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.