BP token jumps 27% on Solana as Backpack launches tokenized SpaceX shares
Backpack’s BP token surged about 27% in a day, reaching around $0.347, after Backpack launched tokenized SpaceX equity on Solana. The launch used ticker SPCX and went live on June 12, the same day SpaceX debuted on the Nasdaq.
SpaceX priced its IPO at $135 per share and raised $75 billion, with the stock opening up roughly 11%–21% intraday. Backpack tapped that hype by mirroring SpaceX equity on-chain so users can trade redeemable shares 24/7.
Trading activity spiked: BP token volume reportedly exceeded $35 million following the SPCX announcement. The article also notes BP had already rallied earlier in June (about +87%), after Backpack announced Backpack Securities, its brokerage-and-tokenization push.
Liquidity for the SPCX launch was enabled via a partnership with Sunrise, which had already routed over $360 million in trading volume through Backpack’s infrastructure before the product went live.
For traders, the key watch items are follow-through and product breadth. The short-term move looks tied to a single catalyst (tokenized SpaceX shares and “IPO attention”). A sustained pipeline of additional tokenized equities would better support a structural re-rating; otherwise, BP’s high-volatility pattern (another +27% after a +87% run) can reverse quickly.
Bullish
The news is bullish because it ties BP token demand to a clear, high-attention real-world catalyst: SpaceX’s Nasdaq debut and the immediate launch of on-chain, 24/7 tradable tokenized SpaceX equity (SPCX) on Solana. Reported follow-through is strong—BP volume reportedly surpassed $35M right after launch—and liquidity was supported via Sunrise routing (> $360M prior volume), reducing friction for new positioning.
For short-term trading, this resembles past “tokenized event” momentum patterns: when a widely watched equity IPO is converted into an on-chain product, retail and momentum traders often chase the ticker, driving sharp one-to-few-day price moves (here: +87% earlier in June and another +27% after SPCX).
For longer-term behavior, the impact depends on whether Backpack Securities can sustain a pipeline of tokenized equities beyond SpaceX. Without follow-on products, elevated expectations can fade and volatility can cut both ways quickly. But if SPCX becomes the start of a broader tokenized-stock lineup, it could support recurring flows and more durable valuation multiples for BP.