Backpack Exchange’s native token BP reached an all-time high of $1.65 on October 1, 2026, more than tripling from levels below $0.50 in mid-September. The rally was driven by the SEC’s Innovation Exemption issued on September 17, which permits limited on-chain trading of tokenized US stocks for five years, with trading volume capped at 0.25% of average daily volume. The token has a market capitalization of approximately $375 million with about 250 million tokens in circulation out of a fixed total supply of 1 billion. Backpack built infrastructure allowing users to own actual shares rather than synthetic products and controls roughly 73% of issuer-level DEX volume in tokenized equities despite holding only about 5% of supply share.
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