Fetch.AI Commits $50M to Token Buyback Amid Platform Growth
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Blockchain project Fetch.AI has launched a $50 million buyback initiative for its FET token, citing rising platform usage and what it considers an undervalued market price.
CEO Humayun Sheikh said the repurchase, backed by the Fetch Foundation and its market makers, aims to reflect the project’s expanding ecosystem, particularly around its ASI platform and autonomous agent framework. The buyback will occur across several exchanges.
The announcement pushed FET up 7% on the day, lifting its market cap to $1.66 billion. Still, the token remains down roughly 80% from its March 2024 peak of $3.47, now trading at around $0.69.
The move comes after Fetch merged with two other AI-focused projects under the Artificial Superintelligence Alliance, retaining FET as its ticker.
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