Behind the BP double: Backpack moves from exchange to chain issuer

Todju, the gold fortune.

Summary:On September 21, 2026, Backpack’s original token BP continued its recent upward trend, with a 24-hour increase of more than 42% and updating historical heights. The rise was linked not only to the overall warming of the encryption market, but also to the expansion of Blackpack’s dollarization stock operations, which coincided with the SEC’s encrypted New Deal.

I. The crazy BP

According to Coin Market Cap, the BP rose to a maximum of $0.93 today and a maximum of 42.82 per cent for 24 hours. As at the time of submission, the BP reported $0.9287, an increase of 86.92 per cent on 7 days.

The BP has not always been strong, and until 18 September, the BP had been convulsing below $0.5 million. Since 18 September, the BP has started a mode of escalation, which has doubled.

What's a BP?

According toBP Network of OfficialsBP is the original currency of Backpack Exchange on the Solana chain. The total supply is fixed at 1 billion, without pre-sold, to support pledge for equity. Backpack currently consists mainly of three main operations: Backpack Exchange, Backpack Wallet, Mad Lads.

BP has four main uses in the Backpack and Solana ecosystems: trading, pledgeing and chain application, autonomous hosting.

• Pledge:Through participation in the Backpack Participants Scheme (Backpack Participant Program) the BP, users can unlock several platform interests, including fee discounts, wire transfer concessions and eligibility to participate in the Equity Exchange programme.

• Transactions:BP is already on-line spot transaction (BP/USD) in Backpack Exchange, where the user can buy, sell or hold it like any other asset on the platform.

• Solana Eco-application:As a token based on Solana, BP compatible with various chain applications in the Solana ecosystem.

• Autonomous hosting:BP can be stored in any compatible Solana wallet (including Backpack Wallet) to enable users to take full control of their assets outside the exchange.

The total supply of BP tokens is 1 billion, distributed in three phases to match the long-term growth of the platform. The team will not receive any currency unless the company successfully conducts its first public collection (IPO).

• TGE (Generation):25% (250 million BPs). Completed. Air drops to score holders (244 million BPs) and Mad Lads NFTs (10 million BPs) at project start-up.

• Pre-IPO phase:37.5 per cent (375 million BP). In progress. As Backpack reaches the milestones of regulation, product and market, this currency will be gradually unlocked.

• Post-IPO phase:37.5% (375 million BP). Locked. Held as a company's treasury reserve, fully locked within one year after IPO. There is no separate team allocation.

From exchange tokens to chain dealers

1.Backpack Exchange

Backpack's original core business was its cryptocurrency trading platform Backpack Exchange.

Backpack Exchange is a secure asset trading platform for users worldwide, providing products such as spot, durable contracts, bonds and so forth, while supporting multiple assets and transaction pairs.

According to official data, as of February 2026, Backpack ' s cumulative transactions had exceeded $400 billion and covered more than 150 countries and territories.

Over time, traditional financial assets have gradually entered the blockchain and Backpack has begun to further expand its operations to equities and tokenized securities.

2.Backpack Securities

Backpack was launched in June 2026.Backpack Securities Public Survey。

After the platform went online, the BP experienced a surge. At one point, it rose from less than $0.3 to about $0.68, approximately 2.27 times the original level.

Backpack Securities is a security platform for the placement of crypto assets and traditional securities transactions into the same account system. Users can trade shares and ETF directly on the Backpack platform without jumping to traditional voucher dealers. Backpack official currently explicitly places stocks, ETFs, crypto assets and durability contracts in the same account system, emphasizing “one account”.

Backpack Securities achieve real ownership through traditional brokering platforms; Primary distribution of block chains through monetization; (c) Achieving unified capital through the Backpack portfolio infrastructure. Backpack Securities will go online to provide trading services for 5 days a week, 24 hours a day, immediate execution, mobility of traditional exchanges and seamless access to funds through French and stable currency in conjunction with US stock and ETF transactions. In addition, Backpack securities include US shares and emerging markets such as Europe and Korea ETF.

On September 19, Blackpack issued a tokenized stock DEX trading volume of $193.3 million over the same seven-day period, with the highest increase among its kind. Coinbase ranked second, with an additional $106.1 million in transactions, st0x ranked third with an increase of $38.6 million, and the liquidity gap between trades on different distribution sides of the monetized stock track was further evident.

Backpack has since continued to expand the range of tokenized securities by launching assets such as SpaceX (SPCX), Micron Technology (MU) and, more recently, forward Industries (FWDI).The Backpack official saysSPCX, MU and FWDI can be converted from their corresponding real shares and traded 24/7 on Solana.

This means that Backpack’s business boundaries are extending further from traditional crypto asset transactions to securities trading and chain finance. From encryption exchanges, to stock trading, to tokenized securities, Backpack is trying to integrate traditional financial assets into the same infrastructure as the encryption market.

iv. SEC Encrypted New Deals Catalyzing BP Rising

The current boom in the BP is a catalyst for the launch of an encrypted New Deal by the US SEC.

On 17 September, the United States SEC issued an “innovation exemption” to provide temporary and conditional regulatory exemptions for eligible Tokenized Securities Venues (TSV) to enable them to trade in monetized NMS shares under a specific framework. The Commission states that this exemption allows for the use of automated market and some monetized shares in the transaction of liquid pools at eligible chain trading sites, while providing corresponding regulatory exemptions to relevant liquidity providers. The exemption is for a period of five years.

According to the Chairman of SEC, Paul Atkins, eligible token shares need to represent real equity in securities and provide holders with the same rights as traditional securities, including access to dividends and exercise of voting rights; issuers can also challenge whether their shares are entering the relevant trading premises on the chain.

Backpack's monetized securities emphasize real security support and one-to-one convertibility mechanisms, which are compatible with USSEC's “real securities uplink”.

Details are available"5 Question 5 Answers to US SEC Committee member Hester Peirce interprets the Council ' s innovation exemption policy"

V. Summary

When the BP booms, there is widespread concern that the BP will go up again and how long will this turn take.

For BPs, the continuation of the follow-up scenario will still require observation of a number of factors, including the continued growth in the Blackpack currency stock exchange volume, the continued expansion of more portfolio assets, user size and eco-applications, as well as whether these business growth ultimately leads to a greater picture of BP use and value capture capacity.

In short, the BP boom is not a mere token of currency, but rather a market that is re-pricing the expectations of Backpack’s transition from an encrypted trading platform to a chained financial infrastructure.