With forty thousand investors snapping up RLY tokens for $0.60 each between April 1 and April 4, Social token platform Rally has completed its first ‘liquid token sale’ on crypto asset issuance platform Coinlist.
Despite RLY trading on exchange since October, 2020, the sale saw tokens distributed to investors at a set price. Also, minus a 30% markdown to compensate for the RLY being locked up for 12 months linear release, token pricing was determined by a 20-day trailing average from March 11, 2021 to March 30 2021.
However, for less than half the price offered by CoinList on open markets for five weeks, investors had the opportunity to purchase RLY .
The sale was approved through community governance in mid-March, with the 40 million RLY sold having previously been allocated to Rally’s Community Treasury. The ballot saw 100% of the 7,400 participating token holders vote in favor of the sale. Nearly 30% of RLY are now held by Rally’s team and investors.
News of the sale appeared to drive bullish momentum for RLY, which has gained nearly 250% since trading for less than $0.29 on March 12. RLY consistently traded between $0.25 and $0.35 from mid-January until mid-May. As of this writing, RLY last changed hands for $1.
Half of the tokens will become tradable on Oct. 4, after which the remaining RLY will unlock gradually on a monthly basis. In a blog post on April 12, Coinlist revealed the offering generated $22 million. Investments were limited to $1,000 per person, with nearly two-thirds of the offering’s 115,000 registrants missing out on participating.