Having just jumped from Google to Nameheap this is more than mildly frustrating.
edit: apparently this is the result of Verisign putting up their wholesale prices
this post was submitted on 21 Aug 2023
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It's administered by a nonprofit (Public Internet Registry) which cap the wholesale price to ~$9 per year. There was a proposal to remove the price cap and transfer the management to a an investment firm a few years ago and it was met with uproar so it was canceled.
God, these greedy pigs will never stop