Huobi Releases Details of the Huobi Token (HT) Buyback and Airdrop for Q3
Huobi Token (HT) Buyback: As promised, Huobi Global will allocate 20% of its revenue to buyback an amount of HT. We are pleased to announce that the token buyback for Q3 2018 has been completed.
See more information here: https://t.co/QWprW4QQDU
— Huobi (@HuobiGlobal) October 16, 2018
According to the announcement, 12,520,200 HT was repurchased, which roughly equals $20 million, and the tokens will be distributed to HT holders on the Huobi exchange via an airdrop.
Huobi notes that the airdrop will be based on snapshots of HT holdings on each day from July 1 to September 30, with payouts corresponding to total user holdings on each of those days. This airdrop will be paid out in three installments, with the first occurring today and the other two on November 15 and December 15, respectively.
Similar to stock buybacks and dividend programs that are commonly used in traditional equity markets, Huobi’s repurchase of its exchange token ultimately boosts the price of the token while further distributing it among retail investors.
Following the announcement, HT briefly jumped to $1.79 before settling around its current price of $1.64, giving the exchange token a market cap of $81.8 million and making it the 7th largest token in the AltDex Exchange Token Index (ALTEXC).
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.