Mantle Plans Massive 100 Million BIT Repurchase from FTX/Alameda via OTC Deal

On December 5th, COINOTAG News reported that Mantle, previously known as BitDAO, is set to potentially acquire 100 million BIT from FTX/Alameda through Mirana Ventures via an Over-the-Counter (OTC) arrangement. Recently, Mantle transferred 38.73 million USDC to FTX/Alameda, subsequently receiving 105 million BIT from the specified address. This transaction indicates an OTC price estimation of $0.367, while the current valuation of MNT (the rebranded BIT) stands at $1.03.

In a related context, the historical exchange between ByBit and FTX, which occurred in early November 2021, involved the trade of 100 million BIT for 3.36 million FTT. The stipulations of this transaction included a mutual agreement to withhold sales for 3 years, which has led to the preservation of these 3.362 million FTT (currently valued at $9.18 million) still residing in the Mantle address.