Interchain Foundation, a funding organization for Cosmos, made a significant announcement today. The foundation stated that they achieved a seventy-fold profit from an investment in an altcoin project in 2021 and also shared information about the crypto assets they currently hold.
According to Interchain Foundation’s announcement, they currently own a 1.6% stake in Celestia, valued at 70 million dollars. This situation is notable due to Celestia’s seed round in 2021.
In 2021, Celestia raised 1.5 million dollars during its seed round and allocated 15.9% of its offering to investors. At that time, Interchain Foundation made a bid of one hundred thousand dollars, which corresponded to 1.6% of the TIA offering. Now, this investment is valued at 70 million dollars.
The foundation not only highlighted the seventy-fold gain but also disclosed the cryptocurrencies they hold. Accordingly, the foundation currently possesses assets worth 125 million dollars in Bitcoin and Ethereum. Additionally, they have 100 million dollars in USD coins and a significant 125 million dollars in ATOM assets.
Based on these figures, the foundation emphasized that it has approximately 350 million dollars in crypto assets. The foundation also mentioned that ICF is not officially aligned with the Cosmos chain and exists to fund public goods in the Cosmos ecosystem.
The future steps of the foundation continue to be a point of interest in the crypto world. Expectations suggest that ICF will aim to attract projects to be built with Celestia in the coming period. DeFi educator John Galt X stated that the operational mode of ICF is quite uncertain.
