BP, the platform token of Backpack, climbed above $1.42 early on Sept. 26 and set another all-time high, according to HTX market data. The token was later quoted at $1.297, up 9.2% over the past 24 hours. The move has been tied to continued market interest around the theme that the U.S. Securities and Exchange Commission has approved limited trading of tokenized stocks on on-chain platforms.
Backpack had already outlined its push into this segment earlier this year. On July 10, the company said it would launch a 24/7 market for real U.S. stocks aimed at international investors. Eligible users, it said, would be able to buy, sell, and hold actual U.S. equities around the clock rather than synthetic derivatives.
Backpack also said the platform offers real equity ownership, draws on liquidity from traditional trading venues, and supports instant settlement, continuous price discovery, and settlement in both fiat currencies and stablecoins. The development has kept BP in focus as discussion around tokenized equities continues.
BP, the platform token of Backpack, rose above $1.42 early on Sept. 26 to set a fresh all-time high, according to HTX market data. It was later quoted at $1.297, with a 24-hour gain of 9.2%.
Tokenized stock theme remains in focus
On the news side, BP has continued to draw support from the market theme that the U.S. Securities and Exchange Commission has approved limited trading of tokenized stocks on on-chain platforms.
Backpack had already rolled out a 24/7 market for real U.S. equities
On July 10 this year, Backpack announced a 24/7 trading market for real U.S. stocks for international investors. The company said eligible users would be able to buy, sell, and hold actual U.S. equities around the clock rather than synthetic derivatives.
Backpack said the platform provides real equity ownership and relies on liquidity from traditional trading venues. It also supports instant settlement, continuous price discovery, and settlement in fiat currencies and stablecoins.
For more details, see the report titled: Why Did BP Suddenly Rise? Backpack Is Gaining a New Valuation Logic.
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