Nike Stock Goes Live on Solana as NKE Hits 12-Year Low, Exits S&P 100

• Nike stock is now trading on Solana as a tokenized security, with 24-hour trading and 1:1 share redemption
• Tokenized NKE recorded roughly $28.9 million in 24-hour volume across more than 342,000 trades
• NKE trades near a 12-year low around $38 as Nike prepares to exit the S&P 100 on September 21

Nike stock has found a new trading venue at an unusual moment for the sportswear giant. NKE is now available on Solana as a tokenized security, opening the stock to round-the-clock on-chain trading. The launch comes while Nike shares are hovering near levels not seen in more than a decade and the company prepares to lose its place in a major US blue-chip index. The timing makes Solana’s Nike listing notable.

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Nike Stock Moves Onchain With 24/7 Trading

The tokenized NKE stock launched on Solana through Sunrise and is issued by Backpack Securities. Unlike products that simply track a stock’s price, Backpack says each NKE token is redeemable 1:1 for a traditional Nike share through its platform. It can also be moved between Solana wallets and converted back into the underlying security.

Trading picked up quickly. SolanaTerminal data showed tokenized Nike at around $38.10, with roughly $28.9 million in 24-hour volume. More than 342,000 trades had been recorded across 17,000 traders, while buy and sell volumes stood at $14.2 million and $14.7 million, respectively.

Nike is entering a tokenized stocks market that is expanding beyond crypto-native traders. The monthly value of tokenized public stocks had already surpassed $12.93 billion. US regulators are also exploring a framework that could allow blockchain-based stock trading.

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NKE Hits 12-Year Low Ahead of S&P 100 Exit

The onchain debut comes against a much weaker picture on Wall Street. Nike stock closed Tuesday at $38.10, down 0.78%, after touching $37.90 during the session. The shares have lost about 47% over the past year and are trading near their lowest level in roughly 12 years.

Nike is also being removed from the S&P 100 before markets open on September 21. Palo Alto Networks will replace the company as part of the index’s quarterly rebalance. But Nike will remain in the broader S&P 500.

The Solana listing does little to change the problems weighing on the Nike share price. What it does change is where NKE can trade. As Nike loses its spot in a blue-chip benchmark, the same equity is finding a new audience through 24/7 onchain markets.

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