BitDAO proposes $100 million buyback of its own tokens

BitDAO community members will study a $100 million buyback of DAO-tokens BIT, starting January 2023.

(1/3) [DISCUSSION] $BIT Purchase Program, Update Jan 2023

This soft proposal is a parameter update to BIP-9: $BIT Purchase Program and BIP-12.

✅ Set the Target Daily Purchase Amount (TDPA) at $2.0M USDT per day starting Jan 1, 2023 for 50 days (total $100M USDT)

— BitDAO (@BitDAO_Official) December 19, 2022

The proposer was authored by user cateatpeanut. It aligns with the capital deployment strategy and is a continuation of previous buyback schemes.

The BitDAO treasury currently holds assets of $1,66 млрд, with BIT accounting for about ~$912 million.

If approved, the buyback would begin on January 1 and run for 50 days in equal installments of 2 million USDT.

BitDAO launched its governance token in August 2022. The decentralised organisation attracted 112,000 ETH (~$356 million at the time) in an auction.

The project began operations in June 2021 and raised $230 million in a private funding round. Investors included Founders Fund, Pantera Capital, Dragonfly Capital and Peter Thiel.

The organisation focused on funding decentralised finance projects through grants and token swaps. It also sponsors research initiatives in the sector.

Earlier in November, BitDAO announced a ‘soft launch’ of Mantle, a modular layer-2 solution. Public testing of the testnet, together with the incentive program, is planned for 2023.

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