Backpack CEO Armani Ferrante announced a tokenomics model that excludes direct token allocations for founders, executives, and investors. The company also eliminated token warrants, which typically grant insiders rights to tokens upon network launch. Ferrante stated that the team's financial interests are tied exclusively to the company's equity rather than token holdings.
The total supply of the Backpack token is 1 billion. At the Token Generation Event on March 23, 2026, 250 million tokens were distributed: 240 million to platform participants and 10 million to holders of the Mad Lads NFT collection. The remaining supply includes 375 million tokens for a pre-IPO tranche, which unlock based on growth milestones, and a second tranche reserved for a potential US IPO.
The company has established a mechanism allowing for the conversion of pre-IPO tokens into company equity, with up to 20% of the equity pool linked to these assets. Additionally, the platform introduced staking programs that offer users discounts on service fees.
Backpack reached a valuation of $1 billion in January 2025. In the same month, the firm acquired FTX Europe for $32.7 million. Previously, in 2022, the company lost approximately $14.5 million during the collapse of FTX, which represented about 90% of its capital at that time.
