The price of the BitDAO token rose more than 20% in less than 24 hours before the expected approval of the $100 mln buyback plan. The distribution of votes for the proposal has already passed the minimum threshold and received 148 million “yes” votes without objection. The buyback is due to start on January 1st, and the DAO will buy BIT for 2 million USDT per day for 50 days.
The proposal mentioned “limited deployment opportunities” as one of the reasons for returning excess capital to token holders. Even after the buyback program, the BitDAO Treasury is expected to retain $300 mln in USDT and USDC with an additional $345 mln in Ether.
According to the author of the buyback program under the pseudonym cateatpeanut, the current price of BIT is attractive, especially in connection with the upcoming BitDAO-funded Mantle project, which will use BIT as a native token.
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