Fetch.ai floats $50m FET token buyback plan as AI agents gain steam

Fetch.ai’s leadership has long argued that FET trades below its true potential. Now, they’re putting $50 million where their mouth is, launching a multi-exchange buyback as AI agent activity hits new highs.

On June 19, Fetch.ai CEO Humayun Sheikh took to X to announce that that the Fetch Foundation will execute a $50 million buyback of Artificial Superintelligence Alliance (FET) tokens across multiple trading venues, framing the move as a direct response to FET’s perceived undervaluation.

“I believe that $FET is undervalued,” Sheikh wrote in his post, adding that the buyback will proceed with the backing of market makers.

Unlike typical corporate buybacks, this move is rare in crypto, where projects usually focus on burns or staking rewards rather than open-market acquisitions to tighten supply.

Why the radical FET buyback strategy?

The Fetch Foundation’s $50 million buyback plan suggests more than just a financial maneuver to prop up the token’s price. The foundation appears to be making a calculated response to tangible growth in the Fetch.ai ecosystem since its establishment in 2017.

Notably, Fetch.ai’s autonomous agents, powered by its ASI1 infrastructure, are seeing accelerated adoption across industries, from decentralized finance to IoT automation. Recent partnerships, such as the collaboration with AkedoFun to integrate AI agents into gaming ecosystems, underscore the expanding demand for Fetch’s technology.

With ASI1 enabling more complex AI operations on-chain, the foundation may be anticipating a supply crunch as usage grows. The buyback could be aimed at ensuring liquidity for an ecosystem where tokens are fuel, not just tradable assets.

The announcement sent FET up over 7% in early trading, jumping from a daily low of $0.6434 to as high as $0.7045 before paring some of the gains to exchange hands at $0.6833 at the time of writing.