Backpack Exchange stock volume tops $500 million in a week

Tokenized stocks issued through Backpack Exchange ($BP) just had their busiest week on Solana. Backpack Exchange stock volume passed $500 million in seven days, SolanaFloor reported at 2:31 p.m. ET on Monday, citing Blockworks data. Two more names, Microsoft and Alphabet, joined the lineup in the same stretch.

The quick take

Price: $BP $0.977, -1.9% ↓ in 24 hours and -13% ↓ in seven days (CoinGecko, 3:41 p.m. ET).
Trigger: Backpack’s tokenized stocks took more than 62% of weekly tokenized stock volume on Solana DeFi, per SolanaFloor.
Watch: Whether lending apps start to accept Backpack’s stock tokens, where a rival still leads on supply.

What happened

SolanaFloor says Backpack Securities, the issuer behind the stock tokens sold through Backpack Exchange, saw its biggest week yet. Its headline puts weekly onchain volume at $500 million. The article body gives a higher figure, more than $584 million, both from Blockworks data.

The same report puts Backpack’s share of tokenized stock volume on Solana DeFi above 62%. That makes it the most traded issuer in the category for the week.

Backpack also kept adding names. Its blog shows tokenized Meta Platforms on Oct. 22, Amazon on Oct. 23, and Apple and Nvidia on Oct. 24. Posts dated Oct. 27 add Microsoft ($MSFT) and Alphabet ($GOOGL). That is six large U.S. names in about a week.

Backpack describes each new token in plain terms. “Each $MSFT token is tradable 24/7 and redeemable 1:1” for a Microsoft share, its page says. The $GOOGL token follows the same model for Alphabet’s Class A shares.

Why it moved

Volume share and supply share tell two different stories here. SolanaFloor reports that xStocks, a rival issuer, still holds about $480 million of tokenized stock supply on Solana. That is more than 77% of the total, per the same Blockworks figures.

So Backpack’s tokens trade more, while xStocks’ tokens sit in more wallets and pools. SolanaFloor says xStocks assets appear in 11 of the top 20 tokenized stock pools on Solana.

Backpack’s model leans on conversion. Users can turn a share held at Backpack into a Solana token by withdrawing it, and turn it back by depositing the token. Backpack’s pages compare the process to moving a stablecoin.

The new listings add more of the best-known U.S. names to that flow. Each one gives traders another reason to move between the exchange and Solana apps.

Who’s buying and selling

The exchange’s own token did not share in the busy week. $BP trades at $0.977 as of 3:41 p.m. ET, per CoinGecko. It is down 1.9% in 24 hours and 13% in seven days.

The 30-day picture is weaker. CoinGecko shows $BP down 31% over 30 days and 41% below its record high of $1.65, set on Oct. 1. Its market value stands near $244 million.

On-chain trading in the token leans slightly to sellers. The top $BP pool, a Meteora pair against USDC, logged 830 sells and 713 buys over 24 hours, per DEX Screener. The pool holds about $6.5 million in liquidity.

CoinGecko puts $BP trading volume at about $2.4 million over 24 hours. That is small next to the stock-token volume the exchange’s issuer handled in the week.

What to watch next

Lending is the open question. SolanaFloor notes that Backpack’s stock tokens are not yet part of Jupiter Lend or Kamino lending markets. Backpack’s own listing pages name Jupiter and Kamino among apps where the tokens work, but they do not mention lending markets.

A lending listing would let holders borrow against the tokens. That could narrow the supply gap with xStocks, which already sits in more pools.

The other number to track is volume after the new names settle in. One busy week does not show whether traders stay.

Bottom line: Backpack’s stock tokens led Solana’s tokenized stock trading this week, while its own $BP token kept sliding.