VC Firm Nets $10.9M Profit on SNX Token, Moves to Cash Out on Coinbase
- Framework Ventures deposits 6.5M SNX tokens, valued at $19.6M, into Coinbase Prime.
- The firm capitalizes on a 152% profit after purchasing tokens at a lower price four months ago.
- SNX has surged 136% in the last 30 days, driving Framework Ventures to lock in gains.
Framework Ventures, a prominent thesis-driven crypto venture firm, has made a significant move in the Synthetix (SNX) market. Known as the largest holder and investor in Synthetix, the firm deposited 6.5 million SNX tokens (valued at $19.6 million) into Coinbase Prime. This transaction signals a potential profit-taking decision.
Framework Ventures Locks in 152% Profit
For context, the new deposit to Coinbase follows a key decision made four months ago when Framework Ventures withdrew 6 million SNX tokens from the exchange. At the time, the withdrawn tokens were worth $7.2 million.
This suggests that Framework Ventures likely purchased the tokens during a market dip and is now capitalizing on a 152% profit, as the value of those same 6 million tokens has appreciated by $10.9 million.
Notably, the market value of SNX has surged by 136% in the past 30 days, with the token now trading at $3…
The post VC Firm Nets $10.9M Profit on SNX Token, Moves to Cash Out on Coinbase appeared first on Coin Edition.
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VC Firm Nets $10.9M Profit on SNX Token, Moves to Cash Out on Coinbase
- Framework Ventures deposits 6.5M SNX tokens, valued at $19.6M, into Coinbase Prime.
- The firm capitalizes on a 152% profit after purchasing tokens at a lower price four months ago.
- SNX has surged 136% in the last 30 days, driving Framework Ventures to lock in gains.
Framework Ventures, a prominent thesis-driven crypto venture firm, has made a significant move in the Synthetix (SNX) market. Known as the largest holder and investor in Synthetix, the firm deposited 6.5 million SNX tokens (valued at $19.6 million) into Coinbase Prime. This transaction signals a potential profit-taking decision.
Framework Ventures Locks in 152% Profit
For context, the new deposit to Coinbase follows a key decision made four months ago when Framework Ventures withdrew 6 million SNX tokens from the exchange. At the time, the withdrawn tokens were worth $7.2 million.
This suggests that Framework Ventures likely purchased the tokens during a market dip and is now capitalizing on a 152% profit, as the value of those same 6 million tokens has appreciated by $10.9 million.
Notably, the market value of SNX has surged by 136% in the past 30 days, with the token now trading at $3…
The post VC Firm Nets $10.9M Profit on SNX Token, Moves to Cash Out on Coinbase appeared first on Coin Edition.
Read More
Ark Invest Adds Heavily to Coinbase Position During Friday Market Sell-Off