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Staking Tokens for Equity: How Does Backpack's 'Users Become Shareholders' Work?

Backpack, a Solana-based wallet and exchange platform founded by ex-FTX member Armani Ferrante, has announced a novel staking-to-equity conversion plan. Users who stake the platform’s native token for at least one year can exchange it for real company equity at a fixed ratio, with 20% of equity reserved for this purpose. The platform emerged after FTX’s collapse, having lost 80% of its initial funding from FTX Ventures. It gradually built a user base through its Mad Lads NFT collection and later expanded into exchange services, securing regulatory licenses in Dubai and Europe. Backpack tokenomics includes a total supply of 1 billion tokens, with 62.5% pre-IPO allocation. The TGE will release 250 million tokens, entirely distributed to users. The project is also negotiating a $50 million funding round at a $1 billion valuation. This dual-token-and-equity model presents regulatory challenges, particularly from the SEC, which may view tokens as securities. The structure risks conflicts between token holders and equity investors. While unprecedented in crypto, Backpack’s team includes former Coinbase advisors who had previously explored similar token-equity hybrid models. This approach aims to transform users into legal co-owners, offering an alternative to the typical “peak at launch” token model. It remains a high-stakes experiment in regulatory and economic design.

比推02/25 14:46

Staking Tokens for Equity: How Does Backpack's 'Users Become Shareholders' Work?

比推02/25 14:46

How Does Backpack's Staking Token for Equity Conversion Work?

Backpack, a Solana-based wallet and exchange platform founded by ex-FTX members, has announced a novel staking-to-equity conversion plan. Users who stake its native token for at least one year can convert those tokens into real company equity at a fixed ratio, with 20% of equity reserved for this program. This move aims to transition users from token holders to legal company owners. The platform emerged post-FTX collapse, initially focusing on wallet and NFT services (like the Mad Lads NFT collection) before launching its exchange. It has over $4000B in cumulative trading volume and $350M in user assets. Backpack’s tokenomics include a 1B total supply, with 62.5% pre-IPO allocation. The TGE releases 250M tokens (25% of total), entirely distributed to users. The model ties token release to milestones and future IPO, blending crypto incentives with traditional equity. However, the plan faces regulatory challenges, particularly from the SEC, which may classify the token as a security. Dual ownership via tokens and equity could complicate IPO efforts and investor relations. Despite risks, Backpack’s approach attempts to innovate beyond typical “token-as-reward” models by linking crypto community growth to real equity value and long-term ownership.

Odaily星球日报02/25 09:11

How Does Backpack's Staking Token for Equity Conversion Work?

Odaily星球日报02/25 09:11

How Does Backpack's Staking Token-to-Equity Conversion Work?

Backpack, a Solana-based wallet and exchange platform founded by ex-FTX members, has announced a novel staking-to-equity conversion plan. Users who stake its native token for at least one year can convert those tokens into real company equity at a fixed ratio, with 20% of equity reserved for this purpose. The platform emerged after FTX’s collapse, having lost 80% of its operational funds, and gradually built its user base through its Mad Lads NFT community and a compliant exchange. It recently acquired FTX Europe and secured regulatory licenses. Backpack’s tokenomics include a 1 billion total supply, with 62.5% pre-IPO allocation. The TGE will release 25% of tokens, entirely to users. The model ties token distribution to IPO milestones—a rare hybrid approach in crypto. This move aims to transform users from token holders into legal company owners. However, it faces significant regulatory challenges, particularly from the SEC, which may view the token as a security. The dual-structure of token and equity could also complicate IPO investor relations. While innovative, the plan operates in a regulatory grey area—attempting to bridge decentralized tokenomics with traditional equity financing.

marsbit02/25 09:10

How Does Backpack's Staking Token-to-Equity Conversion Work?

marsbit02/25 09:10

BlackRock and Citadel Are Aggressively 'Sweeping Goods': What Fundamental Changes Have Occurred in the Logic of TradFi Entering DeFi?

Traditional finance (TradFi) giants like BlackRock, Citadel Securities, and Apollo Global Management are now directly purchasing DeFi governance tokens (UNI, ZRO, MORPHO), signaling a strategic shift beyond mere equity investments or pilot programs. This move is primarily about securing access to and aligning with the infrastructure they plan to use for tokenizing and distributing their products on-chain, rather than making broad portfolio bets on DeFi assets. Key drivers include improved custody/operational infrastructure and greater regulatory clarity, such as the upcoming repeal of SAB 121 and potential market structure legislation like the CLARITY Act. While this represents a structural change in institutional engagement, the token price impact has been muted due to weak market conditions and a lack of direct value capture mechanisms for most tokens. For governance tokens to function more like strategic equity, clearer value accrual (e.g., fee switches), reduced VC selling pressure, and enhanced regulatory certainty are needed. Concerns about governance centralisation exist, but increased professional participation could improve oversight. More TradFi firms, particularly those building tokenized products (e.g., Fidelity, Franklin Templeton), are expected to follow, focusing on blue-chip protocols in stablecoins, RWAs, and trading infrastructure.

