Post #11626

Backpack might be looking to raise $50M at a $1B valuation Backpack, a centralized crypto exchange built by former FTX and Alameda leaders, is negotiating terms for new financing of up to $50M at a $1B valuation, Axios has learned from sources familiar with the deal. Meanwhile, Polymarket odds give only 26% chance of keeping $1B valuation at TGE. Previously, Backpack raised $37M from Jump Crypto, Multicoin Capital, Placeholder VC, Wintermute, Robot Ventures, and others. According to Axios, Backpack claims it generated over $100M in revenue in 2025. For comparison, Lighter earned around same $100M in 2025, while Hyperliquid generated around $840M in revenue last year. Now team prepares for upcoming TGE and initial airdrop: • Total supply is 1B tokens • 25% of tokens to be distributed at TGE • 24% (240M tokens) allocated to points holders • 1% (10M tokens) reserved for MadLads NFT holders Check good Backpack airdrop calculator here🔗backpack-calculator.swishi.xyz 🔗axios.com/pro/fintech-deals/2026/02/09/backpack-exchange-50m-raise-unicorn-valuation @TOP7ICO