Backpack Exchange Token BP Hits Record High Following SEC Exemption

The native token of Backpack Exchange, BP, reached an all-time high of $1.65 on October 1, 2026, up from below $0.50 in mid-September. The rally follows the US Securities and Exchange Commission's September 17 announcement of an "Innovation Exemption," which allows for limited on-chain trading of tokenized National Market System stocks on qualifying Tokenized Securities Venues (TSVs). The exemption is temporary, lasting five years through September 2031, and imposes a trading volume cap of 0.25% of average daily volume for major stocks. Backpack Exchange, which launched its tokenized US equity trading on July 10, 2026, utilizes a model where users own the underlying shares rather than synthetic products.