BitDAO raises over $356 million and launches the BIT governance token

The BitDAO decentralized autonomous organization (DAO) launched the BIT governance token and attracted 112,000 ETH (about $356 million at the time of writing) in the auction.

The BIT-ETH auction has concluded with over 112,000 ETH raised and over 9200 participants.

You can now claim your $BIT tokens.

Read more about it here: https://t.co/d4X6hnsS7u

— BitDAO (@BitDAO_Official) August 17, 2021

BIT tokens were sold on the SushiSwap decentralized exchange’s MISO platform. 9,200 people participated in the auction.

In total, 180 million BIT were sold for Ethereum, with another 20 million purchased using the native SushiSwap token (SUSHI).

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

The cryptocurrency exchange ByBit, which was among the first to support the organization, pledged to regularly contribute 2.5 basis points of its futures trading volume on its platform to the fund of the new organization.

Follow ForkLog’s Bitcoin news on our Telegram — for crypto news, prices and analysis.