Magnet DAO raises $10 million in public sale

Magnet DAO first launched natively on Avalanche on December 7, with 2 million MAG tokens up for sale at a price of $0.80

Crypto-incubator Magnet DAO raised $10 million in a public sale at the end of December, prior to launching its protocol on January 2.

Magnet DAO aims to be an early-stage crypto incubator. This concept is a twist on the trend of decentralized digital reserve currencies in general and the decentralized finance protocol Olympus in particular.

It provides access to early-stage investment opportunities that would otherwise remain exclusive to VCs, angel investors, and founding teams. By reinvesting 10% of its bond profits into further high-quality crypto assets, Magnet DAO effectively fashions itself into a blockchain venture fund.

Magnet DAO first launched natively on Avalanche (AVAX) on December 7, with 2 million MAG tokens up for sale at a price of $0.80. This represented 20% of Magnet’s initial supply.

This initial launch was open only to the Magnet DAO community on Discord. However, these investors showed significant interest. The limit for individual maximum contributions was increased from $500 to $4,000 to meet unexpected demand, and the community offering was sold out within 32 minutes. Overall, $1.6 million were raised at the time.

The initial community offering was followed by a public offering on December 28, which equally exceeded anticipated investor interest.

The sale launched on December 28th at 5 pm UTC and was set to last for 48h or until a total contribution of $10 million MIM had been reached.

Overall, 4 million bMAG tokens were available, representing 40% of the initial supply. These are NTTs (Non-Transferable Tokens), which cannot be sold on or exchanged for liquidity. However, they have become redeemable with the launch of Magnet’s protocol.

During the public sale, the total contribution limit of $10 million was reached within a mere 39 minutes.

Investors who had participated in the December 7th community offering were airdropped an equivalent amount of bMAG to redeem following the protocol launch.