AMC Entertainment Holdings Tokenized Stock (Backpack Securities) serves as a digital form of private equity, created to connect conventional financial markets with the on-chain environment. Distinct from synthetic derivatives or perpetual contracts that rely on oracles to mirror price action, this token provides a concrete claim on the actual underlying asset. It belongs to the growing Real World Assets (RWA) category, which aims to digitize physical or financial tools to enhance both accessibility and liquidity.