VC Agency Nets $10.9M Revenue on SNX Token, Strikes to Money Out on Coinbase

• Framework Ventures deposits 6.5M SNX tokens, valued at $19.6M, into Coinbase Prime.
• The agency capitalizes on a 152% revenue after buying tokens at a cheaper price 4 months in the past.
• SNX has surged 136% within the final 30 days, driving Framework Ventures to lock in positive factors.

Framework Ventures, a outstanding thesis-driven crypto enterprise agency, has made a major transfer within the Synthetix (SNX) market. Often known as the biggest holder and investor in Synthetix, the agency deposited 6.5 million SNX tokens (valued at $19.6 million) into Coinbase Prime. This transaction alerts a possible profit-taking choice.

Framework Ventures Locks in 152% Revenue

For context, the brand new deposit to Coinbase follows a key choice made 4 months in the past when Framework Ventures withdrew 6 million SNX tokens from the alternate. On the time, the withdrawn tokens had been value $7.2 million.

This implies that Framework Ventures seemingly bought the tokens throughout a market dip and is now capitalizing on a 152% revenue, as the worth of those self same 6 million tokens has appreciated by $10.9 million.

Notably, the market worth of SNX has surged by 136% prior to now 30 days, with the token now buying and selling at $3.04. With the latest rise in SNX costs, Framework Ventures is making the most of the accrued positive factors.

At the moment, Framework Ventures nonetheless holds 17.9 million SNX tokens, valued at $54 million, all of that are vested. This implies they’re seemingly topic to a lock-up interval or restrictions on when they are often offered.

Different Savvy Strikes by Whales in Current Instances

SNX is just not the one cryptocurrency going through promoting strain from outstanding traders. In a separate evaluation, Spot On Chain revealed {that a} whale lately deposited 356.2 billion PEPE tokens, value $7.3 million, to the Kraken alternate, securing a powerful 31x return, or a $7.3 million revenue.

This follows the whale’s exercise in September 2023, once they withdrew 375.65 billion PEPE tokens from Gemini for simply $237,000. By February 2024, the whale started promoting the tokens by decentralized exchanges (DEXs) and Kraken, cashing out $7.54 million.