1. What is Backpack offering to its token stakers?

Backpack Exchange says users who stake its upcoming Backpack token for at least one year will be able to exchange those tokens for equity. According to CEO Armani Ferrante, the offer represents 20% of the company at a fixed ratio. The move links token value directly to company ownership.

2. How does this connect to Backpack’s IPO plans?

Backpack is preparing for a potential US initial public offering. The token unlock schedule is tied to milestones such as regulatory approvals and product launches ahead of the IPO. The equity-for-tokens structure positions long-term stakers as potential shareholders.

3. How will the Backpack token supply be distributed?

Backpack said 25% of the 1 million-token supply will unlock at the Token Generation Event. Another 37.5% will unlock before the IPO if milestones are met. The first 62.5% of tokens will be distributed entirely to users, with the remainder reserved for team members and investors post-IPO.

4. Why is Backpack linking tokens to equity?

Ferrante criticised past token launches built on “false promises” of utility. He said anchoring the token to real company equity demonstrates long-term commitment. This structure attempts to avoid speculative token models that lack underlying value.

5. What makes Backpack’s tokenomics different from typical crypto launches?

Backpack says its model inverts the usual insider-heavy allocation structure. Instead of insiders receiving large early allocations with vesting schedules, most tokens initially go to users. The goal is to reduce predictable sell pressure on retail holders.

6. Is this model fully decentralised?

No, Ferrante acknowledged the structure will initially be relatively centralised. However, he said there are plans to decentralise over time as the product evolves. In the short term, the token primarily represents equity exposure to a single company.

7. What risks should token stakers consider?

Stakers must lock tokens for at least one year to qualify for equity conversion. The IPO is not guaranteed, and equity value depends on company performance and regulatory approval. This structure ties token holders directly to corporate execution risk.

8. What is Backpack’s background as a company?

Backpack was founded in 2022 by Armani Ferrante, who previously worked at Alameda Research before its collapse alongside FTX. The company has since positioned itself as a crypto trading platform pursuing regulated growth. It has also partnered with SEC-registered transfer agent Superstate to explore tokenised stocks.

Cryptocurrency

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Backpack offers 20% equity to stakers

Written by Jon CuthbertPublished Feb 24, 2026, 12:00 AM

Backpack Exchange said users who stake its forthcoming Backpack token for at least one year will be eligible to exchange those tokens for equity representing 20% of the company, as it advances plans for a potential US 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 founder and chief executive, Armani Ferrante in a post on X.

Ferrante criticised past token launches built on “false promises” of utility, adding:

“I came into crypto because I believe it's going to change the world … But somewhere along the way … we lost our way,”

Positioning the equity-linked structure as a longer-term commitment to users.

Backpack previously said 25% of its 1 million-token supply will unlock at the token generation event, with a further 37.5% released before the IPO subject to milestones such as regulatory approvals and new product launches, bringing 62.5% of tokens into user hands prior to listing.

The remaining allocation will unlock post-IPO for team members and investors, in a structure the company says inverts traditional tokenomics models that typically prioritise insiders and create predictable sell pressure.

Founded in 2022 by Ferrante, a former Alameda Research executive prior to the collapse of FTX, Backpack has also partnered with SEC-registered transfer agent Superstate to bring tokenised equities on-chain.

Ferrante acknowledged the model begins in a relatively centralised form but said the token is expected to evolve beyond a single-company instrument over time, reflecting a broader debate about ownership, governance and alignment in the crypto sector.