Solana tokenized Grindr stock reaches $31M in trading volume

A tokenized version of Grindr stock launched on the Solana blockchain has recorded over $31 million in trading volume within its first 24 hours. This figure nearly doubles the $16.6 million volume generated by the company’s traditional equity on the New York Stock Exchange (NYSE) during the previous session.

The tokenized $GRND was launched via Backpack Securities and the Sunrise liquidity protocol. Early trading activity was concentrated on Raydium, a major decentralized exchange on Solana. These tokenized equities are backed 1:1 by actual US shares held in regulated custody, utilizing ACATS and DTCC infrastructure for settlement.

Despite the high volume, there are significant limitations: token holders do not receive voting rights, and the product is entirely unavailable to US persons. Backpack CEO Armani Ferrante noted that this milestone may represent the first time a tokenized stock’s volume has eclipsed that of its traditional equity counterpart.