BIT "Jumps for Joy" Ahead of BitDAO's $100 Million Token Buyback
BitDAO’s token (BIT), supported by the Bybit exchange, surged by 20% ahead of the proposed $100 million token buyback.
BIT "Jumps for Joy" Ahead of BitDAO's $100 Million Token Buyback
As reported by Coin68, BitDAO began considering a proposal on December 19 to allocate a $100 million budget for buying back its own BIT tokens.
With 148 million votes in favor and no opposition, the outcome appears decisive. The voting period is set to end by 11:00 AM on December 31 (Vietnam time). However, the community has noticed that the top 4 voters control a whopping 92% of the voting power.
If the proposal is approved, the buyback process will commence on January 1, 2023, spanning 50 days with a daily expenditure of $2 million.
Following the buyback, BitDAO’s treasury will hold 300 million USDT and USDC, along with 270,000 ETH worth approximately $345 million.
“The current BIT price is quite attractive, especially with the upcoming Layer-2 project Mantle,” emphasized “cateatpeanut,” the proponent of the buyback, in the proposal.
Launched in 2021 and backed by Bybit, BitDAO differs from other DAOs, which typically focus on DeFi protocols. Instead, BitDAO’s investment strategy supports Web3 research and development through seed funding grants.
As the proposal nears its conclusion, BIT's price has notably surged, returning to last month's levels and currently trading around $0.337.
