Dear Bitruers,
In accordance with our plans to increase the utility and value of BTR through feature development and economic management, the Bitrue team has been consistently completing buybacks of the BTR token since its launch in 2019. A detailed record of the completed buybacks can be seen below.
| DATE | AMOUNT | PROOF |
| October 2019 | 1,052,082.00 | TXID |
| February 2020 | 1,651,729.00 | TXID |
| May 2020 | 12,741,067.76 | TXID |
| July 2020 | 100,000,000.00 | TXID |
| September 2020 | 6,039,915.97 | TXID |
| December 2020 | 8,108,108.11 | TXID |
| March 2021 | 50,000,000.00 | TXID |
| August 2021 | 19,100,000 | TXID |
| * September 2023 | 4,947,620.00 | TXID |
| March 2024 |
1,916,502.70
|
TBC |
|
December 2024
|
3,239,898.00
|
TBC |
| TOTAL | 208,796,923.54 |
* Due to the nature of the burning mechanism used in this transaction, the burned tokens may not be accurately reflected in on-chain reporting.
In the original white paper for BTR we promised to burn 20% of the total supply of BTR over time, a promise that has now been completed. We have chosen to complete an additional burn comprising 20% of the remaining supply, which will result in 36% of the total supply of the coin being burned when the plan is completed.
Future buybacks will proceed at an irregular pace based on market conditions, in order to ensure that the timing and resultant price action has the greatest positive impact for holders. Based on the buybacks that we’ve been performing over 2024, approximately 1.9 million BTR has been bought back from the open market this year so far.
Token burns are used as a way of reducing the circulating supply of a coin, which increases the scarcity of the remaining coins and thus makes them more valuable. This means that existing holders of the coins see a greater return on their initial investment. They are used by the Bitrue team as a way of thanking the community for their generous support over the years.
In addition to burns, we will continue to add value to the coin by developing a greater number of features and bringing more utility via investment opportunities, launchpools, and more.