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Top Ethereum-based coins have enjoyed pretty large rallies over the past year.
Let's check in on the profitability of the altcoin investments of top funds. Today, we're taking a look at Polychain and a16z.
Let's check in on the profitability of the altcoin investments of top funds. Today, we're taking a look at Polychain and a16z.
As a heads up, the rough heuristic I'm using is price now vs. price at the time the tokens were received.
I'm making sure to only cover VC investments that were made through exchanges or announced with a dollar figure attached.
I'm making sure to only cover VC investments that were made through exchanges or announced with a dollar figure attached.
a16z / MKR:
In September 2018, a16z bought 60,000 MKR for $15 million. That's a cost basis of $250.
I remember this being one of the first times that a Sand Hill-class VC invested in DeFi.
a16z has not sold any MKR.
With MKR currently trading at $520, a16z is up 110% ($16.2m)
In September 2018, a16z bought 60,000 MKR for $15 million. That's a cost basis of $250.
I remember this being one of the first times that a Sand Hill-class VC invested in DeFi.
a16z has not sold any MKR.
With MKR currently trading at $520, a16z is up 110% ($16.2m)
a16z / Augur:
Over two years ago, a16z acquired 97,609 REP from a Poloniex address. At the time, REP was trading for $28, meaning a16z made an investment of approximately $2.7 million.
REP now trades for $16.60. With no coins sold, a16z is down 40%, or $1.08 million.
Over two years ago, a16z acquired 97,609 REP from a Poloniex address. At the time, REP was trading for $28, meaning a16z made an investment of approximately $2.7 million.
REP now trades for $16.60. With no coins sold, a16z is down 40%, or $1.08 million.
a16z / SNX (1/2):
In Oct. 2019, a16z was sent 374,000 SNX. SNX was worth $0.50 at the time.
A theory was floating around that some whale sent coins to the address to pump SNX. This may be true - the originating address is affiliated with *many* other addresses & Kucoin.
In Oct. 2019, a16z was sent 374,000 SNX. SNX was worth $0.50 at the time.
A theory was floating around that some whale sent coins to the address to pump SNX. This may be true - the originating address is affiliated with *many* other addresses & Kucoin.
a16z / SNX (2/2):
But I understand why a16z wouldn't announce a $180k investment considering the fund's size.
Whatever the case, SNX still holds 374,000 SNX today.
At $5.25 apiece, those holdings are up 950%. a16z's SNX stash is now worth nearly $2m.
But I understand why a16z wouldn't announce a $180k investment considering the fund's size.
Whatever the case, SNX still holds 374,000 SNX today.
At $5.25 apiece, those holdings are up 950%. a16z's SNX stash is now worth nearly $2m.
Polychain / YFI:
Polychain received its 571 YFI in three tranches:
- 330 on Oct. 17
- 141 on Nov. 9
- 100 on Nov. 11
Using the heuristic I mentioned before, Polychain's cost basis for YFI is $14,600, for a total of $8.3m.
At $28,500, Polychain is up 95%, or $7.9m.
Polychain received its 571 YFI in three tranches:
- 330 on Oct. 17
- 141 on Nov. 9
- 100 on Nov. 11
Using the heuristic I mentioned before, Polychain's cost basis for YFI is $14,600, for a total of $8.3m.
At $28,500, Polychain is up 95%, or $7.9m.
