Updates on the $100M Buyback Program

Jan 7·1 min read
Product
Updates on the $100M Buyback Program

On November 15, 2021, Nexo launched its second Buyback – a $100M token repurchase program also known as the Buyback 2.0. Along with our new repurchase scheme came our promise to provide superior transparency of the $100M Buyback's progress through regular updates. All monthly reports for the program can be found below:

January Update

Here’s how far into the Buyback 2.0 we’ve come from December 9, 2021 to January 7, 2022:

  • Repurchased Tokens from Dec 9 to Jan 7: 6,398,394.50 NEXO
  • Amount Spent from the $100M Buyback from Dec 9 to Jan 7: $14,986,324.85
  • Total Repurchased Tokens: 11,191,015.840 NEXO
  • Total Amount Spent from the $100M Buyback: $28,053,719.43
  • Weighted Average Price to Date: $2.5295

December Update

The details below mark the headway we’ve made with our $100M program in the period between November 15 and December 8, 2021:

  • Repurchased Tokens: 4,792,621.338 NEXO
  • Amount Spent from the $100M Buyback: $13,067,394.58
  • Weighted Average Price to Date: $2.7395

How Frequently Does Nexo Repurchase Tokens?

Our team buys back tokens at various times and frequencies depending on the market and in compliance with our program's framework. As buybacks are executed in smaller installments and on different days, our team will periodically add all repurchased tokens to the Investor Protection Reserve (IPR) at the following ERC-20 address: 0x1C433CBF4777e1f0dCe0374d79aaa8ecDC76B497.

What Happens to the Repurchased Tokens?

Repurchased tokens will be placed into vesting accounts for 12 months. After the 12-month vesting period, tokens bought via the Buyback scheme will be put towards investments in strategic targets via token mergers with applicable vesting schemes to ensure token holder interests, and daily interest payouts in NEXO Tokens.

As per our previous commitment, all tokens used for interest payouts in NEXO Tokens are sourced from the open market and, therefore, will NOT impact the circulating supply.

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