Backpack CEO Armani Ferrante says the company has never sold token warrants, while its BP plan reserves 75% of the one billion tokens for a treasury and future user releases.
Ferrante made the denial in an Oct. 1 interview, saying, “we’ve never sold a token warrant—not once.” Backpack’s plan assigns 375 million tokens, or 37.5% of supply, to its treasury, which is locked until one year after an IPO.
A separate 375 million BP allocation is reserved for users as the company reaches growth milestones. Backpack says regulatory, product and market milestones can unlock portions of that allocation. Backpack has not published the threshold, schedule or size for each release.
The remaining 250 million BP became available at the token generation event. Backpack allocated 240 million to Backpack Points participants and 10 million to Mad Lads holders. Together, the treasury and future user-release allocations account for 750 million tokens, or three-quarters of the total supply.
Founders, employees and investors are not assigned BP directly. Their connection to the token comes through Backpack equity and BP held in the corporate treasury. Under the BP Participant Program, eligible users who stake BP for at least a year can earn the right to exchange their tokens for Backpack equity at an IPO or acquisition, subject to program terms.
