The token structure is designed to prevent insiders from profiting ahead of users
Crypto exchange Backpack says it plans to introduce a new token with a total supply of 1 billion, tying its release schedule to the company’s long-term goal of going public in the United States. The announcement was shared yesterday on X and positions the token as part of a broader IPO-focused strategy rather than a quick launch.
In the Backpack tokenomics, we have one guiding principle.
– Insiders "dumping on retail" should be impossible: no founder, executive, employee, or venture investor should receive wealth from the token until the product hits escape velocity.
Of course it begs the question, what… https://t.co/mltBgm5SPu
— Armani Ferrante (@armaniferrante) February 9, 2026
The rollout would begin with 25% of the total supply, or 250 million tokens, becoming available on a future date that has not yet been announced. Backpack said this initial release is only the first step in a multi-stage distribution plan connected to company growth.
Another 37.5% of the supply, equal to 375 million tokens, would be unlocked before an IPO once certain milestones are reached. These milestones could include entering new markets or releasing additional products. The remaining 375 million tokens would stay locked until at least one year after the company goes public and would be held in a corporate treasury.
Backpack’s IPO ambitions come as reports suggest the company is in talks to raise $50 million at a $1 billion pre-money valuation. If completed, the round would place Backpack among a small group of crypto firms reaching that level during a cautious funding climate.
Co-founder and CEO Armani Ferrante said the token structure is designed to prevent insiders from profiting ahead of users. He stressed that no founders, executives, employees, or venture investors have received direct token allocations. Instead, the team holds equity in the company.
Ferrante added that wealth creation for insiders would only occur after a public listing or similar equity event. Backpack, founded in 2022, was built by former FTX employees, including Ferrante, US strategy lead Tristan Yver, and former FTX general counsel Can Sun.
