Backpack launches BP token on Solana with 25% airdrop, no insider allocation

Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Backpack launches BP token on Solana with 25% airdrop, no insider allocation The remaining tokens are subject to long-term lockups tied to company milestones and a potential IPO. By Margaux Nijkerk | Edited by Stephen Alpher Mar 23, 2026, 1:52 p.m. Make us preferred on Google What to know : Backpack launched its BP token on Solana with 25% of the 1 billion supply distributed to users via an airdrop, with no allocation to insiders at inception. The remaining tokens are subject to long-term lockups tied to company milestones and a potential IPO, with a provision allowing long-term stakers to convert tokens into equity. Backpack Exchange, a Solana-based cryptocurrency trading platform, launched on Monday its native token, BP, detailing a token generation event (TGE) that includes a mix of user distribution, lockups and a mechanism tied to company equity. At launch, 25% of the token’s 1 billion total supply—around 250 million BP—will be distributed, primarily through an airdrop to existing users . Most of that allocation is set aside for participants in Backpack’s points program, with a smaller portion reserved for holders of its "Mad Lads NFT collection." The company said no tokens have been allocated to founders, team members or investors at inception, a departure from many exchange token rollouts. The structure places a larger share of the initial distribution with users rather than insiders. The remaining supply will be released through a multi-phase unlock schedule tied to company growth and potential public listing plans. About 37.5% of tokens are set to unlock over time based on operational milestones, such as market expansion or product launches, while another 37.5% will remain locked in a corporate treasury until after a potential IPO. Backpack also said long-term stakers may be able to convert BP into company equity, representing a share of the firm’s ownership. The mechanism links the token to the company’s broader capital markets plans, rather than limiting its role to trading incentives or governance. “Backpack was founded by former FTX and Alameda Research employees and faced early scrutiny following the collapse of FTX in 2022. The company later acquired the defunct exchange’s European arm, relaunching it as Backpack EU as part of its push into regulated markets. Read more: Backpack Opens Regulated Perpetuals Exchange in Europe After FTX EU Acquisition Solana News Airdrops More For You Tom Lee's Bitmine extends buying streak with $138 million ETH purchase, betting on crypto slump ending By Krisztian Sandor | Edited by Stephen Alpher 55 minutes ago The Ethereum treasury firm led by Thomas Lee now has increased its buying pace for three consecutive weeks even as unrealized losses mount. What to know : Bitmine (BMNR) bought 65,341 ETH last week worth about $138 million at current prices as the firm doubled down on its crypto purchase strategy. The firm now holds more than 4.66 million tokens, while it also increased its cash reserves to $1.1 billion. Chairman Thomas Lee said ETH is in the final stages of a "mini-crypto winter" and that the broader crypto slump is nearing an end. Read full story Latest Crypto News CoinDesk 20 performance update: Bitcoin Cash (BCH) gains 2.3%, leading index higher 39 minutes ago Tom Lee's Bitmine extends buying streak with $138 million ETH purchase, betting on crypto slump ending 55 minutes ago Bitcoin's wild roller coaster ride leaves leveraged traders with $415 million in liquidations 1 hour ago H100 eyes Europe’s largest bitcoin treasury with 3,500 BTC in proposed acquistions 1 hour ago Strategy returns to 'small' bitcoin purchases, adding $76.6 million in BTC last week 1 hour ago Brazil’s finance minister delays divisive crypto tax plan 1 hour ago Top Stories Bitcoin surges above $71,000 as Trump postpones Iran strikes for 5 days 2 hours ago Polymarket traders bet on Iran ceasefire even as oil shock concerns persist 2 hours ago Bitcoin clings to monthly gains, historic losing streak still in play 3 hours ago South Korea crypto liquidity tumbles as stablecoin balances plunge 55% and stock buying rises 9 hours ago Oil, silver trading is way more popular than XRP, solana on Hyperliquid 7 hours ago