VC Firm Nets $10.9M Profit on SNX Token, Moves to Cash Out on Coinbase

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 At the time, the withdrawn tokens were worth $7.2 million.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 $3.04. With the recent rise in SNX prices, Framework Ventures is taking advantage of the accrued gains.

Currently, Framework Ventures still holds 17.9 million SNX tokens, valued at $54 million, all of which are vested. This means they are likely subject to a lock-up period or restrictions on when they can be sold.

Other Savvy Moves by Whales in Recent Times

SNX is not the only cryptocurrency facing selling pressure from prominent investors. In a separate analysis, Spot On Chain revealed that a whale recently deposited 356.2 billion PEPE tokens, worth $7.3 million, to the Kraken exchange, securing an impressive 31x return, or a $7.3 million profit.

This follows the whale’s activity in September 2023, when they withdrew 375.65 billion PEPE tokens from Gemini for just $237,000. By February 2024, the whale began selling the tokens through decentralized exchanges (DEXs) and Kraken, cashing out $7.54 million.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source