Backpack's BP airdrop is over. The exchange launched the token on Solana on March 23 and gave 25 percent of the 1 billion supply to points-program users (24 percent) and Mad Lads NFT holders (1 percent). Founders, team members and investors received nothing at launch. No second round has been announced.

Correction, July 4 Until July 4, 2026 this page described Backpack's token as uncommitted and held the tracker at expected. That was our error. BP launched on March 23, and the page has been marked ended since.

Correction, October 7 An earlier version said Backpack went public on Nasdaq in June, citing Crypto Briefing. We cannot support that. The June 12 Nasdaq debut was SpaceX's, and Crypto Briefing's October 1 article still describes BP's equity conversion as a potential right tied to an IPO. We removed the claim.

Where it stands

BP set a record of $1.65 on October 1, more than triple its mid-September level below $0.50, Crypto Briefing reported. The outlet tied the move to the SEC's September 17 innovation exemption, which allows limited onchain trading of tokenized stocks for five years, through September 2031. Backpack has built its business around that product. CoinMarketCap showed BP near $1.08 on October 7, about 35 percent below the peak.

The airdrop status has not changed since our September 6 check, when BP traded near $0.44. We found no new points season, snapshot or claim announced on a Backpack channel, and a late BP claim page remains a drainer.

Figure 01Backpack and BP since the airdrop. Dates and prices are from the sources listed below.

The distribution itself is finished. Backpack Learn lists 240 million BP for points holders and 10 million for Mad Lads holders, 250 million in all. CoinMarketCap's circulating supply is still about 250 million, so the float has not grown beyond the airdrop.

Company news since then has been about the business, not about users. Backpack opened a 24/7 market for tokenized US equities on July 10, starting with SpaceX, Micron and SanDisk shares held 1:1 in US custody and tradable on Solana. On September 2, Kyle Samani of Multicoin Capital joined the board of Backpack US, CoinMarketCap reported, and Backpack Securities has kept adding tokenized instruments, including a GoPro share.

How the supply is structured

Figure 02BP supply by allocation at launch, from Backpack's published tokenomics as reported by CoinDesk and Crypto Briefing. No tokens went to founders, team or investors at inception.

The 75 percent that did not go to users is split between unlocks tied to operational milestones and a treasury tranche originally held against a US IPO. That makes BP closer to a hybrid instrument than a classic exchange token.

Stakers who hold BP for a year may convert tokens into company equity, up to 20 percent of aggregate shares, Crypto Briefing reported on October 1. It described this as a potential right tied to an IPO, not a claim on equity today. We found no sign that Backpack has listed, and no updated terms for how the treasury tranche behaves once it does.

Risks and what to watch

The locked 75 percent is a dilution schedule, not a distribution to farm. Milestone unlocks and treasury movements are price events for holders, not airdrop events for users. The unlock schedule that matters to holders sits on the BP listing page.

The farming question has changed shape. Points seasons that run after launch are loyalty programs with their own terms, and nothing published says they lead to another airdrop. If you trade on Backpack, route only volume you would trade anyway, as our farming guide explains. A closed claim window is also a ready pretext for scams. One loose end: CoinMarketCap's project feed lists a September 26 distribution of BP rewards to eligible wallets. We could not confirm it on a Backpack channel, and it would not reopen the March claim.

What to watch:

  • A Backpack announcement of a new points season or snapshot, with published terms.
  • Updated terms for the equity-conversion right or the treasury tranche.
  • Milestone unlock dates on the BP listing page.

How to position yourself

  1. Accept that the airdrop is over: 25 percent of BP supply went out on March 23 to points-program users and Mad Lads holders. Check eligibility questions only through the official exchange and its claim checker.
  2. Ignore any third-party site that offers a late BP claim. With the distribution finished, every such link is a drainer.
  3. If you keep trading on Backpack, read the current points season's terms inside the product. Seasons that run after the launch are not evidence of a future airdrop.
  4. Track the milestone unlocks: 37.5 percent of supply is released against operational milestones. That is dilution to price in, not a second airdrop to farm.

Reality check None of these steps guarantee an allocation. Teams change criteria late, add anti-sybil filters, and sometimes never ship a token. Only spend time and gas you are fine writing off.