marsbit02/24 10:45

BlackRock and Citadel Are Aggressively 'Sweeping Goods': What Fundamental Changes Have Occurred in the Logic of TradFi Entering DeFi?

marsbit02/24 10:45

Crypto Morning Brief: Backpack Plans to Offer Equity to Stakers, WLFI Claims USD1 Was Attacked

Crypto Daily Digest: Key market developments include Backpack's announcement to offer equity to token stakers, allocating 20% of company shares for this program. WLFI reported an attack on its USD1 stablecoin, claiming attackers targeted co-founder accounts to spread FUD and short the token, but the stablecoin held its peg due to its 1:1 asset backing. In policy news, the Trump administration is considering new national security tariffs on six industries, including batteries and telecom equipment. Tether will discontinue its offshore yuan stablecoin (CNH₮) due to low demand. Meanwhile, China’s regulatory approach now distinguishes RWA tokens from virtual currencies, allowing conditional overseas issuance. Ethereum Foundation established a dedicated DeFi team to support permissionless and censorship-resistant protocols. Meme coin TRUMP unveiled a growth plan involving up to 5% of its supply for ecosystem expansion. Bitcoin miner Bitdeer clarified its BTC sales are for liquidity preparation amid land acquisition plans. Other highlights: SBI Holdings launched a $64.5M blockchain bond offering XRP rewards, and private credit firm Blue Owl Capital sold $1.4B in loan assets, sparking concerns about market stress. Market analysis sections cover AI agent teams, yen carry trade impacts on Bitcoin, and shifting institutional capital from tokens to equity.

marsbit02/24 01:14

Crypto Morning Brief: Backpack Plans to Offer Equity to Stakers, WLFI Claims USD1 Was Attacked

marsbit02/24 01:14

From Grunt Engineer to Crypto Billionaire: A Deep Dive into Solana Founder Toly's Personal Fortune

Anatoly Yakovenko, the founder of Solana, has become a leading figure in the blockchain industry and a known billionaire. This article explores his personal wealth, estimated to be between $500 million and $1.2 billion in 2026, heavily tied to the performance of SOL. Born in the Soviet Union, Yakovenko immigrated to the U.S. and studied computer science. He worked for over a decade at Qualcomm, gaining expertise in distributed systems, which later proved crucial for his work on blockchain. His initial involvement in crypto began with Bitcoin mining, which led him to identify scalability issues in existing networks. In 2017, he authored a whitepaper introducing Proof of History, a key innovation that became the foundation for the high-throughput Solana blockchain. He co-founded Solana Labs in 2018 with former colleagues. His on-chain holdings are significant. A wallet rumored to be his holds over 136,725 staked SOL (worth over $11M). Analysis suggests other addresses linked to him could hold millions more SOL, potentially valued near $122 million. He also owns the toly.sol domain. Off-chain, Yakovenko holds an estimated 5-10% equity in Solana Labs, a private company valued between $5-8 billion, making his stake worth $250-800 million. He is also an active angel investor in over 40 crypto companies. His net worth is highly volatile and mirrors SOL's price. It likely peaked at over $2 billion during the 2021 bull run and fell sharply during the 2022 crypto winter. Despite a market crash in early 2026, his wealth remains substantial due to his diversified holdings in both company equity and tokens. His journey from a software engineer to a crypto billionaire underscores his significant impact on the industry.

marsbit02/19 09:03

From Grunt Engineer to Crypto Billionaire: A Deep Dive into Solana Founder Toly's Personal Fortune

marsbit02/19 09:03

SBI Holdings Rejects $10B XRP Claim, Clarifies 9% Ripple Equity

SBI Holdings CEO Yoshitaka Kitao clarified that the company does not hold $10 billion in XRP tokens, refuting a recent claim. Instead, SBI owns more than 9% equity in Ripple Labs, estimated to be worth around $3.6 billion. Kitao emphasized that this stake provides strategic value and reduces exposure to XRP's price volatility, calling it a "hidden asset." He also confirmed SBI's recent acquisition of a majority stake in regulated crypto exchange Coinhako to strengthen its position in Asia, potentially supporting Ripple's ecosystem. Meanwhile, Ripple CEO Brad Garlinghouse expressed confidence in Ripple becoming a trillion-dollar company, despite XRP's recent price decline of over 6% in 24 hours, trading at $1.48.

