Amir Haleem, founder of the decentralized telecommunications infrastructure project Helium (HNT), announced that the project will discontinue its token buyback program.
Haleem stated in a social media post that the market has not given a meaningful response to token buybacks, and that allocating resources to this practice is inefficient under the current conditions.
According to Haleem, Helium and its mobile business, Helium Mobile, generated $3.4 million in revenue in October of last year alone. The founder argued that it would make more sense to reinvest this revenue directly in business growth rather than using it as a cost item that “disappears at the bottom” in token buybacks.
In his statement, Haleem also listed the company’s priorities, saying that all resources would be directed towards increasing Helium Mobile subscriber numbers, expanding the installed base of the Helium network, and growing operator offload usage. He stated, “Until the market structure improves, our entire focus will be on growth.”
On the other hand, Haleem added that the data credit mechanism will continue to operate as it currently does. Accordingly, data credits used for operator offload operations will continue to be burned as before.
HNT prices have fallen by 75% in the last year.
*This is not investment advice.