“MPLX remains underappreciated and trades at a low multiple,” said Ryan Watkins, co-founder of Syncracy Capital, according to sources. “We believe Metaplex is crucial infrastructure for the Solana digital asset ecosystem and will eventually rank among the most valuable projects on Solana.” Watkins confirmed that Syncracy purchased $1.4 million worth of MPLX at $0.20 in April, representing a roughly 40% discount at the time.
FTX Estate’s MPLX Token Sale Draws Strong VC Interest
In addition to Modular and Syncracy, Pantera, ParaFi, and Theia Blockchain have also acquired MPLX from Wave Digital. Felipe Montealegre, co-founder of Theia, verified the purchase but did not disclose further details. Meanwhile, Pantera Capital and ParaFi Capital co-led the MPLX acquisition, according to sources. The Block reached out to Wave Digital for comment but has yet to receive a response.
“We hold MPLX tokens,” Cosmo Jiang, portfolio manager at Pantera Capital, confirmed in a recent X post. He added that Metaplex aligns with Pantera’s long-term investment strategy, which targets high-quality protocols with strong product-market fit and the potential for value growth.
MPLX is the latest FTX estate asset to draw interest from venture capital firms. Earlier this year, the company’s estate’s sale of its $7.5 billion in discounted Solana tokens also attracted VC attention, with Pantera Capital purchasing batches of SOL tokens in April and May after reportedly seeking to raise $250 million for this purpose in March.
According to Arkham data, the crypto exchange’s estate has sold most of its tokens and retains over $376 million in assets. However, it remains unclear how much profit can be made from selling illiquid or defunct tokens, such as its FTT holdings, which are purportedly worth nearly $325 million at current prices.
From Crypto King to Convict: Sam Bankman-Fried’s Fall From Grace
Less than a year ago, Sam Bankman-Fried was a crypto prodigy living large in the Bahamas, hailed as a math genius from MIT who turned away from Wall Street to carve his own path. Surrounded by celebrities, admirers, and friends, he was seen as a visionary and a philanthropist, growing his wealth with the promise of eventually giving it all away.
But in a few weeks, Bankman-Fried’s fortunes crumbled. Convicted on seven counts, he now faces a potential 115-year prison sentence. While his future is sealed, the fate of his collapsed company, FTX, remains uncertain. The Bahamas, once economically fueled by the crypto industry and the company’s lavish presence, is left grappling with the aftermath. The guilty verdict may offer some solace to the island’s citizens, but the crypto exchange’s downfall has left a gaping void in their economic hopes.
The ripple effects of the, once the most famous, crypto exchange’s collapse have reached far beyond the Bahamas. Investors who once believed in Bankman-Fried’s vision are also reeling. For instance, in a recent update, Thoma Bravo CEO who had led a $900 million investment into the exchange, has now vowed to steer clear of crypto altogether. Reflecting on the failed investment, Bravo admitted that his firm’s philosophy is to avoid repeating mistakes—even at the cost of missing future opportunities. Thoma Bravo, a major tech investor, had helped raise the company’s valuation to $18 billion, only to witness the devastating collapse of both the exchange and digital asset prices.
Investors Pivot While Others Seek Opportunity in Crypto’s Collapse
The collapse of this crypto exchange has left a deep mark on the crypto world, affecting not only Bankman-Fried and his once-loyal investors but also the wider blockchain ecosystem.
As major funds like Pantera Capital and ParaFi Capital continue to pick up assets once held by the exchange’s estate, such as Metaplex tokens, the landscape remains uncertain yet hopeful for some.
While many, like Bravo, have chosen to steer clear of crypto, others see opportunity in the ashes of the downfall, betting on the potential of undervalued digital assets to recover and thrive. The future of FTX may be sealed, but its impact continues to ripple through the industry.
