equity conversion

Ostium

2026-10-09 14:31:59

Ostium outlines phase-two recovery plan with USDC payouts or equity option

Ostium has published the design of its second-phase recovery plan for OLP holders who suffered losses above 1,000 USDC and did not choose the Convenience Allocation route. The proposal has two tracks. Class A, the default option, would repay users in USDC over time using a proportional share of funds already recovered after phase one, any future recoveries, a dedicated portion of revenue from the Ostium protocol and Gateway, initially set at 50% of Ostium opening fees, and possible partner incentives or revenue-sharing proceeds. Class B, which is optional, would let eligible holders convert losses into Ostium Labs equity during the next priced financing round, with the same share class held by the team and subject to a fixed aggregate cap for participating OLP holders. Ostium said the phase-two portal will go live on Oct. 30. At that point, eligible holders’ unpaid losses will be entered into the Class A recovery contract and become claimable on a pro rata basis as funds are deposited. The company added that detailed mechanics and amounts are still being worked out, and the program is voluntary and does not guarantee full recovery.

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Backpack

2026-07-25 13:09:50

Backpack’s BP token already prices in a $3 billion outcome, valuation note argues

WuBlockchain republished a valuation note by @lasertheend that asks a simple question: what should BP be worth today if its main upside comes from a future equity conversion tied to Backpack’s IPO plan? The note argues that BP’s value is not just about a headline valuation. It depends on staking requirements, the size of the equity pool available to BP holders, the fact that the plan is based on a fixed share count rather than a fixed ownership percentage, and the dilution that could occur before listing. Using the author’s assumptions, a fully earned 17.5% equity-pool entitlement and a $3 billion Backpack valuation imply about $0.84 of nominal equity value per BP. After factoring in 10% to 20% pre-IPO dilution, roughly three years until liquidity, and a 15% annual discount rate for opportunity cost and liquidity risk, that falls to about $0.43 to $0.49 per token today. At a market price of $0.4533, BP appears to imply a final Backpack valuation of roughly $2.8 billion to $3.2 billion. The note uses Bullish as the closest public comparable, while stressing that Backpack is still much smaller in trading volume and does not yet have the same revenue visibility, balance sheet strength, or ancillary businesses.

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