DeFi Technologies is getting ready to use their cash for something new: buying back their own shares.
What’s happening:
- DeFi Technologies (CBOE: DEFI) has announced a Normal Course Issuer Bid in which they will begin purchasing back equity in the public markets
By the numbers:
- DeFi Technologies currently has a cash position of approximately $69.9M CAD
- The Normal Course Issuer Bid will allow them to purchase up to 10% of the total public float, which is approximately 26M shares
Why it matters:
- DeFi Technologies is one of the fastest growing publicly traded companies focused on digital assets, with enormous new inflows of capital flowing into their Exchange Traded Products which provide traditional market exposure to decentralized finance protocols and projects
Going deeper:
- DeFi Technologies has been rapidly expanding their operations with the new launch of their arbitrage trading venture DeFi Alpha and the recent listing of the world’s first yield generating Bitcoin Exchange Traded Product
The intrigue:
- DeFi Technologies recently also launched a new Exchange Traded Product for popular encrypted messaging app Telegram’s digital asset
Market reaction:
- Shares of DeFi Technologies were up 10% on the day of the announcement, and over 45% in the past week
