In keeping with Nexo’s impeccable track record for transparency and our promise to provide regular progress reports for our ongoing token repurchasing initiative, we publish the monthly updates on our $50M Buyback program in the blog post below:
This article will be updated with a new section upon each consecutive update. You can also track the progress of our repurchasing scheme directly at our on-chain Investor Protection Reserve (IPR) with the following ERC-20 address: 0x1C433CBF4777e1f0dCe0374d79aaa8ecDC76B497.
You will find the progress of Nexo’s third Buyback throughout the month of October here, along with overall stats on the repurchases made from the beginning of the program (August 30, 2022) to date:
- Repurchased Tokens from Sept. 30 to Nov. 3: 10,503,700.39 NEXO
- Amount Spent from the $50M Buyback from Sept. 30 to Nov. 3: $9,593,481.41
- Total Repurchased Tokens from the $50M Buyback: 18,684,205.05 NEXO
- Total Amount Spent from the $50M Buyback: $17,525,740.72
- Weighted Average Price to Date: $0.938
The first few tranches of our third Buyback program are in and the numbers are as follows:
- Repurchased Tokens from Aug. 30 to Sept. 29: 8,180,504.66 NEXO
- Amount Spent from the $50M Buyback from Aug. 30 to Sept. 29: $7,932,259.31
- Weighted Average Price to Date: $0.9697
How Will Nexo Use the Repurchased Tokens?
The vesting period for each batch of repurchased tokens is 12 months, meaning these assets will stay in our Investor Protection Reserve for a full year. Only once this period has expired will Nexo be able to use the bought back tokens for daily interest payouts in its native asset and strategic investments via token mergers with applicable vesting schemes to ensure token holder interests. 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.
At Nexo, we believe in the underlying value of our native token which is why we are committed to enhancing its worth through various utilities and further tokenomics initiatives like our third Buyback program. We are proud to have over 5 million Nexo clients on board with us – token holders like them that fuel our commitment to bolstering the benefit of the NEXO Token both on our platform through our Loyalty program and beyond.