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Crypto Funds Scoop Up FTX’s Metaplex Tokens In Multi-Million Dollar Deal
The post Crypto Funds Scoop Up FTX’s Metaplex Tokens In Multi-Million Dollar Deal appeared on BitcoinEthereumNews.com. “MPLX remains underappreciated and trades at a low multiple,” said Ryan Watkins, co-founder of Syncracy Capital, according to sources. “We believe Metaplex is crucial infrastructure for the Solana digital asset ecosystem and will eventually rank among the most valuable projects on Solana.” Watkins confirmed that Syncracy purchased $1.4 million worth of MPLX at $0.20 in April, representing a roughly 40% discount at the time. FTX Estate’s MPLX Token Sale Draws Strong VC Interest In addition to Modular and Syncracy, Pantera, ParaFi, and Theia Blockchain have also acquired MPLX from Wave Digital. Felipe Montealegre, co-founder of Theia, verified the purchase but did not disclose further details. Meanwhile, Pantera Capital and ParaFi Capital co-led the MPLX acquisition, according to sources. The Block reached out to Wave Digital for comment but has yet to receive a response. “We hold MPLX tokens,” Cosmo Jiang, portfolio manager at Pantera Capital, confirmed in a recent X post. He added that Metaplex aligns with Pantera’s long-term investment strategy, which targets high-quality protocols with strong product-market fit and the potential for value growth. MPLX is the latest FTX estate asset to draw interest from venture capital firms. Earlier this year, the company’s estate’s sale of its $7.5 billion in discounted Solana tokens also attracted VC attention, with Pantera Capital purchasing batches of SOL tokens in April and May after reportedly seeking to raise $250 million for this purpose in March. According to Arkham data, the crypto exchange’s estate has sold most of its tokens and retains over $376 million in assets. However, it remains unclear how much profit can be made from selling illiquid or defunct tokens, such as its FTT holdings, which are purportedly worth nearly $325 million at current prices. From Crypto King to Convict: Sam Bankman-Fried’s Fall From Grace Less than a year ago, Sam…
The post Crypto Funds Scoop Up FTX’s Metaplex Tokens In Multi-Million Dollar Deal appeared on BitcoinEthereumNews.com.
“MPLX remains underappreciated and trades at a low multiple,” said Ryan Watkins, co-founder of Syncracy Capital, according to sources. “We believe Metaplex is crucial infrastructure for the Solana digital asset ecosystem and will eventually rank among the most valuable projects on Solana.” Watkins confirmed that Syncracy purchased $1.4 million worth of MPLX at $0.20 in April, representing a roughly 40% discount at the time. FTX Estate’s MPLX Token Sale Draws Strong VC Interest In addition to Modular and Syncracy, Pantera, ParaFi, and Theia Blockchain have also acquired MPLX from Wave Digital. Felipe Montealegre, co-founder of Theia, verified the purchase but did not disclose further details. Meanwhile, Pantera Capital and ParaFi Capital co-led the MPLX acquisition, according to sources. The Block reached out to Wave Digital for comment but has yet to receive a response. “We hold MPLX tokens,” Cosmo Jiang, portfolio manager at Pantera Capital, confirmed in a recent X post. He added that Metaplex aligns with Pantera’s long-term investment strategy, which targets high-quality protocols with strong product-market fit and the potential for value growth. MPLX is the latest FTX estate asset to draw interest from venture capital firms. Earlier this year, the company’s estate’s sale of its $7.5 billion in discounted Solana tokens also attracted VC attention, with Pantera Capital purchasing batches of SOL tokens in April and May after reportedly seeking to raise $250 million for this purpose in March. According to Arkham data, the crypto exchange’s estate has sold most of its tokens and retains over $376 million in assets. However, it remains unclear how much profit can be made from selling illiquid or defunct tokens, such as its FTT holdings, which are purportedly worth nearly $325 million at current prices. From Crypto King to Convict: Sam Bankman-Fried’s Fall From Grace Less than a year ago, Sam…
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