Hassan Maishera
On Sunday, Sonic Labs (formerly the Fantom Foundation) announced that its community has approved a governance proposal supporting a Nasdaq PIPE and the launch of a crypto ETF.
Sonic Labs will now issue $150 million worth of its native token to support the initiative. The proposal passed with near-unanimous backing, securing a 99.98% approval. Per the proposal, Sonic Labs will partner with a leading exchange-traded fund provider to launch a regulated ETF tracking its native S token. Sonic Labs is expected to allocate $50 million to seed liquidity and fund operations.
Furthermore, Sonic Labs will allocate a $100 million investment for a Nasdaq private investment in public equity (PIPE), which would create a strategic reserve for a Nasdaq-listed vehicle.
The reserve would be used to purchase S tokens on the open market and over-the-counter trades.
Sonic (previously Fantom) is building a programmable platform on a directed acyclic-graph-based distributed ledger. Its S coin is down 2.76% in the last 24 hours and is currently trading at $0.3069.
