Framework Ventures, a major early investor in Synthetix and the largest institutional holder of its native token SNX, has deposited 6.5 million SNX (valued at $19.5 million) to Coinbase just three hours ago.
This move has drawn attention as it highlights Framework’s active management of its holdings in the Synthetix ecosystem.
Before this deposit, Framework Ventures held 7.1% of SNX’s total circulating supply, reaffirming its significant stake in the project. The firm still retains 17.9 million SNX tokens, worth approximately $54 million, all of which remain vested.
Synthetic 早期投资机构 Framework Ventures 在 3 小时前向 #Coinbase 充值了 650 万枚 $SNX ，价值 1950 万美金！👀
Framework 是 SNX 的最大机构持有者，也是 Synthetic 重要持股股东；充值前持有其流通总量 7.1% 的代币，目前仍剩余价值 5119 万美金的 SNX
钱包地址https://t.co/n3aNVTFzkJ pic.twitter.com/fatB2oEf3n
— Ai 姨 (@ai_9684xtpa) December 5, 2024
This is not the first notable transaction involving SNX by Framework. Four months ago, the venture capital firm withdrew 6 million SNX from Coinbase Prime when the tokens were valued at $7.2 million, coinciding with a market low. If Framework purchased the tokens at that time and is now selling them at current prices, the firm would have realized a remarkable $10.9 million profit, reflecting a 152% gain.
Framework Ventures (@hiFramework), the largest $SNX holder and investor, deposited 6.5M $SNX ($19.6M) to #CoinbasePrime 2 hours ago.
4 months ago, the VC withdrew 6M $SNX (then worth $7.2M) from #CoinbasePrime at the bottom.
If they truly bought then and sold now, their profit… pic.twitter.com/JMuiuaSGI1
— Spot On Chain (@spotonchain) December 5, 2024
This latest deposit underscores Framework’s strategic approach to cryptocurrency investments, leveraging market fluctuations to maximize returns. The timing of their transactions suggests a calculated effort to capitalize on SNX’s recent strong performance.
As Synthetix’s native token continues to perform well within the DeFi space, Framework’s moves raise questions about its long-term strategy. Whether this deposit signals a partial exit or a tactical reshuffling of assets, Framework Ventures remains a pivotal player in shaping the Synthetix ecosystem and the broader cryptocurrency market.
For now, the firm’s actions emphasize the role of institutional investors in driving market dynamics, particularly in periods of heightened volatility and growth.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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