The name was inspired from his tenth mixtape, V.5 released on December 28, 2009 with DJ Whoo Kid also member of G-Unit. The first date for release of the mixtape was on his birthday April 30, 2012. However was pushed back with no release date. On July 16, 2012 the site DatPiff announced the new release date would be July 24, 2012. The site it's the same what Banks will provide the mixtape for free download. On the last track, the rapper announced a new mixtape with DJ Drama of his Gangsta Grillz series. The tape was confirmed to be Failure's No Option, the first volume of the All or Nothing series, which was released on October 31, 2013. As of now, V.6 has over 250k downloads on DatPiff, certifying the mixtape platinum on that site.
On March 29, 2012, Lloyd Banks released the first official song of the mixtape via his YouTube account. The song, Open Arms, was released later as single at iTunes on March 30, 2012. It was produced by the G-Unit's production team member Doe Pesci.