Backpack (FTX Alumni) Plans 1B Token Supply, 25% Initial Release; Eyes $1B Valuation
Backpack, a crypto exchange founded by former FTX employees (co-founders Armani Ferrante, Tristan Yver and Can Sun), announced plans for a 1 billion-token issuance tied to a future US IPO. The issuance schedule: 250 million tokens (25%) will be launched initially on an undisclosed date; 375 million tokens (37.5%) are earmarked as pre-IPO distributions linked to major milestones such as regional or product launches; the remaining 375 million (37.5%) will be held in the corporate treasury and locked for one year post-IPO. CEO Armani Ferrante says the token-locking model prevents insiders from selling to retail and that the team holds company shares rather than token allocations. Axios reported Backpack is seeking $50 million in funding and could reach a $1 billion pre-money valuation, potentially becoming a new crypto-sector unicorn. The article notes the move could revive parts of the FTX-linked ecosystem and mentions related FTT price technicals: FTT trading near $0.31 with bearish indicators (RSI ~30), key supports ~0.263–0.296 and resistances ~0.326–0.362. This development may affect sentiment around FTX-linked assets and warrants monitoring for token listing dates, lockup details and fundraising progress.
Neutral
The news is neutral overall. Positive elements: a structured token distribution with lockups, leadership by known industry figures, and potential $1B valuation could attract investor interest and institutional confidence—bullish for Backpack and possibly supportive for assets tied to the FTX ecosystem. Negative/neutral elements: lack of precise timelines (initial launch date not announced), large post-IPO treasury holding (375M tokens) that could exert selling pressure after the one-year lockup, and market skepticism given founders’ FTX history. Short-term impact: predominantly neutral to mildly positive on sentiment as fundraising and valuation talk may boost interest, but absence of listing dates and clear lockup specifics limits immediate price moves. FTT could see volatility from association but no deterministic directional change. Long-term impact: if Backpack secures funding, executes milestones and lists with transparent lockups, this could be bullish—bringing liquidity and renewed confidence to related projects. Conversely, missteps, large token releases after lockup, or regulatory scrutiny could be bearish. Traders should monitor fundraising updates, token release schedule, exchange listings, and on-chain transfer activity for signs of supply pressure or genuine adoption. Historical parallels: other exchange tokens/launches (e.g., Binance, FTX-era movements) show that clear lockups and transparent governance tend to reduce sell pressure and support valuations, while opaque allocations often trigger sell-offs and regulatory scrutiny.