The nice thing about ADA share buybacks is that it's so lightly...

The nice thing about ADA share buybacks is that it's so lightly traded they really move the SP. They bought 14,567 on Wednesday, a day when the total volume was only 20k. Meaning 73% of the whole days trading was buyback!

Thanks to:

Listing Rule 7.33 - A company may only buy back shares under an on-market buy-back at a price which is not more than 5% above the average of the market price for securities in that class. The average is calculated over the last 5 days on which sales in the shares were recorded before the day on which the purchase under the buy-back was made.

The wide spread and general lack of market depth severely restricts the number of shares ADA can actually buy back on most days - on the flip side the buyback happens slowly, so unless volumes increase significantly there's a good chance the SP will grind slowly higher in a 'virtuous circle' as the increasing SP pushes up the average price and the buyback works it's way up the queue... The whole Sell side queue is only 76k shares and a chunk of those is just bots responding to others sell orders. The buyback is nominally more than 7m (not that I expect it will come close to that). Unless there is significant news or a Macro event I can see this slowly grinding it's way back to ~1.30 (IMO, obviously and DYOR!)