Backpack’s BP: A Wallet-and-Exchange Token With an Equity Path
Launched March 2026 by the buyer of FTX EU
BP is a token launched on 23 March 2026 by Backpack, a crypto exchange and wallet company. Its supply is fixed at 1 billion, and tokens locked up long enough could convert into shares of the company.
1. A wallet and exchange with FTX roots
Backpack runs a crypto exchange and a wallet (an app for holding and using coins). It is said to have been founded by Armani Ferrante, creator of Solana’s Anchor development framework, and Can Sun, a former general counsel of FTX; press coverage calls it an exchange built by former FTX and Alameda Research staff.
In January 2025 Backpack announced it had acquired FTX EU, the European arm of the collapsed FTX, which held an EU investment-services licence (MiFID); Backpack said it planned regulated derivatives trading there, and reports said about 110,000 former users came along. On the Crypto Nation map, this coin stands in Solana City, because it was first issued on that chain.
2. A fixed supply, with a quarter released first
BP’s supply is described as fixed at 1 billion tokens. At the token generation event (TGE, the day a token first goes out) on 23 March 2026, 25%, or 250 million tokens, went to users: 240 million to participants in Backpack’s ‘points’ programme (scores earned by using the service) and 10 million to holders of its ‘Mad Lads’ NFT collection.
The other 75% began locked: 37.5% for pre-IPO investors, until business and growth milestones are met, and 37.5% for the company treasury, until at least a year after a possible initial public offering (IPO, a first stock-market listing). Founders, employees and venture investors reportedly get no tokens.
3. The equity idea and the road so far
The core idea: users who stake BP (lock it up) for at least a year can convert it into shares of Backpack, with the convertible stake described as 20% of the company. Exchange tokens usually bring perks such as fee discounts, not a legal claim on the company, so this is unusual. Governance rights were reported as still undecided.
Two dates stand out: January 2025, the FTX EU acquisition announcement, and 23 March 2026, the BP launch. Giving tokens to points participants was in effect an airdrop (a free handout to users). Whether BP offers other benefits, such as fee discounts, is unclear from public descriptions.
4. Things to know
BP’s value story leans heavily on Backpack one day holding an IPO and succeeding. The conversion ratio and other terms had not been published at the March 2026 launch, and tying a token to company shares may draw the attention of securities regulators, so terms can change and official notices should be checked.
Backpack’s FTX lineage brings recognition but also lasting scrutiny, and it competes with much larger exchanges such as Binance and Coinbase. With 75% locked at launch, later unlocks could change the circulating supply. An exchange token depends on one company’s business and trustworthiness, and its price can swing widely.
Written from information public up to October 2026. It does not recommend or rate any coin and is not investment advice. If something is wrong, please tell us through the contact page.