Flying Tulip Sale Update

Flying Tulip Sale Update

As of February 20, the total amount raised stands at $183,897,578.66. The public sale was structured with a $1B maximum deposit cap (a cap, not a “we must raise this much” target). The capital already raised is sufficient to continue executing and delivering our product roadmap.

The raised amount includes approximately $83,511,770 from earlier private and institutional tranches, $60,385,809 from the early-access community rounds on Impossible and CoinList platforms, $31,000,000 from the Flying Tulip Whitelist (Intent and Supporter) sale rounds, and $9,000,000 from the ongoing Public Sale.

The Public Sale started on February 16 and ends February 21-22, 2026. Tokens become transferable on February 23, 2026 (EST).

You can join the sale here: https://flyingtulip.com/allocation. 

Track capital allocation and onchain collateral in real-time: https://flyingtulip.com/allocation/dashboard.

FT is the native token of Flying Tulip. It is allocated at a fixed rate of 10 FT per $1 contributed. Total supply is 10B tokens. Unallocated FT remains in the Investment Contract as non-circulating supply, and cannot enter circulation unless there is capital allocated to it. Participants of all sale rounds receive exactly the same terms, with 100% unlocks, and no bonus tokens.

Tokens sold across all rounds are issued as Perpetual PUTs, allowing investors to exit their position and redeem their capital in the same token and amount as deposited. There is no deadline for this option. 

Market conditions deteriorated materially after the August commitment window, including the 10/10 liquidation event and subsequent deleveraging. This primarily impacted the earliest VC/seed commitments at the time capital was called. A meaningful portion of early commitments chose to exit rather than force participation through stressed market conditions.

The funded base that remained is long-term aligned. 100% conversion of the January private sale follow-on and strong retention in community rounds.

The team receives no tokens initially. At Flying Tulip, team operations are funded from the yield generated on the raised capital, not the capital itself. Backing capital is never spent. Contributed assets are kept liquid and deployed to low‑risk on-chain yield with no leverage. 

At the moment $123.43K has already been generated from yield, ranking Flying Tulip as a top 125 project for revenue, pre-product and pre-launch.

With $183,897,578.66 raised so far we are currently over our internal target, and able to cover our burn at estimated $2.5M per year (including salaries and audits), at an average yield at 2-4%. 

As described in the Roadmap, the first product that will be rolled out is our native stablecoin ftUSD (Flying Tulip USD), used as a settlement layer throughout all future products. Margin Lending (Lend) will go live at the same time, and we will allow deposits from ftUSD into Lend 1-2 weeks from launch.

Revenue and fees generated from all our products will be used for buybacks of FT on the open market. PUT yield, after covering team operations, will also be used for buybacks and burns. Where does the FT demand come from? See here: https://docs.flyingtulip.com/product-suite/ft-token/#where-ft-demand-comes-from.

No need to speculate about any element of Flying Tulip. If you have any questions or concerns please join our Discord: discord.gg/flyingtulip

1) Conversion summary

Most early seed commitments were made during the August window. This was followed by a broader liquidity shock period.

When capital was later called (January/February), some earlier participants could no longer participate due to liquidity constraints, which were materially impacted by the 10/10 and other large liquidation events.

Some of the participants who did deposit capital, have since exited their position, redeeming their capital demonstrating that the exit/refund mechanism works.

This option remains available for all investors, across all sale rounds, and after the Public Sale closes.

A) Private / institutional tranches

Seed (private round)

  • Committed: $200,000,000
  • Funded / currently held: $58,511,770
  • Conversion rate (funded vs allocation): 29.25%
  • Timing context: Most early investors committed during August. By the time capital was called later (January/February), liquidity conditions had tightened sharply after major market deleveraging (including 10/10), and many participants could no longer fund, so they invoked refunds rather than force a conversion.
Note: This is not negative. If those same participants had funded despite liquidity stress, we likely would have seen larger post-funding exits, which would have looked worse in “currently held” terms.

Follow-on (January 2026)

  • Committed: $25,000,000
  • Funded / currently held: $25,000,000
  • Conversion rate: 100.00%
  • Notes: Fully converted; full amount collected and still held.

