Multicoin Capital gains $50M AAVE from Galaxy Digital
Multicoin Capital recently received about $51.32 million worth of AAVE tokens on-chain through the Galaxy Digital OTC wallet. AAVE is currently the largest asset in the address.
- On-chain analysts report that Multicoin Capital’s wallet holds 210,000 AAVE, having received those tokens after they were withdrawn from major exchanges and routed through Galaxy Digital’s OTC channel.
- AAVE is now the largest asset in Multicoin’s wallet, dwarfing its second biggest holding, Ethereum, and the wallet’s total value has dipped 4.5%.
According to on-chain analyst Ember CN, an address labeled by Nansen as belonging to the crypto-focused investment firm has recently received 210,000 AAVE funneled through a Galaxy Digital address. The funds were withdrawn from a number of major crypto exchanges before it was transferred into the wallet, including Binance, OKX, and Bybit.
The on-chain analyst speculates that the company bought AAVE ( AAVE ) during the crypto market crash and stored them in exchanges before moving the funds into the main wallet through the digital asset platform Galaxy Digital.
According to data from Arkham Intelligence, Multicoin’s wallet currently holds 210,024 AAVE, which is valued at $51.13 million. AAVE is currently the largest asset held by the digital asset-focused firm’s wallet.
On-chain data shows that Multicoin has received 210,000 AAVE | Source: EmberCN
The second largest asset held in the wallet is Ethereum ( ETH ), with 1,274 ETH worth around $5,090 at current market prices. The wallet also holds smaller holdings of Wrapped Ethereum ( WEETH ) and Polygon’s old MATIC token; however, both assets are worth near-zero.
Overall, the wallet’s total holdings have amounted to $51.13 million, recently dropping by 4.5%.
At press time, AAVE is trading at $243.67. The token has gone down by 4.35% in the past 24 hours and 16.81% in the past week. AAVE’s market cap currently stands at $3.7 billion, having dropped in value by 4.3%.
Multicoin’s crypto market bets
Established in 2017, Multicoin Capital is a venture capital firm that mostly focuses on crypto and blockchain investments. Based in Austin, Texas, the firm invests in early‐stage companies, especially at the Seed and Series A stages. The firm focuses on protocols, tokens, and startups in financial technology and other economic fields.
According to data from Tracxn, the company has invested in over 140 startups, with around a dozen or more new investments in the past year.
Most recently, Galaxy Digital, Multicoin Capital, and Jump Crypto expressed interest in accumulating around $1 billion to establish a Solana treasury. As previously reported by crypto.news, insiders claim the three firms have chosen Cantor Fitzgerald as the lead banker for the deal.
In fact, people familiar with the matter have claimed that the deal received support from the Solana Foundation in Zug, Switzerland.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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