BP skyrocketed in price from $0.16 to break through $0.48 in just 2 weeks.

Written by: Maher, Foresight News

On June 15, Backpack Exchange’s token BP rose over 30% in 24 hours, currently priced at $0.475 with a market cap of $118.48 million and a fully diluted valuation of $473.94 million. It has significantly soared from $0.16 at the beginning of June this year, reaching a peak of over $0.48.

The driving force behind this wave of market activity comes from the platform's recent breakthrough in traditional U.S. stock brokerage and asset tokenization services.

Entering U.S. stock brokerage and tokenization services

In March 2026, BP completed its TGE on Solana, with a total supply of 1 billion tokens and an initial circulating supply of 250 million tokens. After launching, the token briefly hit a peak price before quickly retreating, with daily maximum losses exceeding 40%, leading to a moment of profit-taking pressure in the market. In the following weeks, the price oscillated at lower levels until a turnaround occurred in early June.

On June 2, Backpack announced the launch of the Backpack Securities platform, which would offer regulated U.S. stock brokerage services while also supporting the tokenization of traditional stocks to circulate on the blockchain, achieving seamless conversion between traditional securities and on-chain assets. Brokerage services are planned to gradually launch in June, with initial tokenized products introduced through collaboration with Sunrise in the Solana ecosystem. BP surged over 80% in one day, with prices quickly increasing from around $0.14-$0.15 to near $0.27, and its market cap nearly reaching $70 million.

On June 12, coinciding with the NASDAQ listing of SpaceX, the tokenized product SPCX launched on Solana, and BP further rose approximately 27% in the subsequent 24 hours, reaching above $0.347. This token is 1:1 pegged to real SpaceX shares, supports 24/7 on-chain trading, and can be redeemed onto traditional securities accounts through Backpack brokerage accounts, enabling interoperability between on-chain and off-chain assets. On the first day of its launch, it generated approximately $35-38 million in on-chain trading volume, covering DEXs like Jupiter and Raydium. According to the latest data released by the official source, its total on-chain trading volume for SPCX exceeded $86 million.

Backpack is building a bridge between traditional U.S. stocks and Solana DeFi. Users can not only trade crypto assets on the platform but also access real stocks through the same account and use, trade, or combine some of their assets after tokenization on-chain. This path aligns well with the current RWA (Real World Assets) narrative and provides clearer usage scenarios and demand support for the BP token.

The recent rise of BP is more attributed to substantial expansion of the platform's business rather than short-term speculation. Currently, its official website shows that the total custodial assets of Backpack (nominal value) have rebounded to $390 million.

No tokens for the team unless the company is public

Supporting the above business developments is the BP token launched by Backpack back in March along with its unique economic structure. The total supply of 1 billion tokens is divided into three phases: TGE phase 25% (250 million tokens) all distributed to community users through airdrops, with approximately 240 million tokens allocated to participants in the points program, 10 million tokens to holders of Mad Lads NFTs, and 0 token allocation to the team, founders, and investors at launch; Pre-IPO phase 37.5% linked to platform regulatory milestones and product launch growth triggers, which will continue to be distributed to users once unlocked; Post-IPO phase 37.5% enters the company vault, locked for at least one year after the IPO, where the team profits directly through equity rather than tokens.

The most notable mechanism is the equity conversion design: users who stake BP for at least 1 year can gain the right to convert tokens into company equity during the IPO or acquisition, with bonuses increasing based on the holding period up to the fourth year after the base unlock.

Additionally, staking offers tiered discounts on trading fees, extra yield on USD collateral, free wire transfers, and priority for Backpack Cards. Currently, about 66% (approximately 165 million tokens) of the circulating supply has been staked.

While the airdrop process was technically executed smoothly, it also sparked community discussions. Supporters argue that the "no insider TGE allocation" model is quite radical, genuinely rewarding trading and ecological participation; critics focus on the strictness of the Sybil filtering mechanism, claiming that some long-term users had their points removed, resulting in actual rewards being lower than expected, as well as profit-taking during price corrections after launch. CEO Armani Ferrante publicly denied allegations of the team offloading through OTC sales.

These controversies affected market sentiment in the short term, but as real products like Backpack Securities are launched, the focus is gradually shifting from distribution details to the platform's long-term growth and the actual utility of the token. BP's staking and equity mechanism are being re-evaluated in the context of the platform's expansion into U.S. stock brokerage and tokenization services, with its long-term alignment value being reassessed.