Subscribe to Bankless or sign in
Tl;dr: BitDAO is about to launch a major buyback program.
Hotness Rating (🔥🔥/5):
BitDAO is about to begin a major buyback program. While the perpetual buy-pressure over the next several weeks may help keep the price of BIT afloat, the DAO having telegraphed their intent may lead, or have already led, to traders pricing some of the move by front-running the purchases. In addition, BIT faces potential headwinds from Alameda Research’s $34.9M (100.2M BIT) position, which the now bankrupt hedge fund acquired via a 2021 token swap. This accounts for 1.04% of the total BIT supply and while Alameda pledged that they would not sell their tokens for 3-years, it seems unlikely that they will stick to their word. Because of these factors, traders may want to exercise caution if they are looking to capitalize on the BIT buyback.
Subscribe for free to continue reading
- Support the Bankless Movement
- Access to thousands of articles
- Complete archive of Bankless episodes
- Embark on free quests in Airdrop Hunter
- Daily alpha in your inbox
Already subscribed? Sign in
