During Consensus, I was asked several times about the story of ethereum:0xf280b16ef293d8e534e370794ef26bf312694126 as far as we were aware. Many people were pleasantly surprised by how we managed to exit our position without damaging the community. This is the summary.
When we set up the process for accepting crypto donations at @stjude, we set the criteria that we would convert the assets donated as soon as reasonably possible. St. Jude Children's Research Hospital is focused on leading the way that the world understands, treats, and defeats childhood cancer and other life-threatening diseases. While we (the crypto industry) may wish the world would leap forward and be more on-chain, that isn't how it currently exists and we need dollar denoted currencies to run the hospital.
Nearly 2 years ago, .5% of ASTEROID was sent to the St. Jude ETH wallet. We didn't have a way to readily convert it into US Dollars, so we left it in the wallet.
Due to external factors, the token went from a market cap of ~$20k to over $150M. Our position fluctuated between $500k and $1M in valuation. I had several messages asking if what we were going to do, and I responded to a few that we were figuring it out.
The next 48 hours were a whirlwind of approvals, but I knew two things. We would need to go to a DEX (a first for our mission) and that we would need to avoid hurting the community. Leadership understood and gave approval for the approach and we proceeded.
Some people may disagree with how we did it, but I believe it to be the best option out of the ones that we had. Over 2 days, we proceeded to exit the position in 12 varying sized tranches. During the entire process, we kept an eye on liquidity of the token and did our best to ensure it never dropped below $3.5M and that the Net Buy pressure didn't exceed $75k.
We exited the position with over 290 ETH valued at ~$676k. Thank you to the ethereum:0xf280b16ef293d8e534e370794ef26bf312694126 community that came together on this asset. These monies will go a long way in support of the life saving mission of St. Jude.
Disclaimer: Discussion of a token is not an endorsement of the token, do your own research. Opinions expressed are solely my own and do not express the views or opinions of my employer. For media outlets, please reach out directly.
Chapter 2 🦄
Want to move from FCFS to WL, or to GTD?
UniPix now has a simple rating system for everyone who supports the project.
If you really want to be part of UniPix, prove it.
https://t.co/r7CPG8WM92
Just gave my AI agent a verifiable identity on KYA 🪪
It's mine, on-chain provable, revocable any time.
agent → 0x21e6e03f58564dd70c8c2520cab4d77613a0e480
proof → #KYA-0ea79d42
https://t.co/vwo2Zlvtk9
TempoCard beta applications are now open.
You have 24 hours to apply. We're reviewing every submission personally.
Early testers will be remembered.
apply now👇