BitDAO Token Rises 20% As $100 Million Buyback Proposal Expects To Pass
- The voting distribution for the proposal has already passed the minimum threshold and 148 million users voted for it.
- As the $100 million repurchase request would be approved tomorrow, BITDAO’s bit token is up 20%.
Forward with the anticipated approval of a $100 million repurchase plan, the price of BitDAO’s bit token increased more than 20% in less than 24 hours.
With 148 million yes votes and no votes against, the proposal’s voting distribution has already surpassed the necessary level. The vote ought to pass unless something unexpected happens before the deadline on December 30 at 11 p.m. EST.
As Coincu reported on December 20, the strategy is detailed in a governance proposal submitted to the DAO. BitDAO should set its daily goal to buy amount at $2 million in USDT for 50 days starting on January 1 as part of the buybacks. If authorized, at the conclusion of the planned 50 days, the DAO will have spent $100 million in USDT to repurchase it’s bit token. The idea also builds on earlier repurchase programs.
The plan listed “limited deployment opportunities” as one of the justifications for giving token holders their money back who had too much. The BitDAO treasury is anticipated to keep $300 million in USDT and USDC, along with an extra 270,000 ether valued at about $345 million, even after the repurchase campaign.
The $1.7 billion in treasury held by BitDAO, half of which is in the native bit token, will be used for the repurchase as Coincu previously reported. As a result, after the conclusion of the repurchase period, the DAO’s share of holdings in its native coin will take another rise.
BitDAO is an investment DAO that has supported different research, development, and grant programs, such as Mantle and zkSync’s zkDAO, which received $200 million from BitDAO and finances awards for its ecosystem.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu