GRVT, a platform focused on futures trading for crypto and real-world assets, has successfully completed its inaugural buyback and burn event for the GRVT token. The company disclosed that it has bought back 1.1 million tokens from the open market, effectively removing them from circulation.

This strategic move was executed by the foundation’s token issuer in collaboration with an independent implementation partner. The tokens have been sent to a designated burning address, ensuring they are permanently inaccessible.

The quantity of tokens involved constitutes around 1% of the circulating supply at the time of the transaction. The issuer has indicated plans for ongoing monthly buybacks, although specific amounts and schedules have yet to be established.

This announcement coincides with the upcoming launch of Grvt 2.0, which is set for late November. The platform’s roadmap includes the introduction of Grvt Earn by the end of October, enabling users to utilize their earning balances as collateral in transactions starting in November.

Expansion into New Markets

Additionally, GRVT is working on new perpetual contracts associated with commodities, stocks, currencies, and indices, aiming to expand its offerings to more than 1,000 markets by year’s end.

The news of the buyback has positively impacted GRVT’s market performance, with the token seeing a price increase of approximately 7% within the last 24 hours, reflecting growing investor interest.