Company Update
EtherFi buyback program falls short of guidance
EtherFi’s token buyback, funded by its neobank Cash, has been sending about $225k weekly to the foundation, roughly 27% below the $1.33M monthly guidance. Since September 7, $1.48M was contributed, buying 1.81M ETHFI at $0.692 average, but most purchases are paid out as cashback, with only 548k retained. Weekly cash spend rose from $27.6M to $31.0M while buyback contributions stayed flat, leading to a net negative token flow in the week of October 12. The analysis notes the program acts more like a customer acquisition cost than a supply‑reduction buyback and watches for future alignment of contributions with spend and the addition of borrow revenue once loans reach $50M.