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Billion-Dollar Crypto Fund Pours $8,200,000 Into Volatile Ethereum Token

by Daily Hodl Staff
November 12, 2020
in Altcoins, Ethereum, Trading

The world’s first billion-dollar crypto fund Polychain Capital is upping its investment into the Ethereum-based yield farming token yearn.finance (YFI) by $8.2 million.

Led by former head of risk management at Coinbase, Olaf Carlson-Wee, Polychain Capital purchased another 141 YFI this week, following up its $4.7 million investment into the ERC20 token in October.

Polychain’s recent $8.2 million investment makes the San Francisco-based mutual fund the 10th largest holder of YFI, according to Messari market analyst Mason Nystrom.

“Polychain Capital doubled down and purchased another 141 YFI this week. Polychain is now the 10th largest holder with 470 YFI (~8.5m) or 1.6% of the total supply.”

Yearn.finance has seen a strong price rebound this month. After facing an unrelenting selloff that drove its price down to under $9,000 on November 5th, YFI has surged back up to $16,782 at time of writing. The asset sits among the best-performing decentralized finance (DeFi) plays the past week, with over $509 million in market value and $555 million in daily transactions, per CoinMarketCap.

Developed by Andre Cronje, the YFI token has a maximum supply of 30,000 tokens. With a higher supply than Bitcoin (BTC) and a broad range of use cases that include automated investment management and credit lending, YFI has become one of the fastest-growing cryptocurrencies in history.

However, crypto analyst Jason Choi warns against blindly following Polychain’s investments.

“Polychain allegedly just took a $5M position in YFI. While I’m long term bullish and see this as validation, blindly copy trading funds is a bad idea. Investment alone does not indicate conviction; size relative to AUM does. 0.05% vs 5% tell very different stories.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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