Catenaa, Friday, February 13, 2026- Backpack, a crypto exchange founded by former FTX employees, has reached a $1 billion valuation as it advances plans to tokenize its platform and expand its product offerings.
Axios reported the firm is in talks to raise $50 million at a $1 billion pre-money valuation.
Backpack’s tokenization strategy includes reserving 37.5% of its 1 billion token supply for a post-IPO treasury, intended to align team incentives with long-term company performance.
Another 37.5% will be distributed pre-IPO based on measurable milestones, such as regional expansion and new product launches.
The exchange will airdrop 250 million tokens to early supporters, including participants in its Backpack Points program, while 1 million tokens are earmarked for holders of the Mad Lads NFT collection. The date for the token generation event has not been disclosed.
Backpack operates as a regulated spot and derivatives exchange with a multi-chain wallet and has begun branching into lending and prediction markets.
Founded in late 2023, the platform evolved from a Solana-based wallet project into a full exchange. Co-founders include Armani Ferrante, formerly of Alameda Research, and Can Sun, ex-general counsel for FTX.
The platform previously raised $17 million in Series A funding, 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 holds a virtual asset service provider license in Dubai.
Backpack’s milestone highlights continued investor interest in tokenized exchange models and regulatory-compliant crypto platforms, positioning it among emerging unicorns leveraging tokenization to drive growth and long-term alignment between teams and users.
