Crypto treasury share buybacks could signal a ‘credibility race’ is on
Kadan Stadelmann, chief technology officer at Komodo Platform, told Cointelegraph treasury companies are competing to see who can create the most enticing structure.
Crypto treasury companies are starting to see share price gains off the back of stock buyback programs, which analysts say could be a sign that the companies are now battling for credibility.
Trump Jr.-linked media company Thumzup, which holds Bitcoin (BTC) and Dogecoin (DOGE), said on Wednesday it was increasing a share buyback from $1 million to $10 million, which sent its stock (TZUP) up 7% for the session and another 0.82% after hours to trade $4.91.
At the same time, Solana treasury company DeFi Development Corp (DFDV) expanded its share repurchase from $1 million to $100 million, which saw its stock register gains of over 5%, before settling at a more than 2% gain and another 1% after hours to trade at $15.50.
Read more
