Backpack’s native BP token jumped roughly 27% in a single day, climbing to $0.347 as the platform rolled out tokenized SpaceX equity on the same day Elon Musk’s rocket company debuted on the Nasdaq.

The timing was, to put it mildly, not accidental. Backpack Securities, the exchange’s newly formed financial arm, launched its tokenized SpaceX product, ticker SPCX, on June 12, giving users around-the-clock access to trade redeemable SpaceX shares directly on the Solana blockchain.

What actually happened

SpaceX priced its IPO at $135 per share, raising a staggering $75 billion in what became the largest public offering on record. The stock opened with intraday gains ranging from 11% to 21%, instantly making it one of the most watched tickers on the planet.

Backpack rode that wave of attention by launching its on-chain mirror of SpaceX equity simultaneously. BP token trading volume surged past $35 million on the back of the announcement, a massive spike for a token that only came into existence in late March.

Here’s the thing: this wasn’t BP’s first rodeo this month. The token had already rallied approximately 87% earlier in June after Backpack announced the creation of Backpack Securities as both a stock brokerage and tokenization entity.

The SPCX product itself is designed to let traders buy and sell redeemable SpaceX equity 24 hours a day, seven days a week. Liquidity for the launch was enabled through a partnership with Sunrise, which had already routed over $360 million in trade volume through Backpack’s infrastructure prior to this specific product going live.

The Backpack backstory

Backpack was founded by former FTX personnel and is built on Solana. The BP token launched on March 23, 2026, with a total supply of 1 billion tokens. A quarter of that supply, 250 million tokens, was airdropped to users at launch to bootstrap engagement within the ecosystem.

What this means for investors

The $35 million in BP trading volume and the $360 million routed through Sunrise suggest genuine market interest. That said, a token that can rally 87% and then another 27% in the same month can also move violently in the other direction.

Traders watching BP should keep an eye on whether Backpack Securities expands its tokenized equity offerings beyond SpaceX. A single product launch can generate a spike. A sustained pipeline of tokenized assets is what would justify a structural re-rating of the token’s value.