Crypto exchange Backpack says 20% of its company equity will be allocated to users who stake its native token for at least one year. The structure directly links token commitment to ownership, introducing a model that blurs the line between exchange utility tokens and traditional equity.
Founder Armani Ferrante outlined the plan in a public statement, describing a fixed conversion ratio that would allow eligible stakers to exchange tokens for company shares. Backpack, which reached a $1 billion valuation earlier this year according to prior reporting, said the initiative is designed to correct incentive misalignment that has characterized many token launches.
20% of Backpack equity given to users who stake for a year.
— Backpack 🎒 (@Backpack) February 23, 2026
Don't just use the next big thing.
Own it. 🎒 pic.twitter.com/whdGUQ0XyH
Can Equity-Linked Staking Fix Token Incentives?
Under the proposal, users lock tokens for 12 months to qualify for equity conversion rather than receiving additional token emissions or yield rewards. Ferrante argued that many tokens represent unenforceable promises tied to centralized teams, creating cycles of hype and post-unlock selling pressure when insiders or early investors exit positions.
“I didn’t come into crypto nine years ago to launch a sh*t coin,” Ferrante wrote, adding that stakers will have the opportunity to exchange tokens for “20% of the company today.”
I didn't come into crypto 9 years ago to launch a shit coin.
— Armani Ferrante (@armaniferrante) February 23, 2026
I didn't come into crypto to get rich quick.
I came into crypto because I believe it's going to change the world, and that the industry was something worth dedicating my life to.
But somewhere along the way, amidst… https://t.co/Iddz4za7i0
He acknowledged the model remains partially centralized but framed it as a step toward long-term alignment, contrasting it with structures that distribute tokens without transferring ownership rights.
Backpack operates a centralized exchange focused on tokenized assets within a regulated market structure. Last year, the company partnered with Superstate to bring tokenized stocks onchain, signaling deeper integration between digital assets and regulated financial infrastructure.
The equity-linked staking proposal arrives as exchanges face increased scrutiny over token design, particularly where governance rights and economic value diverge. If executed, the structure could test whether users prefer direct ownership exposure over inflationary reward schemes, with implementation details and regulatory treatment likely to shape how far this model spreads across the sector.
