Backpack is in talks to raise $50 million at a $1 billion pre-money valuation, according to Axios. The company also disclosed updated token allocation plans for its 1 billion native token supply, with 37.5% reserved for corporate finance after its planned IPO. CEO Armani Ferrante emphasized that all team token allocations remain locked in the company treasury for at least one year post-listing, preventing insider sales during early market stages. The strategy aims to maintain stability and align token distribution with growth objectives as Backpack transitions into regulated markets.