Backpack (BP) is the native utility token of Backpack Exchange, a centralized cryptocurrency exchange, self-custody wallet, and brokerage business built on Solana. Backpack Exchange also operates Backpack Securities, a unit issuing Solana-based tokenized versions of SEC-registered U.S. equities. BP is issued as an SPL/Metaplex-standard token used within the Backpack platform.
As of 2026-09-02, BP trades at roughly $0.38 with a market capitalization of approximately $96 million.
BP's distinguishing feature is a staking-to-equity bridge that lets holders convert staked tokens into actual Backpack company equity ahead of a future IPO. Holders who stake BP for a minimum one-year lock-up become eligible to convert their tokens at a fixed ratio, drawn from a pool representing up to 20% of the company, shared pro-rata among eligible stakers.
This ties BP's value to Backpack's growing tokenized-equities business: Backpack Securities' "Opening Bell" platform generated $439 million in trading volume and surpassed 10,000 holders within its first week after launching a tokenized SpaceX share in June 2026.
BP functions as a utility and staking token on the Backpack Exchange platform rather than a traditional on-chain governance token.
Its principal utility is staking: holders who lock BP for a minimum one-year period become eligible for a company-equity conversion program tied to a possible future Backpack IPO.
BP has a maximum/total supply of 1,000,000,000 tokens, with roughly 250,000,000 (25%) in circulation as of 2026-09-02.
Supply is inflationary as locked tranches unlock, though capped at 1 billion tokens; token-supply inflation was scored as a medium risk.
BP launched via a token generation event on March 23, 2026 on Solana. The event distributed 25% of total supply (250 million tokens) as a free community airdrop — 24 percentage points to Backpack's points-program participants and 1 percentage point to Mad Lads NFT holders — with no allocation to founders, team, or investors at launch.
The on-chain token contract was deployed on March 14, 2026, nine days before the public launch. Separately, at the company level, Backpack raised a $17 million Series A round in February 2024, led by Placeholder VC, at a reported $120 million valuation.
Backpack (BP) is deployed on Solana as an SPL token using the Metaplex token standard, with 9 decimals.
Backpack does not operate its own blockchain or validator set; BP relies entirely on Solana's existing network infrastructure.
Backpack Exchange was founded by Armani Ferrante (CEO), Tristan Yver, Can Sun, and Tomas Linton.
Backpack is developed and operated by Backpack Exchange, a private company whose brand also covers a self-custody wallet and Backpack Securities, its tokenized-equities issuance arm.
Backpack Exchange holds a Virtual Asset Service Provider license from Dubai's VARA, secured in October 2023, and acquired FTX Europe for $32.7 million in a deal approved by the FTX bankruptcy court and Cyprus's CySEC around January 2025, subsequently operating as "Backpack EU" under the EU's MiFID II framework. As of February 2026, reporting indicated Backpack was raising funding at approximately a $1 billion valuation.
BP has no on-chain DAO or token-holder voting mechanism; it functions as a centralized-exchange utility and staking token rather than a governance token.
Its distinctive governance-adjacent feature is a staking program: BP holders locking tokens for at least one year become eligible to convert them into Backpack company equity, from a pool of up to 20% of the company, shared pro-rata among eligible stakers ahead of a future IPO. Team and investor token allocations are withheld until after that IPO, which Backpack frames as a safeguard against insider dumping.
Backpack Securities' "Opening Bell" platform launched SPCX, a tokenized SpaceX share, on Solana around June 12, 2026, the same day SpaceX listed on Nasdaq. The product generated $439 million in trading volume and passed 10,000 holders within its first week.
No dedicated smart-contract audit of the BP token itself has been identified, as it is a standard Metaplex/SPL token rather than custom code.
At the platform level, Hacken is listed as Backpack's security auditor, conducting periodic reviews. Backpack's "PoRv2" Proof-of-Reserves system uses zero-knowledge proofs and is independently verified daily by OtterSec, with a self-reported reserve ratio of approximately 100.42%.
BP's DEX liquidity was scored as a low risk relative to its market cap, while token-supply inflation was scored as a medium risk, reflecting the large locked-token overhang.