primary · accessed 2026-09-23
Supports: issuer Trek Nexus Markets Ltd (BVI), digital receipts for a pro rata entitlement under a bare trust, only Trek Forge recognised as beneficiary, Direct Redemption Contingency, on-chain holders have no redemption in the ordinary course, no transfers to US persons, blacklist, freeze, restrict, dividends reinvested, BVI law
Backpack Securities: Tokenized Securities Asset Tokenization Terms of Service (10 June 2026) · primary · accessed 2026-09-23
Supports: not available to US residents or US persons, transfers to third parties not recognised, deposited tokens detokenized automatically
Backpack Securities FAQs · primary · accessed 2026-09-23
Supports: $1 minimum order, fractional shares to 0.01
Backpack Securities: Eligibility and access · primary · accessed 2026-09-23
Supports: not available in the US, UK, UAE, Japan, or Backpack EU, no separate stocks account
Backpack: User agreements and legal documents · primary · accessed 2026-09-23
Supports: links the issuer terms and tokenization terms
Backpack Exchange assets API (Solana mint per stock) · primary · accessed 2026-09-23
Supports: mint addresses for SPCX.US, MU.US, SNDK.US, DRAM.US, HOOD.US, INTC.US, NKE.US, MSTR.US
Trek Labs token metadata for SPCX · primary · accessed 2026-09-23
Supports: SPCX mint metadata points to Backpack terms and logo

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