Backpack Exchange, the crypto trading platform founded by former FTX and Alameda leaders, is reportedly in talks to raise around $50 million in new financing at a pre-money valuation above $1 billion. Summary Backpack Exchange is reportedly in discussions to raise around $50 million at a valuation exceeding $1 billion, potentially elevating it to unicorn status. CEO Armani Ferrante outlined a tokenomics structure aimed at preventing early insider sell-offs and aligning incentives with long-term product growth. The company has also revealed plans for a 1 billion token supply, with 25% allocated at the token generation event, including community rewards. If completed, the round would cement Backpack’s position in the crypto sector and potentially elevate it into unicorn status, a milestone for a firm still emerging from the post-FTX landscape. The discussions come amid increased investor interest in fintech and crypto startups, and Backpack could parlay the fresh capital into expanding its exchange, wallet, and regulatory footprint globally. The $50 million figure is a baseline, and reports suggest the eventual round size could grow larger. Backpack CEO outlines tokenomics strategy Meanwhile, Backpack CEO Armani Ferrante took to X to flesh out the company’s tokenomics framework ahead of a future token generation event. In the Backpack tokenomics, we have one guiding principle.– Insiders “dumping on retail” should be impossible: no founder, executive, employee, or venture investor should receive wealth from the token until the product hits escape velocity.Of course it begs the question, what… https://t.co/mltBgm5SPu— Armani Ferrante (@armaniferrante) February 9, 2026 Ferrante emphasized that the structure is designed to prevent early insiders from “dumping” tokens on retail investors, with no founders, executives, or venture backers receiving unlockable tokens until the product reaches significant traction, a concept he described as product “escape velocity.” He also highlighted Backpack’s long-term goal of eventually going public in the U.S., signaling ambition beyond private fundraising and into regulated capital markets. According to Ferrante, aligning token incentives with users, not short-term speculation, lays a foundation for sustainable growth and broader global adoption. In a related post on the official Backpack account, the team confirmed elements of its upcoming token issuance plans. This includes a 1 billion token supply at launch and the allocation of 25 % of tokens at the Token Generation Event (TGE), with a portion earmarked for active community participants and points holders.
