Golem Sells 24,400 ETH for $72M on Major Exchanges in Three Days

Golem Network, the open-source computing platform, has sold 24,400 ETH, valued at $72 million, over the past three days across major cryptocurrency exchanges Binance, Coinbase, and Bitfinex. As reported by Lookonchain, this development highlights Golem’s strategic financial activities as it navigates the volatile crypto market.

The sale of 24,400 ETH significantly impacts Golem’s financial positioning. With the current sale valued at $72 million and considering their remaining 127,634 ETH, the total ETH initially held by Golem can be calculated as 152,034 ETH. This figure is derived by adding the current holdings to the recently sold amount. This highlights the remarkable appreciation of ETH since Golem’s ICO.

The transaction records reveal substantial sales activity directed towards Binance, Coinbase, and Bitfinex. Specifically, Golem transferred 5,930 ETH to Binance in multiple transactions: 700 ETH, 730 ETH, 900 ETH, 800 ETH, 900 ETH, 900 ETH, 900 ETH, and 100 ETH. Additionally, Coinbase received 1,769.99973679 ETH through two transactions of 700 ETH and 1,069.99973679 ETH. Bitfinex saw transfers totaling 1,200 ETH, comprising 300 ETH and 900 ETH transactions. In total, these transactions amount to 8,899.99973679 ETH, representing a significant portion of the reported 24,400 ETH sold.

Following these transactions, Golem’s current ETH holdings stand at 127,634 ETH, valued at approximately $372 million. This recent activity is part of a larger financial strategy following their initial coin offering (ICO). In November 2016, Golem raised 820,000 ETH when the price of ETH was only $10.2, equating to an initial raise of about $8.364 million. This historical context underscores the substantial growth in value Golem has experienced over the years.

Golem’s recent liquidation of 24,400 ETH is a notable event in the crypto world, reflecting their ongoing financial maneuvers. These transactions, alongside their significant remaining holdings, illustrate the scale of Golem’s presence and strategic activities in the cryptocurrency market.