Crypto Asset Statement - BONK

  • Updated

About this Statement 

Bitbuy Technologies Inc. (“Bitbuy” or “we”) believes that our users should understand the crypto assets that they are able to trade using our crypto trading platform (the “Platform”). One of the crypto assets we offer on the Platform is BONK. We created this summary to help you understand the basics of BONK as well as some of the risks involved in trading it. While we tried to describe the key features of BONK here, this summary isn’t meant to tell you everything you’d want to know before investing in BONK. You should also do your own research on BONK to make sure you are comfortable investing in it.


Bitbuy has compiled the information contained in this Crypto Asset Statement to the best of its ability based on publicly available information. Bitbuy is providing this Crypto Asset Statement on an “as is” basis and makes no representation or warranty as to accuracy or completeness of the contents.    


About BONK 

BONK is a memecoin that was originally airdropped to the Solana community in December 2022. At the time, there was very little information available about BONK, with a short whitepaper produced that explained that BONK intended to provide a secure way to settle payments.1 Since its launch, the BONK ecosystem has developed as it has been integrated into numerous dApps and games built on the Solana network, and associated with numerous Solana-based NFT collections such as BONKZ.2, 3 BONK is another instalment in the saga of memecoins, following in the foot steps of Dogecoin, Shiba Inu, and other dog-related coins.



As with all assets, investing in BONK is not without some general risks. Many of these risks are identified and explained in our Risk Statement. In addition to the general risks, we outline some risks that are specific to BONK below. While we make an effort to identify every source of risk, we encourage you to do your own research and ensure you are comfortable investing in BONK.  


BONK reliance on the Solana Network  

As BONK is an SPL token on the Solana network, it is highly dependent on the continued stability of that network. Any fundamental issues in the Solana network may impact BONK’s smart contract or token value. Investors should consider this dependency, and the Solana network’s history with respect to stability, when evaluating BONK.   


BONK and the Nature of Memecoins 

BONK is one of many digital assets that could be classified as a memecoin. Memecoins follow internet trends and are susceptible to volatility influenced by social media activity, online jokes, and adoption or comments by celebrities or public figures. However, as with typical internet memes, trends may be fleeting and those steep increases could level off very quickly as meme-followers lose interest.  


BONK Burning 

Shortly after it’s launch, a large portion of the BONK supply was permanently burned by the anonymous development team. Since then, numerous NFT projects have surfaced which have introduced additional burning mechanisms for BONK.4 For example, the BONKZ NFT project publishes on its website that it’s mechanism has burned over 580 billion BONK.5 Potential investors should be aware of the deflationary impact of burning, and also be aware that there has been increasing regulatory scrutiny from the United States SEC on tokens that employ a burning mechanism.  


How Bitbuy Decides to List Crypto Assets 

Bitbuy reviews crypto assets before making them available for trading on the Platform. In making our decision to list a new crypto asset, we consider publicly-available information about the crypto asset, including (among other things) its creation, design, governance, usage, supply, demand, maturity, utility, liquidity, material technical risks and legal and regulatory risks.

To date, we have only made crypto assets available for trading on the Platform which have significant supply, demand and liquidity. In our experience, crypto assets with these qualities tend to also satisfy the other criteria we evaluate as part of our review. That being said, our review process is fulsome and flexible, and we don’t prioritize any one factor over another. You should review the risk statement published on our website for more information about our procedures for determining whether to make a crypto asset available for trading on the Platform.


Regulatory Information 

Bitbuy is offering crypto contracts to purchase and sell in reliance on a prospectus exemption contained in the exemptive relief decision  Re Bitbuy Technologies Inc. dated November 30th, 2021. The statutory rights of action for damages and the right of rescission in section 130.1 of the Securities Act (Ontario) and similar legislation in the other provinces and territories of Canada would not apply in respect of a misrepresentation in this Statement.

 No Canadian securities regulatory authority has expressed an opinion about BONK, including an opinion that BONK is not itself a security and/or derivative.



  1. “Bonk Paper”  
  2. Bonkcoin. “BONK - The Dog Coin of the People.” 2023.  
  3. “Bonk (BONK).” CoinMarketCap. 2023.  
  4. Shaurya Malwa. “Bonk Inu Developers Burn All Their Team Tokens as Solana Ecosystem Frenzy Continues.” CoinDesk. January 9, 2023.  
  5. “BONKZ.” 2023.  


Other Useful Links: 

BONK Twitter:  


Last updated: December 14, 2023 

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