In the Bitcoin and altcoin world, Interchain Foundation, which provides funding for Cosmos, made a notable statement today. According to the statement, the foundation made a seventy-fold profit from an investment in an altcoin project in 2021. The foundation also shared information about the crypto assets they hold.
Interchain Foundation’s Statement Supporting Altcoin Celestia
In the statement from the Interchain Foundation, it was emphasized that they currently own a 1.6% stake in Celestia, which is worth 70 million dollars. This situation is significant due to Celestia’s seed round in 2021.
In 2021, Celestia raised 1.5 million dollars in a seed round, allocating 15.9% of the supply to investors. At that time, the Interchain Foundation made an offer of one hundred thousand dollars, which corresponded to 1.6% of the TIA supply. Now, this investment is worth 70 million dollars.
The Foundation Also Discloses Its Crypto Holdings
The foundation did not only emphasize the seventy-fold gain but also disclosed the cryptocurrencies they hold. Accordingly, the foundation currently holds assets worth 125 million dollars in Bitcoin and Ethereum. Additionally, they have 100 million dollars’ worth of USD coin. On the other hand, their 125 million dollar ATOM holding is noteworthy.
Based on this, the foundation highlighted that they possess approximately 350 million dollars in crypto assets. The foundation also stated that ICF is not officially compatible with any Cosmos chain; instead, it exists to finance public goods across the Cosmos ecosystem.
Furthermore, the foundation mentioned that in 2017 they acquired all the BTC and ETH from the ATOM ICO, as well as 10% of the initial ATOM supply. If the value of the TIA held by the foundation increases further, this will, of course, mean even greater profitability. Hence, a hundred thousand dollar investment has now reached 70 million dollars.
Future Moves of the Foundation
The future moves of the foundation continue to be a topic of interest in the crypto world. It is anticipated that ICF will try to attract projects to be built with Celestia in the coming process. A DeFi educator focused on the Cosmos ecosystem, John Galt X, noted in his statement that the way ICF operates is very unclear.
Galt pointed out that while some of ICF’s investments were effective, most were unsuccessful. Ultimately, Galt stated that ICF spends tens of millions of dollars annually to build and promote Cosmos. According to Galt, the Foundation will particularly benefit Osmosis and Celestia in the next few years.
- Interchain Foundation gains 70-fold return.
- Foundation discloses diverse crypto holdings.
- Future investments aim to bolster Cosmos.
