Most people simply donโt understand what @backpack really is and are comparing solana:BPxxfRCXkUVhig4HS1Lh7kZqV6SPJhzfEk4x6fVBjPCy to other crypto tokens. But that's the wrong framework entirely.
$BP is not competing with $HYPE or ethereum:0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3. It's competing with $IBKR.
Interactive Brokers sits at $165B valuation. It has a hated UX that looks like it was built in 1998. But still the go-to for retail traders who want frictionless access to global markets. Clunky, ugly, complicated. But it works, and that's why it has a near-monopoly.
Backpack is building the same thing, except it abstracts away the clunky and ugly part. Crypto + world wide stocks + perps, all regulated, all on one platform, with a UX that doesn't make you want to close your laptop.
At $161M Circ MC ($640M FDV) vs IBKR's $165B, you're not buying a crypto project. You're buying a pre-IPO bet on the next-gen multi-asset broker at seed-round pricing in an Industry which is blooming like never before but still uses terrible Tools with outdated UX.
The question is whether it's cheap compared to the incumbents it's actually trying to replace, not some crypto tokens.
Strategy has acquired 1,587 BTC for $100 million to increase our $BTC Reserve to โฟ846,842. We have also increased our USD Reserve by $100 million to $1.1 billion. $MSTR $STRC https://t.co/27PYXJN7GD