Surprise Altcoin Launches Major Buyback Program! Announces Radical Change!
While Ethereum (ETH) and many altcoins continue to be adopted by major corporations as part of their treasury strategy, the latest news came for a very surprising altcoin.
At this point, the Covalent team announced the launch of the Covalent Strategic Reserve to power the Covalent X Token (CXT).
Accordingly, Covalent announced the launch of the Covalent Strategic Reserve, a multi-year locked reserve funded by on-chain and off-chain revenues, including periodic CXT buybacks.
The Reserve aims to accumulate approximately 10% of the total CXT supply within a few years. At that point, the plan will utilize both on-chain and off-chain revenue, including regular CXT buybacks.
The Covalent team stated that it aims to reduce market volatility for CXT by creating reserves.
26 million tokens were bought back in 2025, providing governance oversight for future releases.
In 2025 alone, over 17 million CXT were repurchased through off-chain revenue-backed buybacks and 9.05 million CXT through daily automated on-chain buybacks, for a total of 26 million tokens.
CXT rose following the news, but has since pared back most of its gains. CXT continues to trade at $0.015.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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