Backpack, a crypto exchange founded by former FTX employees, is reportedly in talks to raise $50 million and has reached a $1 billion valuation, aiming to expand tokenized asset trading and fractional ownership across the U.S. and global markets; co‑founder Armani Ferrante outlines tranche structures to protect retail investors from IPO dilution.

The development matters because Backpack’s tokenization strategy—targeting improved liquidity, transparency, and retail protections—could reshape competitive dynamics and draw regulatory attention in the U.S. and other jurisdictions as the company scales and pursues institutional acceptance.

Backpack says it will issue a 1‑billion‑supply token tied to its U.S. IPO timeline, launching with 25% (250 million tokens) on an undisclosed date, releasing 37.5% (375 million pre‑IPO) upon key milestones such as regional expansion or new products, and locking the remaining 375 million post‑IPO tokens for one year in a corporate treasury; CEO Armani Ferrante writes the guiding principle is that “insiders ‘dumping on retail’ should be impossible.”

Read More: Bankman-Fried Blames Lawyers for FTX Collapse, Says $100B in Value Was Lost

• What valuation did Backpack reportedly achieve and where is it focused? Backpack reportedly reached a $1 billion valuation and is focused on U.S. and global crypto markets.
• What is Backpack’s announced token supply and distribution plan? Backpack plans a 1‑billion‑token supply with 25% at launch, 37.5% pre‑IPO, and 37.5% locked post‑IPO.
• How does the token schedule tie to Backpack’s IPO plans? Token distribution is linked to achieving milestones and a U.S. IPO, with post‑IPO tokens locked for one year.
• Does Backpack’s FTX background affect regulatory scrutiny in the U.S.? Yes; the founders’ FTX ties increase regulatory and industry scrutiny in the U.S.

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