Markets· ★★★· bullish·

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

  • —BP rose from below $0.50 in mid-September to $1.65 by October 1
  • —BP's market cap is about $375 million with 250 million tokens circulating
  • —The SEC exemption runs five years and caps TSV volume at 0.25% of average daily volume
  • —Staking BP may unlock conversion rights of up to 20% of the company's shares after one year
Why it matters: The SEC exemption opens a legal lane for on-chain trading of tokenized US stocks, strengthening Backpack's position and setting a benchmark for the sector.
#BP
Source: Crypto Briefing
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