Backpack Exchange’s BP token hits new all-time high of $1.65 after SEC exemption

Backpack Exchange’s native token, BP, hit an all-time high of $1.65 on October 1, 2026. In mid-September it was trading below $0.50. The catalyst was regulatory. On September 17, the US Securities and Exchange Commission issued what it calls the “Innovation Exemption,” which permits limited on-chain trading of tokenized stocks. For an exchange that has spent months building a business around exactly that, the timing was close to ideal. What the SEC actually approved The exemption applies to qualifying Tokenized Securities Venues, or TSVs. These venues can offer limited on-chain trading of tokenized National Market System stocks. NMS stocks are, roughly, the shares listed on major US exchanges that most investors think of as “the stock market.” The relief is conditional and temporary. It runs for five years, through September 2031. It also comes with tight limits. Trading volume on a TSV is capped at 0.25% of the average daily volume for major names. BP’s run, by the numbers BP went from sub-$0.50 levels in mid-September to $1.65 at its October 1 peak. That is more than a threefold move in roughly two weeks. The token carries a market capitalization of approximately $375 million. Ci...