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BITDAO Plans $100 Million Bit Token Buyback

BITDAO's bit token has seen a 20% increase in price as market participants anticipate the approval of a $100 million buyback proposal.

BitDAO Logo
BitDAO Logo

The proposal has already reached the minimum threshold for approval, with 148 million yes votes and no opposition. The vote is expected to pass unless something drastic occurs before the Dec. 30 deadline at 11 p.m. EST.

If approved, the buyback will commence on Jan. 1, with BitDAO repurchasing the token at $2 million USDT per day for 50 days. The proposal cites "limited deployment opportunities" as a reason for returning excess capital to token holders. Despite the repurchase program, the BitDAO treasury is expected to maintain $300 million in USDT and USDC and 270,000 in ether worth approximately $345 million.

The current price of $BIT is considered attractive, particularly with the upcoming Mantle project, a new Ethereum Layer 2 funded by BitDAO that will use a bit as its native token. The pseudonymous writer of the buyback program, cateatpeanut, made this statement in the proposal.

BitDAO is an investment DAO that has funded various research, development, and grant programs, including Mantle and zkSync's zkDAO. BitDAO allocated $200 million to zkDAO, which funds grants for its ecosystem.

BITDAO's Mantle Project and Funding for Research and Development

In addition to its planned $100 million bit token buyback, BITDAO is also known for funding research, development, and grant programs. One such project is Mantle, a new Ethereum Layer 2 funded by BITDAO that will use a bit as its native token.

BITDAO has also provided funding to zkSync's zkDAO, which receives $200 million from BITDAO and uses these funds to grant its ecosystem.

Overall, BITDAO is an investment DAO that has supported a variety of initiatives in the realm of research, development, and grants. Its planned buyback and continued support of such projects demonstrate its commitment to driving innovation and growth within the industry.