What is Global X Copper Miners xStock (COPXx)?

Quick Facts

• Issuer: Backed Finance AG, a Swiss-regulated real-world asset firm
• Underlying asset: Global X Copper Miners ETF (COPX, NYSE)
• Backing: 1:1 by real COPX ETF shares held by licensed custodians
• Blockchains: Solana, Ethereum, and TON
• Trading: 24/7, including weekends, with no traditional market hours
• Access: Available via DeFi protocols and centralised exchanges like Kraken and Bybit
• Not available to: U.S. persons or addresses

Introduction

COPXx is a tokenized representation of the Global X Copper Miners ETF (COPX), brought on-chain through the xStocks platform by Backed Finance. It gives non-U.S. investors blockchain-native exposure to a diversified basket of copper mining companies — without needing a traditional brokerage account.

As a real-world asset (RWA) token, COPXx combines the price performance of the underlying ETF with the programmability and composability of a crypto token.

History & Background

The xStocks platform was launched in mid-2025 by Backed Finance AG, a pioneer in tokenized real-world assets operating under Swiss and European regulation. The initial xStocks rollout included over 55 tokenized stocks and ETFs, with COPX among the first assets tokenized.

xStocks emerged as a response to growing demand from international retail users who lack easy access to U.S. equity markets, pairing regulated asset custody with open blockchain rails.

How Global X Copper Miners xStock Works

COPXx tracks the value of the Global X Copper Miners ETF, which itself follows the Solactive Global Copper Miners Total Return Index — a market-cap-weighted benchmark of companies involved in copper mining globally.

When a user acquires COPXx, the corresponding COPX ETF shares are purchased through regulated brokers and held in segregated custody accounts in Switzerland and the United States. This 1:1 collateralisation ensures that each token is always backed by an equivalent real-world share.

Corporate actions such as dividends are reflected through rebasing mechanisms, automatically adjusting token balances on-chain so holders receive their proportional entitlements without any manual action.

Tokenomics

COPXx tokens are minted and redeemed directly against the underlying ETF shares, meaning the token supply flexes with real demand. There is no fixed or artificial issuance schedule.

The token's value is tightly coupled to the NAV of the underlying COPX ETF. Users pay no management fees on the token itself, though standard DeFi or exchange trading fees may apply. The economic design is straightforward: hold COPXx, and you hold proportional exposure to a basket of copper miners.

Ecosystem & Use Cases

COPXx is DeFi-composable by design. On Solana, it integrates with leading protocols:

• Trading: Swap on Jupiter (liquidity aggregator) or Raydium (AMM)
• Lending & borrowing: Use as collateral on Kamino Finance
• Self-custody: Hold directly in wallets like Phantom or Solflare
• CeFi access: Trade on Kraken and Bybit with stablecoins or fiat pairs

The token also lives on Ethereum and TON, extending its reach across ecosystems.

Team, Governance & Community

COPXx is issued and governed by Backed Finance AG, a regulated Swiss entity. The underlying xStocks infrastructure is built and maintained by the Backed team, with key ecosystem partnerships including the Solana Foundation, Jupiter, Raydium, Kraken, and Bybit.

There is no decentralised governance token for xStocks. Compliance, custody, and issuance decisions rest with Backed Finance as the regulated issuer.

Advantages

• Regulated 1:1 backing — every token is collateralised by real ETF shares under Swiss oversight
• 24/7 global access — trade copper miner exposure any time, without brokerage restrictions
• Fractional ownership — buy any dollar amount of exposure, no minimum share price required
• DeFi composability — use COPXx as collateral, in liquidity pools, or in lending markets
• Multi-chain availability — accessible on Solana, Ethereum, and TON

Risks & Challenges

• Regulatory risk — tokenized securities face evolving and jurisdiction-specific rules; not available to U.S. persons
• Custodian risk — reliance on third-party custodians holding the underlying ETF shares
• Market risk — COPXx inherits the price volatility of copper mining equities
• Liquidity risk — on-chain liquidity for niche ETF tokens may be thinner than traditional markets
• Smart contract risk — as with all on-chain assets, vulnerabilities in underlying protocols are possible

Long-Term Vision

COPXx sits at the intersection of two powerful macro trends: the rising global demand for copper driven by electrification and AI infrastructure, and the broader tokenization of traditional financial assets onto public blockchains.

xStocks' stated mission is to make tokenized equities available on any chain and every exchange, positioning COPXx as part of a future where global capital markets operate 24/7, permissionlessly, and without legacy barriers. As regulatory clarity improves and DeFi infrastructure matures, tokenized ETFs like COPXx could become a standard way for global investors to access sector-specific equity exposure.