Backpack Exchange has reached a $1 billion unicorn valuation on the back of an ambitious tokenization strategy that aims to reshape how users share in an exchange’s growth. In a market still defined by caution after the collapses of major platforms, Backpack’s rise stands out as a story of calculated innovation rather than reckless speculation.

From FTX’s Shadow to Center Stage

Backpack is the product of a team that lived through one of crypto’s darkest chapters. Founded by former FTX and Alameda employees and led by Solana developer Armani Ferrante and former FTX executive Tristan Yver, the exchange has positioned itself as part of a new generation determined to rebuild trust in centralized platforms. Its core offering combines a regulated spot and derivatives exchange with a non-custodial, multi-chain wallet, allowing users to trade while retaining meaningful control over their assets. The company’s growth has been steady rather than explosive. After raising $17 million in a Series A round in February 2024 at a $120 million valuation, backed by funds such as Placeholder, Jump Crypto, Hashed, Amber Group, Wintermute, and Delphi Digital, Backpack spent the next year quietly building infrastructure, licenses, and liquidity. Today, it reports daily trading volumes in the tens of millions and reserves exceeding $170 million, with SOL/USDC as its most active pair.

The $1 Billion Moment

According to multiple reports, Backpack is now in talks to raise about $50 million at a pre-money valuation of $1 billion, effectively catapulting it into unicorn territory even before the launch of its native token. Sources suggest that the total raise could end up higher, reflecting strong investor appetite for exchanges that combine regulatory rigour with fresh token models. 

At the heart of this valuation is Backpack’s newly unveiled tokenization push. The exchange plans to align long-term incentives through a carefully structured token strategy designed to reduce dilution for retail users and avoid the “VC-heavy” tokenomics that have plagued many past launches. As part of this, Backpack has committed to an airdrop of 250 million tokens to early supporters, particularly those who participated in its Backpack Points program, with an additional 1 million tokens earmarked for holders of its flagship Mad Lads NFT collection.​

Building on Regulation

Backpack’s push into tokenization is striking precisely because it comes from a platform that has built its brand around regulatory compliance rather than evasion. The exchange holds a virtual asset service provider license from Dubai’s Virtual Assets Regulatory Authority (VARA) and has secured MiFID II authorization for derivatives trading in the European Union, giving it a rare foothold in tightly regulated markets. More notably, Backpack has become the first centralized exchange to list natively issued SEC-registered equities directly on a blockchain, blurring the line between traditional finance and crypto-native infrastructure.​

Tokenization Race

The timing of Backpack’s move is significant. Investor interest in crypto infrastructure remains selective. For a pre-token exchange to seek unicorn status under these conditions suggests that tokenization is no longer seen as a speculative buzzword, but as a concrete route to sustainable business models.​

By tying its future to a token that rewards real users and early adopters, while simultaneously maintaining regulatory licenses and conservative custody practices, Backpack is trying to walk a narrow line between crypto’s experimental ethos and the discipline demanded by global regulators. If the funding round closes at the rumoured valuation, it will send a clear signal that the next wave of exchange growth may be built less on leverage and hype, and more on thoughtful token design and compliance-first expansion.