Backpack’s native BP token surged approximately 27% in a single session, reaching $0.347. The rally coincided with the launch of tokenized SpaceX equity on the Solana blockchain and Elon Musk’s rocket company debuting on the Nasdaq.
Backpack Securities introduced the tokenized product under ticker SPCX on June 12. This offering provides traders with round-the-clock access to redeemable SpaceX shares directly on-chain. The strategic timing aligned with SpaceX pricing its IPO at $135 per share, raising $75 billion in the largest public offering on record.
Trading volume for BP exceeded $35 million following the announcement. This marks the token's second significant rally this month, having previously climbed 87% after Backpack announced its expansion into stock brokerage and asset tokenization.
The SPCX product enables 24/7 trading of SpaceX equity. Liquidity is supported through a partnership with Sunrise, which has already routed over $360 million in trade volume through Backpack’s infrastructure. Founded by former FTX personnel, Backpack launched the BP token in March 2026 with a total supply of one billion units.
Market participants should monitor whether Backpack Securities expands its tokenized equity offerings beyond SpaceX. While current volumes indicate genuine interest, sustained value will likely depend on a diversified pipeline of on-chain assets rather than a single product launch.