Author: Ma He, Foresight News
On June 15, the exchange token of Backpack, BP, surged over 30% again within 24 hours, currently quoted at $0.475, with a market cap of $118.48 million and an FDV of $473.94 million. BP has skyrocketed significantly from around $0.16 in early June this year, peaking above $0.48.
The immediate driving force behind this rally comes from the platform's latest breakthrough in traditional U.S. stock brokerage and asset tokenization services.
Entering U.S. Stock Brokerage and Tokenization Business
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. After listing, the price briefly hit a high before quickly retracing, with a single-day maximum drop exceeding 40%, filling the market with profit-taking pressure. For several weeks thereafter, the price consolidated at lower levels until the turn-around in early June.
On June 2, Backpack announced the launch of the Backpack Securities platform, which will offer regulated U.S. stock brokerage services while also supporting the tokenization of traditional stocks for circulation on the blockchain, enabling seamless conversion between traditional securities and on-chain assets. The brokerage services are planned for a gradual rollout in June, with initial tokenized products launched on the Solana ecosystem through a partnership with Sunrise. BP surged over 80% in a single day, rapidly climbing from the $0.14-0.15 range to around $0.27, with its market cap approaching $70 million at one point.
On June 12, the same day SpaceX listed on NASDAQ, its tokenized product SPCX went live on Solana. BP subsequently rose approximately 27% within the next 24 hours, reaching above $0.347. This token is pegged 1:1 to real SpaceX shares, supports 24/7 on-chain trading, and can be redeemed to a traditional securities account via Backpack's brokerage account, achieving interoperability between on-chain and off-chain assets. On its first day, the product generated approximately $35-38 million in on-chain trading volume across DEXs like Jupiter and Raydium. According to the latest official data, the 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 tokenize some of those assets for on-chain use, trading, or composability. This path aligns well with the current RWA narrative and has also provided the BP token with clearer use cases and demand support.
BP's rise this round stems more from the substantial expansion of the platform's business rather than short-term hype. Currently, its official website shows that Backpack's Total Custodied Assets (nominal value) has rebounded to $390 million.
Team Receives Zero Tokens Unless the Company Goes Public
Supporting the development of the above business is the BP token and its unique economic structure launched by Backpack as early as March. The total supply of 1 billion tokens is divided into three phases: The TGE phase allocates 25% (250 million tokens) entirely to community users via airdrop, with approximately 240 million given to Points Program participants and 10 million to Mad Lads NFT holders. At launch, the team, founders, and investors received zero token allocation; The Pre-IPO phase allocates 37.5%, tied to growth triggers like regulatory milestones and product launches, and continues distribution to users upon unlocking; The Post-IPO phase allocates 37.5% to the company treasury, locked for at least one year post-IPO, with the team benefiting only through equity, not directly from tokens.
The most notable mechanism is the equity conversion design: Users staking BP for at least 1 year gain the right to convert their tokens into company equity upon an IPO or acquisition, with the base unlock bonus increasing with holding time up to the 4th year.
Additionally, staking grants benefits such as tiered trading fee discounts, extra yield on USD collateral, free wire transfers, and priority access to the Backpack Card. Currently, about 66% (approximately 165 million tokens) of the circulating supply is staked.
Although the airdrop process was technically smooth, it sparked community discussion. Supporters argued that the "no insider TGE allocation" model was quite radical, and the points system genuinely rewarded trading and ecosystem participation; criticism centered on the relatively strict Sybil filtering mechanism, which led to some long-term users having their points invalidated and receiving less than expected, as well as noticeable profit-taking during the post-listing price correction. CEO Armani Ferrante publicly denied allegations related to team OTC selling.
These controversies affected market sentiment in the short term, but as real products like Backpack Securities land, the focus is gradually shifting from distribution details to the platform's long-term growth and the token's actual utility. Against the backdrop of the platform's expansion into U.S. stock brokerage and tokenization services, the long-term alignment value of BP's staking and equity mechanisms is being re-examined.
