Backpack, a crypto exchange founded by former FTX employees, has announced plans to launch a token with a total supply of 1 billion, with its distribution closely linked to the company’s ambition to go public in the United States.
In a post on X on Monday, Backpack said the token rollout would begin with 25% of the total supply—250 million tokens—becoming available on a launch date yet to be announced.
An additional 37.5%, or 375 million pre-IPO tokens, would be unlocked upon reaching “key milestones,” which co-founder and CEO Armani Ferrante said could include expanding into new regions or releasing new products.
The remaining 375 million post-IPO tokens would stay locked until one year after the company completes its public listing, with those tokens held in the firm’s corporate treasury.
The IPO push follows an Axios report on Monday that Backpack is in talks to raise $50 million at a $1 billion pre-money valuation, a deal that could make it the crypto sector’s newest unicorn.
Ferrante added in a separate X post that the guiding principle behind the token unlock structure is to ensure that insiders “dumping on retail” is impossible.
Ferrante, who previously worked at FTX-linked Alameda Research, said that neither the Backpack team nor its investors should benefit from the token “until the product hits escape velocity,” which he defined as the company completing an initial public offering.
“Going public might happen quickly, it might happen slowly, or it might not happen at all,” Ferrante said. “Either way, we’re committed to pursuing it.”
He emphasized that no founders, executives, employees, or venture investors have received direct token allocations, noting that the team’s ownership is instead tied to equity in the company.
“It’s only when the company goes public—or experiences another type of equity exit—that the team can realize any financial upside from the project,” Ferrante added.
He said this structure ensures the team earns rewards only after “doing all the hard work” required to access public markets, allowing value created by the Backpack community to accrue before insiders benefit.
Backpack was founded in 2022 by Ferrante alongside former FTX.US strategy lead Tristan Yver and former FTX general counsel Can Sun.
