Backpack's BP set a record $1.65 on October 1 and trades near $1.03

Backpack Exchange launched its BP token on Solana on March 23, 2026, sending 25 percent of the 1 billion supply to users and none to insiders. BP set a record of $1.65 on October 1 and trades near $1.03 on October 16. The conversion of staked BP into company equity remains a right tied to a future IPO.

Correction, October 7 Earlier versions cited Bitcoin Foundation News for Backpack's July 10 equities market. That article is dated June 3, 2026 and covers the Backpack Securities announcement. The July 10 launch is sourced here to Backpack's own release.

Where it stands

CoinGecko shows BP at $1.032 on October 16, a market cap of $258.1 million and 250 million tokens in circulation, the same count as at launch. The price is up 132.8 percent over 30 days and down 11.8 percent over seven. The all-time low was $0.118 on May 25, 2026. Backpack Exchange, Meteora, Raydium, LBank and MEXC are the largest venues by volume.

The record followed a run of business news. Backpack announced Backpack Securities, a US stock brokerage and tokenization platform, around June 3, when BP jumped 87.3 percent in a day to about $0.27, Bitcoin Foundation News reported. On July 10 it launched a 24/7 market for real US equities, starting with SpaceX, Micron and SanDisk shares that can be converted 1:1 into Solana tokens, according to its release.

Crypto Briefing tied the October 1 record to the SEC's innovation exemption, issued on September 17. It lasts five years, through September 2031, and allows limited onchain trading of tokenized stocks. The outlet put BP's market cap near $375 million. By October 16 the price was about 37 percent lower.

The equity twist and the locked supply

What separates BP from other exchange tokens is the mechanism pointed at the stock market. Backpack has said it wants to be a US-listed company. Backpack Learn says stakers who hold BP for at least a year can buy company equity with tokens through an Equity Exchange program. That makes BP part exchange token, part pre-IPO claim, with the conditions set in Backpack's own documentation.

The launch structure inverts the usual risk. Backpack Learn lists 250 million BP distributed at launch: 240 million to points holders and 10 million to Mad Lads holders.

The other 75 percent splits in two. A tranche of 375 million BP, 37.5 percent, unlocks as Backpack reaches regulatory, product and market milestones. The last 375 million sits in the corporate treasury and stays locked for one year after an IPO. There is no separate team allocation, which is unusual for a team of former FTX and Alameda Research employees, as CoinDesk described Backpack's founders. The supply questions are therefore about the milestone schedule and the equity terms, not a venture cliff in month nine.

Risks and what to watch

The unlock logic on the milestone tranche deserves a read before any sizing decision, because milestone-based unlocks are only as good as the milestones are public. Converting a liquid token into illiquid pre-IPO exposure is also a real trade-off, not a free upgrade. Each new exchange venue is a distribution event, with the usual listing mechanics, and the tokenomics guide covers the checks.

Our Backpack airdrop tracker covers what the points seasons paid. The TGE airdrop is distributed, so any page offering a BP claim today is a drainer wearing a familiar logo.

What to watch:

• Updated terms for the equity conversion or the treasury tranche.
• Milestone unlock announcements from Backpack.
• Any new points season, which would need its own published terms.

This page describes mechanisms and risks. It is not advice to buy or sell.

Not financial advice Listings often spike and then fade once the first wave of buyers is done. Nothing here is a suggestion to buy this token. Check dates on the exchange's own announcement page before trading: schedules slip. Our listing reaction data shows how new listings have typically traded.