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”. The holder does not own the share. Third-party custodial: A custodian’s security entitlement in the form of a token; the holder’s claim is against the custodian.

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 does not offer Backpack Securities 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 a holder redeems

Redeem in kind. The holder deposits the token to a Backpack account in good standing. Backpack detokenizes it automatically and credits the account with the pro rata share of the pooled stock, which the holder can then sell through Backpack Securities. On-chain holders have no redemption of their own. Settles in underlying shares (brokerage position).

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The verdict is on the memo: Backpack Securities stock tokens (Trek Nexus Markets, Solana) Not approved

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

Next review

2027-03-23

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

Eligibility

Each answer quotes the issuer’s own words from the document named under it. Ketju reads each document again and records whether the words are still there. Where the documents say nothing, the row states that.

What the holder owns

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

The tokens are not for US residents or US persons, and 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 is needed.

“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. Backpack detokenizes a token deposited back to a Backpack account 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 Backpack’s affiliate Trek Forge as beneficiary; the wallet holder does not appear on it.

“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, a single 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	Answer
Who onboards the holder	distributor
Voting rights	None
Distributions	reinvested
SIPC coverage of the wallet	No

Who controls it

Ketju read these powers from the deployed contracts and their verified source code: the token and every contract it checks on a transfer. A power listed here is something the issuer can do; it does not mean the issuer has used it.

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

Ketju read every current holder of each power from the chain on 2026-09-23. A single key is one private key, and whoever holds it acts alone. A multisig needs the stated number of signers. A timelock delays every action, so holders can see it before it takes effect.

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, 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

Redemption

Route	Settlement	Settles in
Redeem in kind	The holder deposits the token to a Backpack account in good standing. Backpack detokenizes it automatically and credits the account with the pro rata share of the pooled stock, which the holder can then sell through Backpack Securities. On-chain holders have no redemption of their own.	underlying shares (brokerage position)
Secondary market only; no issuer redemption	Holders trade on Solana decentralized exchanges.	USDC

Review triggers

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

Daily checks

Every day Ketju reads each control function in the table above and the contracts the token checks on a transfer. Ketju compares the token’s on-chain supply with yesterday’s, and its market quote with yesterday’s quote. Ketju also reads every document quoted above and reviews the file again if a quoted passage disappears from its document. Ketju counts a new, removed, or changed key as a change only when the chain’s own log shows the grant, revocation, or signer change since yesterday. If the log does not show it, Ketju updates the key list in this file and does nothing more. A change opens a review before any client action. Subscribers get an email that names each of their clients who hold the token, with the household result.

File history

Ketju has not revised this file since filing it. If Ketju revises it, the earlier version stays as published, with the reason.

Date	Change
2026-09-23	Filed.

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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