Backpack token surged nearly 80% after the exchange said it will launch Backpack Securities, a stock brokerage and tokenization platform.
Crypto exchange Backpack’s BP token jumped more than 87% after the trading platform said it will launch Backpack Securities, a new arm focused on U.S. stock brokerage and tokenization through crypto rails.
CoinGecko data shows BP currently trades at about $0.27, up 87.3% on the day, with a market capitalization of about $68.4 million.
The price jump comes as Backpack, founded by former FTX employees, said in an X post that it will roll out Backpack Securities over the next week, offering stock ownership through a traditional brokerage platform, blockchain distribution through tokenization, and unified capital through portfolio infrastructure.
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Backpack Token Rallies on Tokenized Stock Plan
Tokenized stock products can differ by who holds the underlying asset, what rights users have and what legal protections apply. Backpack argues its version is tokenized access built on top of real securities ownership, not some synthetic price exposure.
Data from RWA.xyz, a tracker for tokenized real-world assets, shows that the broader tokenized stock market currently stands at about $1 billion across products that are either issued natively on-chain or represented synthetically, with 190,610 holders and $2.3 billion in monthly transfer volume.
The largest platform remains Ondo, a tokenized securities platform, with more than 200 tokenized stock and ETF products worth about $644 million, followed by xStocks, a tokenized equities platform, with 75 products worth about $252 million.
Backpack claims users will be able to transfer tokenized securities on-chain and access them through wallets and DeFi applications, though it’s not clear how widely those DeFi integrations will be available at launch.
Initial tokenized securities will launch on Solana through a partnership with Sunrise, a Solana-based tokenization protocol.
Read more: SEC Prepares Exemption for Tokenized Stocks and Repeals “Gag Rule”
