According to a popular cryptocurrency trader and regular commentator, BitTorrent (BTT)’s market capitalization is currently over $150 million. The sum exceeds the amount Justin Sun spent to buy BitTorrent.
Everything Seems to be Going According to the Plan
TRON’s Justin Sun bought off the software company BitTorrent in the summer of 2018. The deal was reportedly valued at $126 million.
If you’ve ever downloaded a movie or any file, for that matter, using a torrent, you’ve probably heard the name BitTorrent at least once.
Shortly after, it was revealed that TRON plans to issue a BitTorrent Token (BTT), which would enable users to bid for higher download speed. The initial coin offering (ICO) event was facilitated by Binance’s recently issued ICO platform – Launchpad.
The ICO was only available through Launchpad as the latter had exclusivity. The event took place on January 28th. Now, here’s the interesting part.
Despite the fact that ICOs have been deemed dead by many in the crypto community, and despite the fact that their success rate has dropped staggeringly throughout 2018, BTT’s ICO was seemingly a whopping success.
The project raised over $7 million in less than 15 minutes.
$7,128,000 in 14 Minutes and 41 Seconds
BitTorrent’s ICO was completed in less than 15 minutes, in spite of the fact that it ran in two simultaneous sessions.
Session number 1 ended in 13 minutes and 25 seconds It sold BTT tokens for Binance Coin (BNB) and it distributed a total of 23.76 billion BTT.
Session number 2 ended in 14 minutes and 41 seconds. It sold BTT tokens for TRX and it distributed a total of 35.64 billion BTT.
In total, the ICO sold 59,400,000,000 BTT tokens at $0.00012 a pop, netting $7,128,000 in what seems like record time.
“Well Played” Justin Sun
According to Twitter user Moon Overlord (@MoonOverlord), the current market cap of BTT is $150 million. Sun bought BitTorrent for $126 million, meaning he’s already made his money back, while retaining ownership of BitTorrent.
Do you think Justin Sun’s move to acquire BitTorrent and launch an ICO was a good one? Let us know down below!
Images credit to Oracle Times