Crypto trading platform Backpack is reportedly closing in on unicorn status through a new funding round.
According to an Axios report, the former FTX-linked exchange is in advanced talks to raise $50 million in fresh funding at a $1 billion pre-money valuation.
The potential capital raise comes as Backpack lays out a structured and long-term-oriented tokenization framework.
Backpack to launch native token with $1B supply
According to co-founder and CEO Armani Ferrante, the exchange’s native token will have a total supply of 1 billion units, with 25%, or 250 million tokens, slated for release at a forthcoming Token Generation Event.
A significant portion of this tranche will be allocated to early participants in the Backpack Points program, while 10 million tokens have been earmarked for holders of the Mad Lads NFT collection, the project’s original cultural touchpoint.
The remaining 75% of the supply will be split into two equal tranches of 375 million tokens each.
The first half will gradually unlock “pre-IPO,” contingent on the company achieving measurable milestones such as entering new markets or rolling out major product features.
Meanwhile, the second half will remain locked in a corporate treasury until at least one year after a public listing, forming a “post-IPO” tranche designed to reward long-term success rather than speculative hype.
Ferrante stressed that the token structure is meant to align incentives between the company and its community, rather than enrich insiders prematurely.
“Not a single founder, executive, team member, or venture investor has been given a direct token allocation,” Ferrante said.
“It’s not until the company goes public—or achieves another equity exit event—that the team earns any wealth from this project.”
According to Ferrante, the underlying goal is to ensure that wealth distribution only occurs after the exchange demonstrates “escape velocity,” with product traction and real adoption paving the way for broader access to capital markets.
Backpack emerges from FTX’s ruins
Backpack’s roots stretch back to 2022, when Ferrante and co-founder Tristan Yver, both former Alameda and FTX employees, launched the project as a self-custodial wallet focused on “executable NFTs” (xNFTs).
However, those plans were nearly derailed when the team lost $14.5 million, or 88% of its operational treasury, following the FTX bankruptcy.
Subsequently, in 2023, Backpack launched the Mad Lads NFT collection, which quickly gained traction within the Solana ecosystem and laid the cultural foundation for what would become the Backpack Exchange.
Since its launch in late 2023, Backpack has quickly expanded both its user base and regulatory reach.
After securing a VASP license from Dubai’s VARA, the firm went on to acquire FTX EU in 2024, providing access to a MiFID II-compliant framework across Europe.
That same year, it closed a $17 million Series A round led by Placeholder VC, with participation from Robot Ventures, Wintermute, Selini Capital, and others, and has since scaled aggressively, reportedly processing over $60 billion in trading volume throughout 2024.
In addition to spot and derivatives trading, Backpack has begun moving into adjacent sectors, including prediction markets, on-chain lending, and tokenized US equities through a partnership with Superstate.
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