Backpack unveiled a token structure on February 9, 2026, under which founders, executives and investors will receive neither tokens nor warrants. The total supply is 1 billion tokens, with 250 million distributed at the token generation event, mainly to users who accumulated points. The remaining supply is split between 375 million tokens released against growth milestones and 375 million reserved for a potential US IPO, with a lockup of at least one year after any listing. Armani Ferrante, Backpack’s founder and CEO, argues that warrants allow insiders to sell into retail demand and that their compensation should instead depend on the company’s equity. Backpack lost approximately $14.5 million in FTX’s 2022 collapse, then acquired FTX Europe for $32.7 million in January 2025 before reaching a $1 billion valuation.
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