Backpack Exchange Hits $1B Valuation, Joins Crypto Unicorn Club
Backpack, a regulated cryptocurrency exchange and Web3 wallet ecosystem, has achieved unicorn status with a $1 billion pre-money valuation. The company is currently in talks to raise $50 million in new capital, as first reported by Axios on February 9.
The milestone follows Backpack's tokenization initiative, which allocates 37.5% of its 1 billion exchange token supply to a company treasury post-IPO. CEO Armani Ferrante emphasized this strategy avoids dumping tokens on retail investors while aligning team incentives with long-term success. "The team can only benefit after accessing global capital markets through an IPO," Ferrante stated.
Backpack plans to release another 37.5% of tokens pre-IPO, leveraging growth mechanisms to solidify its position in the blockchain ecosystem. The MOVE signals growing institutional confidence in compliant crypto ventures.
