Dear Bitruer,
Bitrue will execute a reverse split for the AXS3S, DOT3S, SHIB3S, and SOL3S leverage tokens on Oct. 29, 2021 at 07:00 (UTC) to facilitate users' trading and avoid negative impact from precision issues. The reverse split is expected to last 4 hours, during which services including trading and ordering will be suspended.
The exact time of the operation may be adjusted depending on market conditions at the time. To mitigate market volatility risks during execution, a temporary position adjustment will be triggered if the leverage of these tokens is too high before the reverse split starts.
To enhance the user experience, data on the candle chart before the reverse split will be hidden and the time when the execution is completed will be the new starting point.
The reverse split will be undertaken in a ratio of 1,000,000:1, which means 1,000,000 shares of the leverage tokens will be merged into 1 share. Consequently, the NAV per share will be 1,000,000 times greater than before, and users’ holdings of these tokens will be reduced to 1/1,000,000th. The actual value of the holdings will not be changed (total asset value = Leverage token holdings * Leverage token net value).
Risk Tips:
- As trading services for these tokens, as well as the dynamic position adjustment, will be disabled during the reverse split, users are recommended to sell or redeem their tokens before the reverse split to reduce price risks.
- There is a possibility that the NAV of a leverage token can become zero or the product will be removed due to inherent market risk, high fees, slippage, rebalance algorithm frontrunning, and any other perceived unknown risks associated with leverage tokens.