On June 15, the Backpack exchange token BP briefly surged by over 30%, trading at $0.475. Although it fell back to $0.4310 on June 16, the gain over the past half month still exceeded 150%. Starting this month, the Backpack Securities platform offers regulated U.S. stock brokerage services, and tokenized SpaceX share products SPCX have also launched on Solana.
BP Token Price Trend: Three Key Time Points
Based on price data confirmed by reports:
March 2026 (TGE): BP completed the token generation event (TGE) on Solana, with a total supply of 1 billion tokens and an initial circulating supply of 250 million; after listing, it briefly reached a high point and then quickly fell back, with the maximum single-day decline once exceeding 40%
June 2, 2026 (Backpack Securities Announcement): BP surged over 80% in a single day from roughly the $0.14–$0.15 range, rising to about $0.27; the market cap neared $70 million
June 12, 2026 (SPCX Launch): Further increased by about 27% within 24 hours, rising above $0.347
June 15, 2026: Traded at $0.475, up again by over 30% in 24 hours
Backpack Securities and SPCX: Business Details
Backpack Securities (announced June 2): Provides regulated U.S. stock brokerage services, while also supporting tokenization of traditional stocks and their circulation on the blockchain; initial tokenized products are launched on the Solana ecosystem through a partnership with Sunrise; brokerage services are planned to roll out gradually in June.
SPCX (launched June 12): 1:1 pegged to real SpaceX shares, supporting 24/7 on-chain trading; can be redeemed back to traditional brokerage accounts via Backpack brokerage accounts; on the first day, on-chain trading volume was approximately $35 million to $38 million; as of the time of reporting, cumulative on-chain total trading volume of SPCX exceeded $86 million.
BP Tokenomics: Confirmed Equity-Conversion Mechanism and Staking Data
According to statements from Backpack, the confirmed token allocation structure is:
TGE Stage (25%, 250 million tokens): Airdropped to the community; about 240 million tokens to participants in the points program, 10 million tokens to holders of the Mad Lads NFT; at launch, the team, founders, and investors receive 0 token allocation
Pre-IPO Stage (37.5%): Enter the company treasury, locked in for at least one year after the IPO; the team benefits only through equity rather than tokens directly
Equity-Conversion Design (confirmed mechanism): Users who stake BP for at least 1 year are entitled to have tokens converted into company equity when the company IPOs or is acquired; after the basic unlock, bonuses increase with holding duration up to the 4th year.
Staking Ratio (as of the time of reporting): About 66% (about 165 million tokens) of the circulating supply has been staked.
FAQ
What is SPCX, and what is its relationship with real SpaceX shares?
According to Backpack’s official statement, SPCX is a tokenized product that is 1:1 pegged to real SpaceX shares. It launched on Solana and supports 24/7 on-chain trading. Holders can redeem through Backpack brokerage accounts back to traditional brokerage accounts, enabling interoperability between on-chain and off-chain assets. On the first day of launch (June 12), on-chain trading volume was approximately $35 million to $38 million; as of the time of reporting, cumulative volume exceeded $86 million.
How exactly does BP’s equity-conversion mechanism work?
According to Backpack’s official statement, users who stake BP for at least 1 year will be entitled to have tokens converted into company equity when the company IPOs or is acquired. The conversion bonus increases with the holding period up to the 4th year. Staking also provides additional benefits such as tiered discounts on transaction fees, an extra yield rate on USD collateral, free wire transfers, and priority access to the Backpack Card.
Why did BP drop quickly after it launched during the TGE period?
According to the article, during the TGE stage, 25% (250 million tokens) were airdropped to the community. After the listing, there was strong pressure to realize profits, leading to a maximum single-day decline of over 40%. Criticism from the community includes: the Sybil filtering mechanism is relatively strict, and some long-term users’ points were removed. CEO Armani Ferrante publicly denied allegations that the team sold tokens via over-the-counter (OTC) transactions.
