Backpack, created by FTX alumni, announces the issuance of 1 billion of its own tokens via an IPO.
Backpack, a cryptocurrency exchange founded by former FTX members, announced plans to issue 1 billion of its own tokens. The token supply will be tied to the initial public offering (IPO) schedule, and the exchange added that it aims to prevent insiders from unilaterally dumping their holdings on the market.
Backpack announced on Monday via its official X (formerly Twitter) that 250 million tokens, or 25% of the initial 1 billion supply, will be released into circulation. The exact launch date has not yet been revealed. The remaining 375 million tokens, or 37.5% of the total supply, will be released "upon the achievement of key performance indicators," which are described as major business expansion milestones such as entering new regions or launching new products.
The remaining 375 million 'post-IPO' tokens will be locked up for up to one year after listing and held in the treasury in accordance with the company's financial strategy.
This announcement is drawing attention as it coincides with Backpack's new investment attempt, as reported by Axios. According to the report, Backpack is currently in negotiations to raise $50 million (approximately KRW 72.9 billion) at a pre-money valuation of $1 billion (approximately KRW 1.4582 trillion). If successful, Backpack would emerge as a new unicorn (a startup valued at over KRW 1 trillion) in the crypto industry.
"Insider exit strategy blocked...No token profit until IPO."
Backpack co-founder and CEO Armani Ferrante stated in a separate X post the same day that the central principle of the token unlock policy is to “prevent insiders from dumping on retail investors.”
He previously worked as an early member of Alameda Research. Ferrante emphasized, "Neither the Backpack team nor any of our investors will gain wealth from the token until the actual product reaches market orbit." Ferrante defined "reaching orbit" as an IPO, adding, "It could happen sooner, it could happen later, or it could never happen, but we're up for it."
He also explained that "no founder, executive, team member, or investor has received any direct token allocation," and instead, members hold shares in the company. Therefore, he emphasized that Backpack will only realize profits after achieving an IPO or similar equity exit event.
“Only after a company has gone through the difficult and arduous process of qualifying for external market access can it begin to share the value created by the community,” Ferrante said.
Backpack was founded in 2022, and its co-founders include Ferrante, former FTX.US strategy chief Tristan Yver, and former FTX chief legal counsel Can Sun.
Backpack's unique token design and listing-linked model are interpreted as a move conscious of industry criticism of "insider profiteering" following the FTX collapse. It remains to be seen whether the IPO can proceed smoothly and whether crypto growth and corporate value can be truly linked.
💡 "Token design without insider dumping? To see the real deal, you need to look at the structure first."
Tokenomics design, such as lockup structures linked to IPOs like backpacks and insider cashing-out prohibitions, requires analyzing incentive structures and unlock conditions, not simply looking at "supply."
The problem is that this structural analysis is never easy.
TokenPost Academy 's Level 2: The Analyst course develops three-dimensional analytical skills to pinpoint the true value of complex tokens like backpacks.
- Anatomy of Tokenomics: Develop an eye for filtering out "fake polarization pumping" through lockup structures, distribution ratios, insider allocations, and more.
- Fundamental Analysis: We select projects based on real-world usage, such as trading volume, user count, and revenue, rather than simple price.
In 2026, the ability to identify real opportunities without being swept away by market trends will be given to investors who can interpret "data."
Start with TokenPost Academy , where you'll learn practical, not theoretical, training.
Curriculum : A 7-step masterclass covering everything from the basics to token structures, on-chain, DeFi, and futures options.
Benefit : First month free event in progress!
Go to : https://www.tokenpost.kr/membership
TP AI Precautions
This article was summarized using a TokenPost.ai-based language model. Key points in the text may be omitted or inaccurate.
Get real-time news... Go to TokenPost Telegram
Copyright © TokenPost. Unauthorized reproduction and redistribution prohibited.
