Crypto trading platform Backpack Exchange on Monday announced that stakers of its forthcoming Backpack token will be able to earn equity in the exchange, as the company moves toward a potential initial public offering.
“Users that stake the Backpack token for at least a year will have the opportunity to exchange those tokens for equity at a fixed ratio — 20% of the company today,” said Backpack CEO and founder Armani Ferrante in a post to X on Monday.
— Backpack 🎒 (@Backpack) February 23, 2026
Speaking about the equity offering, Ferrante said many past token launches were built on “false promises” of utility — a pitfall he wanted to avoid. Instead, he said he wanted to offer users an alternative token structure showing long-term commitment.
“I came into crypto because I believe it’s going to change the world … But somewhere along the way, amidst the booms, the busts, the moonshots, the decentralization theater, and the straight up scams, we lost our way. I don’t know about you, but I’m just tired of false promises.”
Backpack’s offer would anchor the token’s value to company equity.
Backpack prioritizes users with tokenomics setup
Backpack first announced its plan to launch the Backpack token in a post on X earlier this month.
The tokens are intended to be unlocked in stages as the company moves toward a potential US IPO.
Backpack said 25% of the 1 million-token supply will be unlocked at the Token Generation Event, with the remaining 37.5% released before the IPO, provided Backpack reaches certain milestones, such as regulatory approvals and the launch of new products.
The first 62.5% of Backpack tokens will be distributed entirely to users, while the remaining tokens will be unlocked post-IPO for Backpack’s team members and investors.
Backpack said the tokenomics setup aims to invert a model that usually sees insiders receiving large allocations early, with time-based vesting creating predictable sell pressure on retail users who are often left holding the bag.
Backpack was founded in 2022 by Ferrante, who previously worked at the FTX-linked Alameda Research before the two entities collapsed in November of that year.
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While the Backpack TGE date has not been set, the token-equity announcement comes as Backpack partnered with Securities and Exchange Commission-registered transfer agent Superstate to bring tokenized stocks onchain in October.
Backpack acknowledges its plan isn’t perfect
Ferrante slammed the current state of crypto, stating: “We live in the most centralized era crypto has ever experienced,” and adding: “The more centralized something is, the less meaningful a token is.”
At the same time, Ferrante acknowledged that the token-equity offering would start out relatively centralized but added that plans are in place to progressively decentralize the token as the product evolves.
“I expect the token to represent more than anything a single company has to offer, but in the short run, it’s the best we can do to show our long term commitment to our users.”
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