B) Early access community rounds

Impossible (Curated early access)

  • Allocation / cap: $200,000,000
  • Committed (gross): $55,000,000
  • Funded / currently held (net): $52,095,697.68
  • Conversion rate (net vs cap): 26.05%
  • Conversion rate (net vs committed): 94.72%
  • Notes: Current held value reflects asset composition (stablecoins plus some ETH).

CoinList (early access)

  • Allocation / cap: $200,000,000
  • Raised (gross): ~$9,000,000
  • Funded / currently held (net): $8,290,110.98
  • Conversion rate (net vs cap): 4.15%
  • Conversion rate (net vs gross): ~92.11%
  • Notes: About $700k net difference from gross reflects divestment/withdrawal.

C) Flying Tulip whitelist


Total Intent Whitelist

  • Confirmed intent: $365,000,000-549,000,000
  • Funded / raised: $31,000,000
  • Conversion rate (raised vs confirmed intent): 5-8%

2) Exit works, what has exited so far, and what remains

This structure was designed to prevent forced participation under stress. The numbers show that it behaved that way.

  • Seed refunds / exits: $148,488,230 (of the $200,000,000 seed allocation)
  • CoinList net divested / withdrawn: ~$709,889 (gross ~$9,000,000 vs net $8,290,110.98)
  • Currently funded / held across tranches in this update: $183,897,578.66

3) Asset breakdown (current holdings)

Impossible: $52,095,697.68 currently held (net)

  • $4,811,433.96 USDC (≈ 9.24%)
  • $1,700,422.29 ETH (≈ 3.26%)
  • $45,583,841.42 USDT (≈ 87.50%)

CoinList: $8,290,110.98 currently held (net)

  • $7,644,385.05 USDC (≈ 92.21%)
  • $645,725.93 USDT (≈ 7.79%)

Totals shown are based on contract accounting; minor rounding differences may occur when summing line items.

4) Timing and market context (why conversions differed)

Commitment timing matters. A meaningful portion of seed commitments were made during the August window.

Between that commitment phase and later capital call timing (January/February), markets experienced sharp deleveraging and liquidity tightening, including the 10/10 liquidation event and subsequent follow-on risk reduction. That environment primarily impacted earlier allocators who had committed months prior.

How this translated into conversion outcomes

  • Seed conversion was lower (25.76%) because many commitments were made earlier, while capital-call timing occurred after significant deleveraging and liquidity tightening.
  • January follow-on conversion was 100% because commitments and funding were much closer in time (less “timing gap” risk).
  • Impossible and CoinList show high net conversion relative to their own gross subscriptions (≈94.72% and ≈92.11%). Consistent with a market still operating in a selective, risk-managed posture.

5) Methodology note

Methodology: “Allocation/cap” reflects the maximum reserved for a given channel. “Funded/currently held” reflects net contributed assets received and held as of Feb 20, 2026 (ET), net of refunds/exits/withdrawals. Stablecoins are treated at par; non-stable assets are marked per internal accounting at the time of reporting.

6) Appendix: Independent verification touchpoints

If you’d like to verify the allocation and capital figures above independently, the following public dashboards provide helpful cross-checks. Because this update is a point‑in‑time snapshot (Feb 20, 2026 (ET)), live dashboards may differ due to (i) update latency, (ii) valuation methodology (mark‑to‑market vs par), and (iii) definition differences (e.g., “allocated/intent” vs “deposited” vs “treasury/TVL”).

Definitions

  • Allocation / cap: the maximum amount reserved for a channel or round.
  • Confirmed intent: verified, expressed intent (not always equivalent to funded capital).
  • Funded / currently held: net contributed capital received and currently held (net of refunds/exits/withdrawals), per internal records as-of the date above.
  • Conversion rate: shown relative to the most relevant baseline (allocation/cap, confirmed intent, or gross subscriptions).

Quick onchain checklist

  • Use the Contract Addresses page to locate the relevant contracts (e.g., ftPUT / PutManager and associated wrappers/strategies where applicable).
  • Use the linked block explorers to review token balances and transaction flows for the relevant collateral assets (USDC/USDT/WETH, etc.).
  • When comparing figures, align on (a) timestamp and (b) metric definition: some dashboards emphasize commitments/allocations, while this update reports funded / currently held amounts net of refunds/exits/withdrawals.

Important information

This communication is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities or tokens in any jurisdiction. Digital assets involve risk, including possible loss of value.

Read more