In a $5.3 million deal, investment firm GoldenTree buys a stake in the SushiSwap token.
GoldenTree invests in the SushiSwap (SUSHI) token
GoldenTree is a 100% employee-owned global asset management company, has about $47 billion in assets under management over its 20+ years of operation, and specializes in areas such as high-yield bonds, leveraged loans, private credit, distressed debt, Structured Products, emerging markets, private equity, and credit-themed equities.
The company, started in 2000 by Steve Tananbaum, to date is one of the world’s largest independent credit asset managers and in a $5.3 million deal acquired a stake in the governance token SushiSwap.
ICYMI: Asset manager GoldenTree reveals $5.3 million stake in SushiSwap tokenhttps://t.co/1jfG7D8I4W
— The Block (@TheBlock__) October 6, 2022
GoldenTree, which boasts more than 270 employees with offices around the world (New York, West Palm Beach, Charlotte, London, Dublin, Singapore, Sydney and Tokyo), is universally recognized by industry insiders as a solid company that has steadily expanded in holdings, earnings and size to become the behemoth it is today.
GoldenChain Asset Management LP, GoldenTree’s crypto investment manager, led by Avi Felman and Joe Naggar is aggressively entering several deals in which it acquires stakes in tokens it deems attractive and solid in order to expand into the blockchain and cryptocurrency asset.
According to the post, Felman, who previously worked at BlockTower Capital, was put in charge of digital asset trading earlier this year and has since maintained a strong interest from the company in the entire crypto world (digital currencies, NFTs, developers, etc.).
As evidence of the transaction in the tweet there was a link to an ETH address that contains the 3 million SUSHI tokens.
The tokens in question are 22 days old and authentic.
In this regard, the company stated:
“We want Sushi to be successful and we want to engage with the Sushi community, but in the end we trust that the core team and community will listen to opinions and come to their own conclusions.”
GoldenTree believes in the project it has invested in
Hoping to guide the Sushi community’s future choices with its expertise, GoldenTree vows to grow Sushi and increase its popularity among crypto-lovers and investors by transforming it into an increasingly attractive and solid token that will be a driver of investments that will grow Tananbaum’s own company as a result.
Following the transaction, SushiSwap, which is a fork of a DEX launched in 2020, gained 13%, giving a strong signal in a market that is still bearish, even in crypto.
From the high of the year, SUSHI was down 90% ($13 as of March this year) and with GoldenTree’s operation it has regained share.
“While the community has certainly faced some tough challenges, we have been amazed at the resilience of both the core team and the community in the face of these bumps, as all of you have continued to create and release high-end products.”
Said the investment company.
The Sushi-Golden transaction is not the first in crypto by GoldenTree, which already last year declared several million dollars in Bitcoin on its balance sheet and a willingness to increase the amount.
The post GoldenTree joins SushiSwap appeared first on The Cryptonomist.
