# IPO Related Articles

HTX News Center provides the latest articles and in-depth analysis on "IPO", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

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

Crypto Morning Brief: Meta Plans to Relaunch Stablecoin Project, Ethereum Foundation Announces Staking of Treasury Funds

Fed plans to permanently remove "reputation risk" from bank supervision, potentially easing crypto firms' "de-banking" issues. Emirates NBD explores adding Bitcoin to its portfolio, calling it "digital gold." White House denies Trump will pardon SBF. Ethereum Foundation begins staking 70K ETH from its treasury. Kraken launches regulated tokenized stock perpetual contracts for non-US users. Coinbase expands stock trading to all US users with 24/5 access. Meta plans to re-enter stablecoins in H2 2026, seeking third-party partners like Stripe, which is also considering acquiring PayPal. Crypto.com receives conditional US approval to form a national trust bank. Hong Kong’s RedotPay considers a US IPO aiming to raise over $1B. Cipher Mining shifts from Bitcoin mining to HPC data centers.

marsbit02/25 01:14

Crypto Morning Brief: Meta Plans to Relaunch Stablecoin Project, Ethereum Foundation Announces Staking of Treasury Funds

marsbit02/25 01:14

RedotPay Eyes $1B US IPO at $4B+ Valuation

Hong Kong-based stablecoin payments firm RedotPay is reportedly preparing for a potential US IPO that could raise over $1 billion, valuing the company at more than $4 billion. The company is working with major banks including JPMorgan Chase and Goldman Sachs on the offering, which may occur as early as this year. Launched in April 2023, RedotPay has grown rapidly, serving 6 million users and processing $10 billion in annualized payment volume. It offers stablecoin-linked payment cards, multi-currency wallets, and cross-border payment solutions. In 2025, the company raised $194 million across three funding rounds, achieving unicorn status. The move reflects broader investor interest in stablecoin infrastructure, as firms like RedotPay bridge traditional finance with blockchain-based settlement systems. A successful IPO would mark a significant milestone for the stablecoin payments industry.

TheNewsCrypto02/24 12:27

RedotPay Eyes $1B US IPO at $4B+ Valuation

TheNewsCrypto02/24 12:27

Kraken snaps up $60B token platform Magna – IPO next?

Kraken's parent company, Payward, has acquired tokenization platform Magna for an undisclosed sum as it prepares for a potential IPO. Magna, which recorded a peak TVL of $60 billion in 2025, will operate as a standalone platform supported by Kraken's liquidity and resources. The deal enhances Kraken's capabilities in token issuance, vesting, staking, custody, and escrow services. This move aligns with Payward's confidential IPO filing with the SEC in November, following its reported $2.2 billion in adjusted revenue for 2025. Despite a challenging crypto market where Bitcoin has declined and newly listed firms trade below debut prices, Kraken aims to proceed with its public listing alongside other industry players like Ledger, Copper, Securitize, and Consensys.

ambcrypto02/19 09:01

Kraken snaps up $60B token platform Magna – IPO next?

ambcrypto02/19 09:01

Gemini Loses Three Senior Leaders In Sudden Executive Departures

Cryptocurrency exchange Gemini is undergoing significant executive turmoil as three top leaders—Chief Operating Officer Marshall Beard, Chief Financial Officer Dan Chen, and Chief Legal Officer Tyler Meade—have departed abruptly. The resignations, disclosed in a regulatory filing, come just months after the company’s New York IPO. Analysts warn the exits may raise concerns about Gemini’s solvency. The company also announced preliminary 2025 results, projecting an adjusted pre-tax loss between $257 million and $267 million. Net revenue is expected to be $165–175 million, while operating expenses are forecast to surge to $520–530 million. Gemini’s stock fell nearly 15% to a record intraday low of $6.64 following the news. These developments follow earlier announcements of a 25% workforce reduction and the winding down of operations in the UK, EU, and Australia.

bitcoinist02/18 12:09

Gemini Loses Three Senior Leaders In Sudden Executive Departures

bitcoinist02/18 12:09

Robinhood Plans $1 Billion IPO to Expand Retail Access to Private Markets

Robinhood has announced a $1 billion IPO to expand retail investor access to private market securities, which have traditionally been difficult for individual investors to enter. The funds will be used to develop technology infrastructure, enhance compliance, and provide educational resources for private equity and venture investments. The company aims to democratize investment opportunities in early-stage companies and plans to list on a major U.S. exchange after regulatory approval. This move may set a precedent for other fintech firms and accelerate competition in private market access, though challenges such as pricing uncertainty and investor protection remain.

TheNewsCrypto02/18 09:58

Robinhood Plans $1 Billion IPO to Expand Retail Access to Private Markets

TheNewsCrypto02/18 09:58

Philippines’ Digital Bank Maya Plans $1 Billion U.S. IPO Listing Amid Growing Digital Banking Demand

Maya, a licensed digital bank in the Philippines, is reportedly planning a $1 billion U.S. IPO to access larger global investors and benefit from higher market liquidity. The bank offers savings, loans, payments, and in-app crypto trading under a regulated framework. However, user reports of trading issues during high volatility and concerns over its crypto exposure may attract scrutiny from cautious U.S. investors. Analysts emphasize that clear profitability, risk management, and governance will be critical for IPO success. Maya has not yet confirmed the listing timeline.

TheNewsCrypto02/17 08:14

Philippines’ Digital Bank Maya Plans $1 Billion U.S. IPO Listing Amid Growing Digital Banking Demand

TheNewsCrypto02/17 08:14

Musk's New Plan: Building an AI Base on the Moon, More Appealing Than Mars Colonization?

Elon Musk is shifting his strategic focus from colonizing Mars to establishing an AI base on the Moon, according to an internal presentation to employees following the merger of SpaceX and xAI. This new vision, dubbed "Lunar Base Alpha," involves building a city on the Moon and using mass drivers to launch AI satellites into deep space. The initiative is positioned as both a new recruitment tool and a unique value proposition for the merged entity, aiming to attract talent and capital by offering an ambitious alternative to conventional Earth-based AI development. Musk argues that achieving computational power exceeding one terawatt annually requires leveraging solar energy available on the Moon. This pivot aligns with SpaceX’s recent move away from its long-term Mars colonization goal, which lacks clear commercial funding, toward more immediately profitable ventures like Starlink satellite launches and NASA’s lunar missions. The Moon base narrative also serves to reinvigorate engineering enthusiasm by framing the project within the theoretical framework of the Kardashev Scale—suggesting that advanced civilizations harness stellar energy through space-based infrastructure. While technically and economically speculative, the momentums reflects a strategy to differentiate xAI from other AI labs, potentially boosting market expectations ahead of a possible IPO and appealing to retail investors.

比推02/13 15:21