{
  "release": "coin-fundamental-evidence-20260927-2.0",
  "cutoff_utc": "2026-09-26",
  "interpretation_rule": "Issuer rules, project activity, token locking and passive-tokenholder cash flow are separate evidence classes. Null means not independently verified, not zero.",
  "symbol": "BP",
  "status": "conditional_program_terms_no_observed_equity_conversion",
  "documented_mechanism": "Backpack publishes a separate active-user, jurisdiction-dependent equity-exchange program; BP ownership alone is not company equity.",
  "operating_observation": {
    "token_genesis_date_utc": "2026-03-23",
    "minimum_stake_days": 365,
    "base_pool_pct_at_reference_date": 12.5,
    "bonus_pool_pct_at_reference_date": 7.5,
    "reference_token_denominator": 625000000,
    "caveat": "20% is a fixed historical share allocation subject to dilution and governing legal terms, not current equity per BP."
  },
  "token_capture_observation": null,
  "missing_series": [
    "Eligible BP actively staked by day",
    "Equity exchange exercises and legally issued shares",
    "BP-related actual fee discounts and exchange revenue"
  ],
  "sources": [
    {
      "url": "https://support.backpack.exchange/exchange/programs/backpack-participant-program",
      "type": "issuer_program_description"
    },
    {
      "url": "https://support.backpack.exchange/legal/general-legal/user-agreement",
      "type": "governing_legal_index"
    }
  ]
}