Backpack CEO Says Company Has Never Sold Token Warrants

Ferrante’s denial of warrant sales adds a financing point to Backpack’s token design, which distributes tokens among users, milestone releases and a company treasury.

“And we’ve never sold a token warrant—not once,” Ferrante said in an Oct. 1 interview.

Backpack’s token plan sets the supply at one billion tokens. It made 250 million available at the token generation event: 240 million for Backpack Points participants and 10 million for Mad Lads holders.

The plan allocates another 375 million BP, or 37.5% of supply, for progressive releases to users after predefined growth milestones. Possible triggers include regulatory progress, product expansion and broader access to markets or regions. The plan does not specify the thresholds, timing or token amounts for individual releases.

The remaining 375 million BP, also 37.5% of supply, are assigned to a corporate treasury. Founders, employees and investors have no direct BP allocations; they receive token exposure only through equity ownership via the treasury.

The BP Participant Program lets qualifying users who keep BP staked for a year exchange tokens for company equity if Backpack goes public or is acquired, subject to its terms.