Kinetic Group plans to buy up to $11.7M of FLUID on open market

UAE-based digital asset manager Kinetic Group said it plans to buy up to 10% of FLUID’s supply on the open market, worth about $11.69 million at current prices. According to a proposal posted on the Fluid governance forum, Fluid and AGI3, a platform under Kinetic Group, plan to form a strategic partnership to jointly develop the DeFi market for institutional investors. The main targets include traditional finance institutions such as sovereign wealth funds, banks, family offices, and asset managers. Alongside Kinetic Group’s investment, the Fluid Foundation plans to allocate 5% of FLUID’s total supply to support institutional custody adoption. According to CoinMarketCap, FLUID was trading at $1.16, up 9.5%, at the time of writing.