Decentralised autonomous organisation (DAO) BitDAO has launched a BIT management token and raised 112,000 ETH (about $356m at the time of writing) in an auction.
BIT tokens were sold on the MISO platform of the decentralised exchange SushiSwap. A total of 9,200 people participated in the auction.
A total of 180 million BIT were sold for Ethereum, with another 20 million purchased for a SushiSwap native token (SUSHI).
As a reminder, BitDAO launched in June and raised $230m in a private funding round. Investors include Founders Fund, Pantera Capital, Dragonfly Capital and Peter Thiel.
Cryptocurrency exchange ByBit, which was one of the first to back the organisation, has committed to regularly contribute 2.5 basis points of futures contract trading volume on its platform to the new organisation.