A $7.2 million public token sale for BitTorrent (BTT) sold out in less than 20 minutes on crypto exchange Binance earlier this morning. According to a tweet from Changpeng Zhao “CZ”, CEO of Binance, the sale was met with “astronomical” demand, and if not for a system issue would have taken a “few seconds” to sell out instead of 18 minutes.
Acquired by Tron last summer, BitTorrent’s token BTT is a TRON TRC-10 token used to provision different services in the BitTorrent ecosystem. In a sale document posted on Binance Launchpad, the public sale offered ~6 percent of the the total token supply at a rate of 1BTT to .00012 USD, with a $20,000 individual cap and 100,000 BTT minimum. The sale was provisioned across two funding pairs, with 40% of the sale allocated to Binance’s BNB token, and the remaining 60% allocated for Tron’s TRX.