Backpack, a crypto exchange and wallet project founded by former FTX employees, has reportedly reached unicorn status as it enters talks to raise $50 million at a $1 billion pre-money valuation, according to Axios. The potential funding round follows the company’s recent unveiling of a tokenization strategy designed to align long-term incentives and limit dilution for retail participants.
The proposed model allocates 37.5% of a total 1 billion exchange tokens to a post-IPO company treasury, a structure co-founder Armani Ferrante said is intended to prevent “dumping on retail” and ensure the team only realizes value after a public listing or comparable equity exit. Another 37.5% of the supply is set to circulate pre-IPO, tied to measurable milestones such as geographic expansion and new product launches.
While Backpack has not announced a date for its token generation event, it confirmed plans to airdrop 250 million tokens to early supporters, including participants in its Backpack Points program, with an additional 1 million tokens reserved for Mad Lads NFT holders. The exchange currently operates as a regulated spot and derivatives platform, alongside a multi-chain wallet, and has expanded into lending and prediction markets.
Backpack was founded in late 2023 by the team behind the Mad Lads NFT collection, including Ferrante, a former Solana developer and early Alameda Research employee, and Can Sun, former general counsel at FTX. The company raised $17 million in Series A funding in 2024, led by Placeholder VC, with participation from Robot Ventures, Wintermute and Selini. In 2025, Backpack acquired FTX EU, gaining access to a MiFID II–regulated framework, and is currently headquartered in Dubai, where it holds a VASP license.
Source: Axios, The Block
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