BULL, issued by Backpack Securities Global Limited and tokenized on Solana in partnership with Sunrise, is a tokenized security providing onchain economic exposure to the market value of Webull Corporation Class A common stock [S1][S2].

Each token is issued 1:1 against a real share of Webull Corporation Class A held through Backpack Securities and tracks that underlying share via the mint-and-redemption mechanism that anchors price exposure [S1][S3][S4]. If the underlying issues a dividend, distributions are automatically reinvested into additional tokenized shares, and corporate actions are reflected through proportional token balance adjustments that maintain economic equivalence [S3][S4]. Spot stock trading carries no separate commission or platform fee, though pricing embeds a spread that varies by session [S5].

Backpack Securities Global Limited, a New Zealand corporation, acts as introducing broker, with the affiliated Backpack Exchange regulated by the Dubai Virtual Assets Regulatory Authority (VARA) under license VL/23/07/001 [S6]. The tokenized layer represents a tokenized claim on a special purpose vehicle holding the underlying assets, redeemable 1:1 into the real security entitlement through Backpack Securities [S3][S4]. Underlying shares are held through SEC-registered, FINRA and SIPC member brokers Atomic Vault Securities, LLC and RQD Clearing, LLC, backed 1:1 under New York UCC Article 8 and segregated from intermediary creditors [S7]. The product is unavailable in the United States, United Kingdom, United Arab Emirates, Japan, and Backpack EU [S8].

Tokens are issued and traded on the Solana blockchain, self-custodied in the user's own wallet and compatible with Solana decentralized exchanges [S3][S4]. Minting occurs by tokenizing brokerage holdings onto Solana; redemption converts tokenized securities back into the real security entitlement through a bidirectional flow anchored at 1:1 [S3][S4]. Broker-quoted trades settle on a deferred basis [S1].

<Sources
  retrievedAt="2026-09-14"
  items={[
    { id: "S1", url: "https://learn.backpack.exchange/articles/what-is-backpack-securities" },
    { id: "S2", url: "https://learn.backpack.exchange/blog/introducing-backpack-securities" },
    { id: "S3", url: "https://learn.backpack.exchange/articles/access-us-securities-onchain" },
    { id: "S4", url: "https://support.backpack.exchange/backpack-securities/tokenized-securities.md" },
    { id: "S5", url: "https://support.backpack.exchange/backpack-securities/stock-trading-hours-and-fees.md" },
    { id: "S6", url: "https://support.backpack.exchange/legal/general-legal/user-agreement.md" },
    { id: "S7", url: "https://support.backpack.exchange/backpack-securities/real-ownership-and-legal-framework.md" },
    { id: "S8", url: "https://support.backpack.exchange/backpack-securities/eligibility-and-access.md" },
  ]}
/>


# Circulating asset market cap methodology

## 1. Overview

Circulating asset market cap measures the total value that has been tokenized onchain for a specific asset. It is calculated by multiplying the circulating supply of the asset by its end-of-day market price. For stablecoins, this metric represents the total outstanding supply; for tokenized funds, it reflects the onchain assets under management (AUM); and for tokenized stocks, it measures the total supply of shares issued onchain.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering Ethereum, Arbitrum, Base, Polygon, Optimism, and others
- **Solana instructions**: SPL token `Mint` and `Burn` instructions
- **Other blockchain data**: Issuance and redemption events from Aptos, Near, Polkadot Asset Hub, and Stellar
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Identification of supply changes

- **Purpose**: Identify all onchain events that increase or decrease the total supply of an asset
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed to identify mints (where the sender is the zero address) and burns (where the recipient is the zero address). On Solana, SPL token `Mint` and `Burn` instructions are retrieved. On other chains, such as Aptos or Polkadot Asset Hub, equivalent issuance and destruction events are identified from the respective asset programs or pallets.
- **Key fields**: `amount` (quantity of tokens), `token_address` (unique asset identifier), `timestamp` (time of the event)

### Component B: Normalization and daily supply aggregation

- **Purpose**: Convert raw event data into a continuous daily circulating supply time series
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. The daily circulating supply is determined by calculating the cumulative sum of all identified mint and burn events for each asset. For days where no onchain activity occurs, the supply value is filled with the last known value to ensure a continuous daily record.
- **Key fields**: `amount` (normalized quantity), `timestamp` (truncated to daily grain)

### Component C: Final market cap calculation

- **Purpose**: Combine supply data with market prices to determine the total USD value
- **Logic**: The daily circulating supply is multiplied by the end-of-day market price sourced from market data providers. Data is aggregated across all supported chains to provide a comprehensive view of the asset's onchain presence. The final USD conversion is applied: `amount_usd = amount × price_usd`.
- **Key fields**: `price_usd` (end-of-day market price), `amount_usd` (final circulating market cap)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Tokenized asset value / AUM (assets under management) — price times circulating supply.

Circulating asset market cap

Tokenized stocks

Users can trade spot and perpetual futures markets on the exchange, and manage assets across multiple chains through the integrated wallet.

Backpack is a centralized cryptocurrency exchange and wallet platform supporting spot trading, perpetual futures, and multi-chain asset management across Solana, Ethereum, and Bitcoin.

Crypto traders and users seeking an integrated exchange and wallet platform.

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Real-world asset (RWA) issuers

Backpack

Webull Corporation Class A (Backpack Securities) (BULL) is a token tracking BULL shares, backed by dedicated collateral, issued by Backpack through Trek Nexus Markets Ltd, and distributed through Trek Nexus Markets Ltd with Atomic Vault Securities, LLC and RQD Clearing, LLC as broker.

The underlying security is listed in the financials sector in North America.

Each token tracks one underlying share, entitles holders to dividends, which are reinvested into the token, and carries no voting rights.

The collateral assets are held by Trek Nexus Markets Ltd in segregated accounts within a bankruptcy-remote structure.

Retail investors worldwide can mint and redeem directly with Backpack in underlying shares after completing KYC.

Residents of the United States, the United Kingdom, the United Arab Emirates and other jurisdictions the issuer restricts cannot mint or redeem with Backpack.

Trek Nexus Markets Ltd is incorporated in the British Virgin Islands and is offered under an SEC Regulation S exemption.

BULL has been issued on Solana as a SPL Token-2022 token since September 2026.

Webull Corporation Class A (Backpack Securities)BULL