► Why $BP Launch Fail And What Next For Their IPO Plan?

ok let me be real about $BP for a sec. everyone’s fuding it and the chart’s been bleeding since launch.
I think it was 4 things hitting at the worst possible time.
1/ launching a new token in this env is like opening a restaurant during a hurricane. doesn’t matter how good the food is.
2/ $BP launched around $300M FDV implied ~2–3x revenue multiple. that’s expensive relative to major exchange comps.
3/ their flagship #NFT holders expected premium allocation but ended up with a burger. the points farmers who vol-traded the exchange all season got much more. core community holders felt disrespected.
4/ giving 100% of the 250M float to the community with zero vesting in a thin liquidity market is a double-edged sword. in a bad market, airdrop farmers instantly sell for ROI.
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but they are still a good company imo.
– $434B lifetime volume, $104M OI
– $360M in custodied assets
– $100M+ ARR
– licenses in UAE, UK, EU (they literally acquired FTX’s EU entity)
– $50M raise being negotiated at $1B pre-money val
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the tokenomics structure is actually genius for the long game even if it was rough short-term.
-> 37.5% pre-IPO unlocks tied to product expansion and regulatory progress
-> 37.5% locked 1 full year post-IPO as corporate treasury
team and VCs hold zero tokens, they hold equity in the company. the only way they make money is if @Backpack goes public at a high enough valuation.
the risk is clear though. 75% of supply is locked behind an event that may or may not happen.
staking now is probably the highest conviction long. stake for 12 months, get in line for equity conversion + IPO priority allocation.
downside is capital locked, upside is you’re essentially buying Backpack pre-IPO equity at a ~$200M val.
if #Backpack IPOs at $3–5B (comparable to eToro or a smaller Kraken) → $600M–$1B distributed to stakers.
but you need a 1–2 year time horizon and the stomach for binary risk. do the math yourself.