Crypto exchange Backpack has laid out its token allocation and unlock structure, saying 25% of total supply, or 250 million tokens, will be distributed to the community at the token generation event. The company also said insiders will not be able to cash out through tokens before the business goes public.
Under the plan released on Monday, 240 million tokens are reserved for Points holders, while another 10 million tokens will go to holders of the Mad Lads NFT collection. Backpack was co-founded by Solana developer Armani Ferrante and former FTX executive Tristan Yver.
Another 37.5% depends on regulatory and product milestones
Backpack said 37.5% of supply, or 375 million tokens, has been designated as “growth incentives.” Those tokens are tied to preset milestones rather than a fixed unlock date. They are scheduled to unlock in stages only if the company meets targets tied to regulatory compliance, product expansion, and market access.
The remaining 375 million tokens will sit on the company’s balance sheet. Backpack said that pool will remain fully locked for at least 12 months after a successful listing. The exchange added that its core team and early investors hold equity in the parent company, not token allocations, making their financial outcome dependent on whether the company reaches the public capital markets.
IPO path framed as the main route to returns
Ferrante said the structure is designed to block insiders from extracting value before the platform is mature, tying returns to the exchange becoming a large-scale, sustainable, and compliant financial platform. Backpack also said it is aiming for a U.S. listing as it seeks to benefit from clearer regulation and broader recognition of digital assets.
According to Ferrante, Backpack currently serves about 48% of the global market and covers roughly 48% of global trading demand. Instead of pushing rapid geographic expansion first, the company said it has focused on securing regulatory licenses across jurisdictions. Backpack also plans to move deeper into traditional finance by adding banking infrastructure, fiat accounts in major markets, and securities trading features.