Backpack (BP) Price Today

Backpack's all-time high is $0.7832, reached on June 21, 2026. At today's price of $0.3703, BP trades 52.7% below that peak. Its lowest recorded price was $0.1179 on May 25, 2026.

Over the past 30 days BP has moved −39.63% and over the past 90 days +134.07%.

Circulating supply is 249,999,845 BP , against a maximum supply of 1,000,000,000 BP. Only 25% of the 1 billion BP supply circulates. A further 37.5% unlocks as Backpack hits business milestones, and the final 37.5% is treasury-locked until at least a year after any potential IPO.

What moves Backpack's price

• Exchange growth and new product lines are the demonstrated catalyst. BP rose roughly 87% in early June 2026 when Backpack announced Backpack Securities, its US brokerage and tokenisation arm, and a further 27% in a single day when tokenised SpaceX equity went live on Solana. On 10 July 2026 Backpack launched 24/7 trading of tokenised US equities, starting with SpaceX, Micron and SanDisk, backed 1:1 by shares held in US custody.
• The utility is real but limited — and there is no revenue share. Staking BP cuts maker and taker fees on spot and perpetual futures, reduces or waives withdrawal fees, and grants priority allocation in launches. Backpack's own programme FAQ states there is no yield and no passive reward, and its documentation contains no fee burn, no buyback and no revenue share. BP does not capture a share of the exchange's fee income — any claim that it does is unsupported.
• The equity-conversion option is the token's most unusual feature. After one continuous year of staking, qualifying BP can be elected into equity of the Backpack companies through special-purpose vehicles — but only if a 'Backpack Exit Event' (an IPO, merger or acquisition) actually occurs. Backpack describes the aggregate as up to 20% of the company. That ties BP to a corporate exit that has not happened, rather than to day-to-day fee flow.
• The FTX inheritance and regulatory standing, stated factually: Backpack acquired FTX EU — and its MiFID II licence — for $32.7 million, against the $323 million FTX itself had paid for the business in 2021. CySEC approved the change of control in December 2024 and Backpack EU launched on 8 September 2025 after repaying former FTX EU customers. In January 2025 the FTX estate publicly disputed the share transfer, stating that FTX EU's share capital was still held by an FTX subsidiary; Backpack responded with a documented chain of title. Its exchange entity, Trek Labs Ltd FZE, holds Dubai VARA licence VL/23/07/001, which covers spot trading only — not futures or margin in the UAE.
• The unlock schedule works against good news. Only 25% of supply circulates; a further 37.5% is released to users as Backpack hits milestones such as regulatory approvals, new market entry and new products — meaning the very events that would otherwise be bullish mechanically increase the float. The remaining 37.5% sits in treasury, locked until at least a year after a potential IPO.
• Thin liquidity and Solana-ecosystem beta: BP is a Solana SPL token whose deepest venues are Backpack's own exchange and the Solana DEX Meteora, with roughly $2.9 million of 24-hour volume against a market capitalisation near $150 million. A thin order book amplifies moves in both directions.

About Backpack

Backpack was founded by Armani Ferrante, a Solana developer known for creating the Anchor smart-contract framework and, through his company Coral, the Mad Lads NFT collection, whose mint funded the company at a critical moment and showcased the Backpack wallet. Ferrante's earlier career includes Alameda Research: he was an early hire in 2018, a few months before the firm's official launch, and briefly returned in September 2020 to work on Solana projects including Serum. Backpack the exchange was reported in November 2023 as being started by former FTX and Alameda staff, raised a $17 million Series A, and operates through Trek Labs Ltd FZE under a Dubai VARA licence covering spot trading.

Backpack's European business is literally FTX's old one. FTX sold FTX EU to former insiders in early 2024 with bankruptcy-court approval; Backpack then bought it from those parties for $32.7 million, and CySEC approved the regulatory change of control in December 2024. Backpack took on responsibility for repaying former FTX EU customers, opened a claims process, and launched Backpack EU on 8 September 2025. The BP token generation event followed on 23 March 2026, distributing a quarter of the supply directly to users. The launch was rocky: the token fell steeply within days, the airdrop's undisclosed anti-Sybil filtering drew sustained criticism after point balances were slashed or zeroed — with Chinese-speaking communities disproportionately affected, something Ferrante conceded was too rigid — and the Mad Lads NFT floor price fell more than 40% afterwards. Ferrante publicly denied that the company was selling its own tokens over the counter.

BP tokenomics

BP has a total supply of 1,000,000,000 on Solana, of which 25% — 250 million — was released at the 23 March 2026 launch and distributed entirely to users: 240 million to participants in Backpack's points programme and 10 million to Mad Lads NFT holders, with the company stating that no founders, employees or venture investors received tokens at the event. The remaining 75% splits in two: 375 million (37.5%) of pre-IPO growth unlocks, released to users only as Backpack hits measurable milestones such as regulatory approvals, new-market access and new products; and 375 million (37.5%) held in company treasury and locked until at least one year after a potential IPO. Utility is benefit-based rather than cash-flow-based: staking BP unlocks reduced trading and withdrawal fees, priority allocation in launches and early product access, with explicitly no yield or passive reward. After one continuous year of staking, qualifying tokens can be elected into equity of the Backpack companies through special-purpose vehicles if an exit event occurs — the company summarises the aggregate as up to 20% of itself. There is no fee burn, buyback or revenue share.