TheNewsCrypto02/16 16:42

SBI Holdings Rejects $10B XRP Claim, Clarifies 9% Ripple Equity

TheNewsCrypto02/16 16:42

Did SBI Holdings Really Buy $10 Billion Worth Of XRP? CEO Reveals The Real Figure

Speculation that SBI Holdings acquired $10 billion worth of XRP was refuted by CEO Yoshitaka Kitao. The claim, which originated from social media, misrepresented the company’s actual exposure. Instead of holding XRP directly, SBI maintains indirect exposure through a 9% equity stake in Ripple Labs, valued at an estimated $4.5 billion based on Ripple’s $50+ billion valuation. This strategic partnership supports Ripple’s expansion in Asia and involvement in institutional payment initiatives, without the volatility risks of direct token ownership.

bitcoinist02/16 16:32

Did SBI Holdings Really Buy $10 Billion Worth Of XRP? CEO Reveals The Real Figure

bitcoinist02/16 16:32

Wall Street's Top Quantitative Firm Jump Trading Enters the Prediction Market, Is the Era of Retail Investors Over?

Wall Street quantitative trading giant Jump Trading is entering the prediction market sector through strategic partnerships with leading platforms Kalshi and Polymarket. In exchange for providing liquidity, Jump will receive equity stakes in both companies—a fixed share in Kalshi and a performance-based stake in Polymarket tied to its U.S. trading volume. Prediction markets have faced persistent liquidity challenges, with platforms often experiencing shallow order books and wide bid-ask spreads outside of major events. While Kalshi previously engaged SIG as a market maker and Polymarket relied on decentralized incentives and algorithmic traders, both platforms have struggled to maintain stable, deep liquidity consistently. The equity-for-liquidity model aligns incentives: platforms gain access to Jump’s sophisticated, low-latency market-making capabilities, while Jump positions itself to benefit from the sector’s growth—Kalshi and Polymarket are valued at approximately $11B and $9B, respectively. Market making in prediction markets offers potential profits from spreads, incentives, and arbitrage, but it also carries significant risks, including event-driven volatility, limited hedging options, and regulatory uncertainty. While Jump’s advanced infrastructure and cross-asset experience may allow it to capture alpha and leverage equity upside, smaller players face high barriers to entry. The move signals a maturation of the prediction market space, with institutional participation likely to improve liquidity but also centralize influence among top-tier firms.

marsbit02/10 14:39

Wall Street's Top Quantitative Firm Jump Trading Enters the Prediction Market, Is the Era of Retail Investors Over?

marsbit02/10 14:39

From Holding to Controlling: When Bitcoin Starts 'Buying Listed Companies'

From Holding to Controlling: When Bitcoin Starts "Buying Listed Companies" In a landmark event, Bitcoin has entered the capital structure of a publicly traded company as a form of capital contribution for the first time. On February 4, Nasdaq-listed insurance brokerage Tianruixiang Holdings announced that an undisclosed investor would contribute 15,000 Bitcoin in exchange for equity in the company. Valued at approximately $1.125 billion (based on Bitcoin's price of $75,000 at the time), this transaction marks a historic shift. This is not about buying a Bitcoin ETF, holding BTC, or issuing debt to purchase Bitcoin. It represents a direct exchange of Bitcoin for equity in a listed company. Over the past two years, a profound change has been underway: Bitcoin is systematically entering the balance sheets of public companies. Companies like MicroStrategy (now Strategy) have fundamentally altered traditional corporate logic. They no longer operate solely based on their core business but function as financial vehicles, continuously issuing stock and convertible bonds to raise capital for purchasing Bitcoin. This has given rise to a new type of entity: the **Bitcoin Treasury Company**. Other examples include Japan's Metaplanet, and U.S.-based firms like Twenty One Capital and Bitcoin Standard Treasury. A significant阵营 (camp) of publicly traded companies now holds substantial Bitcoin, including: * Strategy (formerly MicroStrategy): over 710,000 BTC * Major miners like MARA, Riot, and Hut 8 * Exchanges like Coinbase and Bullish * Bitcoin treasury companies * Tech and payment firms like Tesla and Block Their commonality is that they have integrated Bitcoin as a fundamental part of their capital structure. The Tianruixiang deal represents an evolution of this trend. Upon completion, the company would hold more Bitcoin than Coinbase, making it a top-tier Bitcoin treasury. Crucially, this isn't a case of "using fiat to buy Bitcoin," but rather resembles using Bitcoin to effectively "acquire a Nasdaq-listed shell company." This structure transforms the transaction from a simple investment into a form of **reverse merger by crypto assets into traditional capital markets**. Bitcoin is no longer merely held; it is being used to **restructure ownership itself**. A clear path is emerging: from MicroStrategy's massive holdings to miners, exchanges, and treasury companies, and now to direct equity-for-Bitcoin swaps, **Bitcoin is reconstructing the "public company network."** When this system becomes large enough, Bitcoin will evolve beyond a "crypto asset" into a financial infrastructure embedded within the global capital system. *Content is for informational purposes only and not investment advice. Markets are risky; investments should be made cautiously.*

marsbit02/06 10:57

From Holding to Controlling: When Bitcoin Starts 'Buying Listed Companies'

marsbit02/06 10:57

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