Backpack to Grant 20% Equity to Token Stakers Amid IPO Plans
Crypto exchange Backpack announced on Monday that holders who stake its forthcoming Backpack token for at least one year will be eligible to exchange their tokens for company equity, equal in aggregate to 20% of the firm, as it advances plans for a potential initial public offering. The terms were outlined by CEO and founder Armani Ferrante in a post on X dated February 23, 2026.
Ferrante said the equity option is intended to avoid token models that rely on “false promises” of utility and instead offer a structure signaling long-term alignment with users. The company said the approach would link the token’s value to a direct equity pathway.
Backpack details user-focused tokenomics
Backpack first disclosed plans for the Backpack token earlier this month. The token supply is set at 1 million, with 25% scheduled to unlock at the Token Generation Event (TGE). A further 37.5% is planned to unlock before a potential U.S. IPO, contingent on milestones including regulatory approvals and new product launches, according to the company.
The initial 62.5% of tokens will be allocated entirely to users. The remaining tokens are slated to unlock after the IPO for team members and investors.
Backpack said the structure is designed to reverse a common market dynamic in which insiders receive large early allocations with time-based vesting, creating predictable selling pressure for retail participants.
Backpack was founded in 2022 by Ferrante, who previously worked at Alameda Research before its collapse in November 2022.
The TGE date has not been set. The token-equity update follows Backpack’s October partnership with SEC-registered transfer agent Superstate to bring tokenized stocks onchain.
Backpack outlines path to greater decentralization
Ferrante described the current crypto landscape as highly centralized, stating, “We live in the most centralized era crypto has ever experienced,” and, “The more centralized something is, the less meaningful a token is.” He acknowledged the token-equity model will begin relatively centralized but said the company intends to progressively decentralize the token as the product evolves. He added that, in the near term, the structure is meant to demonstrate long-term commitment to users.
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