Written by: Mach, Foresight News
On June 15th, Backpack's token BP surged over 30% in the past 24 hours, currently priced at $0.475, with a market capitalization of $118.48 million and a FDV of $473.94 million. Since its low of $0.16 at the beginning of June, BP has seen a significant upward trend, peaking above $0.48.
The direct driving force behind this wave of market activity comes from the platform's latest breakthroughs in traditional US stock brokerage and asset tokenization businesses.
Entering the US 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 reached a high point before quickly falling back, with a single-day drop exceeding 40%, and the market was filled with profit-taking pressure. In the following weeks, the price fluctuated at low levels until a turnaround occurred in early June.
On June 2nd, Backpack announced the launch of its Backpack Securities platform, which will provide regulated U.S. stock brokerage services while supporting the tokenization and circulation of traditional stocks on the blockchain, enabling seamless conversion between traditional securities and on-chain assets. The brokerage service is planned to launch gradually throughout June, with initial tokenized products launched in the Solana ecosystem in partnership with Sunrise. BP's stock price surged over 80% in a single day, rapidly rising from approximately $0.14-$0.15 to around $0.27, briefly pushing its market capitalization close to $70 million.
On June 12, the same day SpaceX listed on Nasdaq, its tokenized product SPCX was launched on Solana. Within the following 24 hours, BP's price surged by approximately 27%, 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 traditional securities accounts through Backpack brokerage accounts, enabling interoperability between on-chain and off-chain assets. On its first day of launch, the product generated approximately $35-38 million in on-chain trading volume, covering DEXs such as Jupiter and Raydium. According to the latest official data, the total on-chain trading volume of SPCX exceeds $86 million.
Backpack is building a bridge between traditional US 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 assets for on-chain use, trading, or combination. This approach aligns closely with the current RWA narrative and provides clearer use cases and demand support for the BP token.
BP's recent surge is more attributable to the substantial expansion of its platform business than to short-term speculation. Currently, its official website shows that Backpack's total assets under management (nominal value) have rebounded to $390 million.
The team will not receive any tokens unless the company goes public.
Supporting the aforementioned business development is Backpack's BP token, launched in March, and its unique economic structure. The total supply of 1 billion tokens is divided into three phases: In the TGE phase, 25% (250 million tokens) are all airdropped to community users, with approximately 240 million tokens given to participants in the points program and 10 million tokens given to Mad Lads NFT holders. At launch, the team, founders, and investors receive no tokens. In the Pre-IPO phase, 37.5% is linked to growth triggers such as platform regulatory milestones and product launches, and will continue to be distributed to users after unlocking. In the Post-IPO phase, 37.5% goes into the company's treasury and is locked for at least one year after the IPO, with the team benefiting only through equity rather than tokens.
The most attention-grabbing mechanism is the equity conversion design: users who stake BP for at least 1 year will gain the right to convert their tokens into company equity during the company's IPO or acquisition. After the initial unlock, the bonus increases with the holding period up to the 4th year.
In addition, staking offers benefits such as tiered discounts on transaction fees, additional yield on USD collateral, free wire transfers, and Backpack Card priority. Currently, approximately 66% of the circulating supply (about 165 million USD) has been staked.
While the airdrop was technically executed smoothly, it sparked community discussion. Supporters argued that the "no insider TGE allocation" model was radical, and that the points system genuinely rewarded trading and ecosystem participation. Criticism focused on Sybil's strict filtering mechanism, which resulted in some long-term users having their points removed, leading to a lower-than-expected actual distribution, and the significant profit-taking during the price correction after launch. CEO Armani Ferrante publicly denied allegations that the team sold off the TGEs through the OTC market.
These controversies have impacted market sentiment in the short term, but as real products like Backpack Securities are launched, the focus is gradually shifting from allocation details to the platform's long-term growth and the actual utility of the tokens. BP's staking and equity mechanisms are being re-examined in the context of the platform's expansion into US stock brokerage and tokenized businesses, highlighting their long-term alignment value.
