This Altcoin Soared Nearly 90% After a Sale Joined by 10 Funds!
Umia’s UMIA token was trading about 89% above the auction’s top price of $0.36, with a valuation based on its total supply reaching $34 million.
Umia, which helps crypto projects issue and manage tokens, raised $6.11 million from the sale of its own token. According to CoinGecko data cited in a report by The Block, UMIA was trading at around $0.68 at the time of publication.
The highest token price in the seven-day auction held on the Base network from August 26 to September 2 was set at $0.36. The price at the time of publication was about 89% above that level, while the fully diluted valuation rose from $18 million to around $34 million. This metric reflects the value of the total supply at the current price, rather than being limited to tokens in circulation.
Major funds bought on the same terms
Ten funds, including Galaxy Ventures, Digital Currency Group, Draper Associates, and Maven 11, as well as around 700 individual bidders, took part in the sale. Co-founder and CEO Francesco Mosterts said about 45% of the funds raised came from institutional investors.
According to the company, funds received no discount and bought on the same terms as other participants. The 17.3 million UMIA sold represented 34.6% of the total supply, and all of these tokens were unlocked at launch.
Mosterts said the aim of offering a large portion of the supply for sale upfront was to avoid high-volume unlocks that follow a low circulating supply. Twenty percent of the sale proceeds was also used to create a UMIA-USDC liquidity pool on Uniswap v4.
First external project expected in the final quarter of the year
Umia aims to bring projects’ teams, treasuries, and intellectual property together under a shared legal structure linked to a token. The platform’s first external project is expected to be Slop.cash, developed by Shaw, the founder of ai16z, and to launch later in the fourth quarter.
The platform has received more than 200 applications from various sectors, including artificial intelligence, decentralized finance, and real-world assets. Three external projects have been selected so far.