Backpack Exchange’s BP token hits new all-time high of $1.65 after SEC exemption

Backpack Exchange’s native token, BP, hit an all-time high of $1.65 on October 1, 2026. In mid-September it was trading below $0.50.

The catalyst was regulatory. On September 17, the US Securities and Exchange Commission issued what it calls the “Innovation Exemption,” which permits limited on-chain trading of tokenized stocks. For an exchange that has spent months building a business around exactly that, the timing was close to ideal.

What the SEC actually approved

The exemption applies to qualifying Tokenized Securities Venues, or TSVs. These venues can offer limited on-chain trading of tokenized National Market System stocks. NMS stocks are, roughly, the shares listed on major US exchanges that most investors think of as “the stock market.”

The relief is conditional and temporary. It runs for five years, through September 2031.

It also comes with tight limits. Trading volume on a TSV is capped at 0.25% of the average daily volume for major names.

BP’s run, by the numbers

BP went from sub-$0.50 levels in mid-September to $1.65 at its October 1 peak. That is more than a threefold move in roughly two weeks.

The token carries a market capitalization of approximately $375 million. Circulating supply sits at about 250 million tokens.

Total supply is fixed at 1 billion BP. Only about a quarter of that is currently circulating, which matters for anyone watching future dilution.

BP launched on March 23, 2026. At launch, 25% of the supply was airdropped to the community, with no insider allocations.

Why Backpack is in the spotlight

Backpack did not wait for the SEC to start building. On July 10, 2026, it launched round-the-clock trading of tokenized US equities backed by real shares.

The distinction is important. Many tokenized stock products are synthetic, meaning they track a price without giving holders the underlying asset. Backpack’s model is designed so users own actual shares.

That infrastructure runs through Backpack Securities, a venture of Backpack Exchange. It has also partnered with platforms like Sunrise on Solana to support the trading model.

Initial listings include tokenized equities tied to SpaceX, Micron, and SanDisk.

The exchange has also punched above its weight in on-chain markets. In some periods, Backpack has controlled around 73% of issuer-level DEX volume in tokenized equities. It has done so with only about 5% of the supply share in the category.

What BP holders actually get

BP is more than a ticker for speculation. The token can be staked for fee discounts on the exchange.

More notably, staking may unlock potential equity conversion rights. After one year, those rights could reach up to 20% of the company’s aggregate shares. The research describes this as a potential conversion right tied to an IPO, not a guaranteed claim on equity today.