Backpack Exchange Soars to $1B Valuation, Secures Coveted Crypto Unicorn Status

Another digital asset exchange just crashed the billion-dollar party. Backpack Exchange, the platform that's been quietly building while others made noise, just secured its unicorn horn with a staggering $1 billion valuation.

The Funding Frenzy

Forget gradual growth—this was a vertical ascent. The valuation milestone propels Backpack into an elite club of crypto startups, proving that investor appetite for well-architected trading infrastructure remains insatiable, regulatory headwinds be damned.

More Than Just Another Platform

So what's the secret sauce? While the exact figures fueling the $1 billion price tag remain under wraps, industry whispers point to robust security architecture and a compliance-first approach that's become a rare—and valuable—commodity. They built the boring, essential stuff first, and it turns out that's exactly what smart money wants to buy.

A New Benchmark

This isn't just a win for Backpack; it's a signal. It tells every other builder in the space that fundamentals can still trump hype. In a sector often obsessed with token pumps and viral marketing, a pure infrastructure play hitting a ten-figure valuation is a refreshing—and frankly, cynical—reminder that sometimes the real money is in selling the picks and shovels, not hunting for gold.

The billion-dollar question now: Can they turn that paper valuation into lasting dominance, or is this just another fancy line on a cap table that'll be rewritten in the next cycle? Only the market's brutal, unforgiving logic will decide.

Backpack seeks to solidify its position as a leader in the blockchain ecosystem 

Backpack elaborated that 37.5% of the total supply will be made readily accessible in the market before the initial public offering, leveraging specific growth targets, such as market expansion and new product launches.

Despite the crypto exchange failing to disclose the exact date of its token generation event, it hinted at an airdrop of about 250 million tokens to early backers and community participants, including participants in the Backpack points initiative, with a reserve of 1 million tokens allocated for Mad Lads NFT holders. 

In the meantime, it is worth noting that Backpack operates as a regulated, compliance-first centralized crypto exchange (CEX) that integrates self-custodial wallet technology, positioning itself as a hybrid “on-chain CEX”. 

Following this finding, reporters noted that Backpack raised $17 million in Series A financing in 2024, with Placeholder VC leading the round alongside renowned investment partners such as Robot Ventures, Wintermute, and Selini.

Moreover, in 2025, the crypto exchange bought FTX EU for around $32.7 million. With this acquisition in place, Backpack could now access a MiFID II-regulated framework. As of now, Backpack is based in Dubai, United Arab Emirates, and has obtained a virtual asset service provider (VASP) license for its operations in the city.

Meanwhile, when reporters reached out to the crypto company for clarity, the exchange declined to respond. Sources familiar with the matter, who wished to remain anonymous because the talks were private, said that Backpack intends to go public in the United States while strengthening its financial infrastructure across banking, payments, and securities.

Backpack embraces a new tokenomics strategy in its operation

Backpack is implementing a new tokenomics strategy to safeguard retail token holders’ interests. The cryptocurrency exchange announced this initiative on Monday, February 9, stating that it will release tokens gradually as it achieves specific goals.

Under this new strategy, reports highlighted that Backpack’s 25% of the total token supply is scheduled to be unlocked and distributed during its token generation event. 

In an X post, Ferrante claimed that, “Every time we enter a new region or introduce a new product, it creates a chance for growth.” He emphasized that the strategic MOVE into key markets, such as the EU, Japan, and the United States, along with offerings like prediction markets, stocks, and its card, fuels this growth. “Like gasoline on a fire, the token helps keep igniting new markets,” he added.

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