What is Hims & Hers Health (Backpack Securities) (hims)?

Quick Facts

• Type: Tokenized equity issued on Solana
• Issuer: Backpack Securities, a U.S.-regulated brokerage
• Underlying Asset: Hims & Hers Health, Inc. (NYSE: HIMS)
• Blockchain: Solana
• Tokenization Protocol: Sunrise (using Wormhole NTT)
• Redemption: 1:1 redeemable for a real share through Backpack
• Trading: 24/7 on Solana, DeFi-compatible

Introduction

Hims & Hers Health (Backpack Securities) is a tokenized stock representing real equity in Hims & Hers Health, Inc., a NYSE-listed telehealth company. It is issued on the Solana blockchain by Backpack Securities, a regulated brokerage and tokenization platform.

This token lets investors hold and trade exposure to HIMS stock entirely on-chain, bridging traditional equity markets with decentralized finance.

History & Background

Hims & Hers Health, Inc. was founded in 2017 as a direct-to-consumer telehealth platform. It provides online consultations, prescription medications, and wellness products across areas such as sexual health, hair loss, dermatology, mental health, and weight management. The company trades on the NYSE under the ticker HIMS.

Backpack Securities launched its tokenized equities platform in 2026, beginning with tokenized SpaceX shares. It partnered with Sunrise, a Solana-based tokenization protocol, to bring regulated stock ownership on-chain.

How Hims & Hers Health (Backpack Securities) Works

Backpack Securities creates a two-way bridge between traditional brokerage infrastructure and Solana. Users first purchase real HIMS stock through Backpack's U.S.-regulated brokerage. These holdings are governed by New York UCC Article 8 — the same legal framework as a standard brokerage account.

For supported assets, users can then convert their stock entitlements into tokenized securities and withdraw them to a Solana wallet. Depositing the tokens back into Backpack reverses the process, converting them into traditional securities holdings.

Once on-chain, the token trades 24/7, moves wallet-to-wallet, and integrates with Solana's DeFi applications.

Tokenomics

The hims token is not a speculative cryptocurrency with its own independent supply design. Its value is pegged directly to the underlying Hims & Hers Health share price. Each token is backed 1:1 by a real share held in custody at Backpack Securities.

Dividends on tokenized securities are automatically reinvested into additional tokenized shares. Corporate actions such as stock splits are reflected through proportional balance adjustments.

Ecosystem & Use Cases

• 24/7 Stock Trading: Trade HIMS equity outside traditional market hours.
• DeFi Integration: Use tokenized shares as collateral or in on-chain lending protocols.
• Self-Custody: Hold real equity exposure directly in a Solana wallet.
• Seamless Conversion: Move freely between on-chain tokens and traditional brokerage holdings.

Team, Governance & Community

Backpack was founded by former FTX employees and operates as a crypto exchange and now a regulated securities platform. Backpack Securities functions as the regulated issuer and custodian, subject to U.S. brokerage regulations. The governance of the underlying company — Hims & Hers Health — is handled through traditional corporate structures as a publicly traded NYSE company.

Advantages

• Real equity backing: Each token is redeemable for an actual share, not synthetic price exposure.
• 24/7 liquidity: Solana-native tokens trade around the clock.
• DeFi composability: Tokenized shares can interact with on-chain lending and trading protocols.
• Self-custody: Investors hold assets directly in their own Solana wallets.
• Regulated infrastructure: Issued through a U.S.-regulated brokerage with DTCC and ACATS integration.

Risks & Challenges

• Regulatory uncertainty: Tokenized securities occupy a complex regulatory space that may evolve.
• Platform risk: Access to the underlying share depends on Backpack Securities remaining operational.
• Market risk: The token's value tracks HIMS stock, which is subject to equity market volatility.
• DeFi integration limits: On-chain liquidity and DeFi use cases may be limited compared to native crypto assets.
• Counterparty custody: Users relying on 1:1 redemption depend on Backpack's custodial integrity.

Long-Term Vision

Backpack Securities aims to bring tens of thousands of tokenized stocks to Solana, positioning the network as a premier settlement layer for real-world assets. For hims token holders, the long-term vision means seamless access to U.S. equity markets from anywhere in the world, with the composability and permissionless nature of blockchain technology layered on top of regulated, real-securities ownership.