On-chain analyst Ember CN reports that an address identified by Nansen as belonging to Multicoin Capital recently received 210,000 AAVE tokens routed through a Galaxy Digital address. The tokens were initially withdrawn from several major exchanges — including Binance, OKX, and Bybit — before being consolidated into the wallet.
The analyst suggests that Multicoin Capital may have accumulated AAVE during the recent crypto market downturn, holding the tokens on exchanges before transferring them to its main wallet via Galaxy Digital.
According to Arkham Intelligence, Multicoin’s wallet currently contains 210,024 AAVE, valued at approximately $51.13 million, making AAVE the firm’s largest single asset holding.
The wallet’s second-largest holding is Ethereum (ETH), with 1,274 ETH valued at roughly $5.09 million based on current market prices. Smaller allocations include Wrapped Ethereum (WETH) and Polygon’s legacy MATIC token, though both holdings are nearly worthless.
In total, the wallet’s assets amount to approximately $51.13 million, reflecting a 4.5% decline in recent days.
As of press time, AAVE is trading at $243.67, down 4.35% over the past 24 hours and 16.81% in the last week. The token’s market capitalization stands at $3.7 billion, marking a 4.3% decrease.
Multicoin’s crypto market strategy
Founded in 2017, Multicoin Capital is a venture capital firm specializing in cryptocurrency and blockchain investments. Headquartered in Austin, Texas, the firm primarily backs early-stage startups, focusing on protocols, tokens, and fintech innovations across emerging economic sectors.
Data from Tracxn shows that Multicoin has invested in over 140 startups, with more than a dozen new investments made in the past year.
Recently, Galaxy Digital, Multicoin Capital, and Jump Crypto were reportedly exploring plans to raise about $1 billion to build a Solana treasury. As reported by crypto.news, insiders revealed that the three firms have appointed Cantor Fitzgerald as the lead banker for the initiative, which is said to have the backing of the Solana Foundation based in Zug, Switzerland.
