SUSHI Price Posts Significant Leap Amid GoldenTree’s $5.3M Stake in Sushiswap

The price of SushiSwap has risen by 23.76% in the last 7 days. The price rose by 2.99% in the last 24 hours. In just the past hour, the price grew by 0.39%. At the time of writing, the current price is $1.35 per SUSHI, according to CoinMarketCap. SushiSwap is 94.15% below the all-time high of $23.38.

SushiSwap price has made a strong surge this week as investors react to several important developments within the ecosystem. First, on Monday, Sushi DAO changed its leadership team and as a result elected Jared Grey as the “head chef”, the equivalent of a CEO.

Grey, the CEO at crypto exchange Bitfineon and former CEO of decentralized finance (DeFi) platform EONS, is a highly experienced professional who has established many crypto startups in the past few years. In a statement, Grey said he wants to bolster engagement on the Sushiswap platform, improve the exchange’s internal organization as well as focus his time on revenue and market share growth.

Multiple technical analysts on Twitter also believe SUSHI’s recent positive performance is tied to the recent investment by GoldenTree Asset Management in Sushiwap. On Wednesday, GoldenTree invested about $5.2 million in the SushiSwap governance token. GoldenTree disclosed a $5.3 million token stake in decentralized exchange (DEX) SushiSwap – a development that sent the SUSHI token surging 13% as bullish investors piled in.

GoldenTree explained the reason for such investment, stating that it has been amazed by the resilience of both SUSHI’s core team and the community in the face of challenges, “as they continued to build and release top-tier products.”

The renewed bullish activity surrounding the Sushiswap token is reflected in the rising social volumes, supported by a surge in the weighted social sentiment, as result bolstered the recent price growth.

SUSHI community elections and GoldenTree’s announcement came when interest in SUSHI was seeing an uptick. Between October 4 and October 6, active addresses on the SUSHI protocol rose from 306 to peak at 811, though currently, the figure stands at around 700.

The token’s trading volume also rose from $32 million on October 1 to peak at $201 million on October 6, according to Santiment data. SUSHI’s supply distribution also indicates that addresses holding 10,000 to 100,000 tokens and 100,000 to 1 million tokens surged with the uptick in prices as whales sought more accumulation.

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GoldenTree Appoints BlockTower’s Exec Avi Felman to Lead Digital Asset Trading

GoldenTree Asset Management, a global asset management firm with almost $47 billion in assets under management, announced Avi Felman’s appointment as the company’s Head of Digital Assets Trading. - 2022-03-09T140303.131.jpg

GoldenTree hired the expert as it looks to ramp up its digital assets’ strategy and trading activities. In his role, Felman will be responsible for overseeing business and product development for the company’s digital assets products.

Mr. Felman will also be a General Partner of GoldenChain, a subsidiary business owned by GoldenTree, which manages GoldenTree’s funds that focus on digital assets.

Mr. Felman has held several prominent digital assets trading positions. He recently served as Co-Portfolio Manager and Head of Trading for BlockTower Capital. Prior to joining BlockTower, Felman held roles at Wave Financial, CryptoAM and Ledger Capital, according to his LinkedIn profile.

Steve Tananbaum, Founding Partner and Chief Investment Officer of GoldenTree, talked about the development and said: “Avi’s experience will help us focus on identifying unique digital opportunities that offer compelling risk-adjusted return potential for our investors.”

Meanwhile, Mr. Felman also commented about his appointment. He stated: “The GoldenTree team has impressed me with their thoughtful approach to the digital asset markets, as well as their conviction in expanding their products to include dedicated cryptocurrency offerings. I am thrilled to be given the opportunity to join a team that has significant trading expertise across more traditional asset classes and an appreciation of the unique returns and challenges the digital asset market brings.”

Accelerating Financial Products Access to Consumers

In recent months, GoldenTree participated in many crypto funding rounds, including a $12.5 million round for infrastructure company Qredo’s $80 million round and staking firm Stader Labs.

GoldenTree’s Partners have been investing in digital assets for years. GoldenTree believes that there are attractive and increasing opportunities it can capture in the expanded and matured digital asset marketplace.

Founded in 2000, GoldenTree is a global asset management firm specialising in credit sectors like emerging markets, distressed debt, high-yield bonds, structured products, leveraged loans, private equity and credit-themed equities. The company has several of its own funds, including hedge funds.

GoldenTree, which custodies billions of dollars in assets under management, serves institutional investors, including government entities, businesses, family offices, insurance companies, public and corporate pensions, endowments, and foundations. 


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Asset Management Firm GoldenTree Reportedly Purchases Bitcoin (BTC)

Asset manager GoldenTree is reportedly the latest firm to add bitcoin (BTC) to its balance sheet, a report by financial news outlet The Hill says.

GoldenTree Purchases Bitcoin (BTC)

GoldenTree, a New York-based asset management firm has reportedly added the premier cryptocurrency bitcoin to its balance sheet. That being said, the exact amount of BTC added to the balance sheet remains unknown at press time.

Notably, GoldenTree has assets worth more than $45 billion under management but has, at multiple times, shied away from establishing any close association with digital currencies.

The Hill, citing two sources close to the matter, notes that the bitcoin purchase made by GoldenTree was followed by discussions between executives pertaining to hiring staffers with expertise in crypto investments.

With the wider crypto markets finally showing some signs of relief, it would not be surprising to come across news of several more companies announcing their pivot to digital assets.

Institutions Continue to Double Down on Crypto-Assets

The institutional foray into the rapidly expanding cryptocurrency industry is not just a meme.

2021 witnessed a large number of firms – both public and privately-held – venture into the volatile crypto waters as a bet on its bright future.

As many might know, MicroStrategy started the trend of companies putting bitcoin into their balance sheets not too long ago and has continued to purchase BTC despite the recent uncertain market conditions which saw the largest cryptocurrency crash from $64k to as low as $29k.

In addition to MicroStrategy, another major US-based publicly traded firm that added bitcoin to its balance sheet is Elon Musk’s Tesla.

Tesla’s relationship with bitcoin has been on-and-off which became pretty evident when Musk announced the company would temporarily halt accepting payments in BTC for Tesla until the majority of its mining energy comes from renewable sources.

However, in the recently held B-Word Conference with Twitter CEO Jack Dorsey and Ark Invest’s Cathie Wood, Musk noted that Tesla would “most likely” resume the bitcoin payments service sometime soon.

Elsewhere in Asia, Chinese firm Meitu recently announced it had added both bitcoin and ether (ETH) to its balance sheet.

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GoldenTree Asset Management is reportedly investing in Bitcoin

New York-based asset management firm GoldenTree has reportedly added Bitcoin to its balance sheet, though the amount of this supposed investment remains unknown.

According to a Friday report from financial news outlet The Street, the firm with roughly $45 billion in assets under management has purchased some Bitcoin (BTC) but has seemingly shied away from other cryptocurrency investments. Citing two sources with knowledge of the matter, the publication reported the BTC purchase followed discussions between executives regarding hiring staffers familiar with crypto investments.

Executives at the firm, including founder Steven Tananbaum and partners Deeb Salem and Joseph Naggar invested in a funding round this month for Borderless Capital, which previously helped launch an accelerator program from Algorand. Borderless also participated in a funding round for the Coinbase-backed digital asset securities firm Securitize.

Related: 5 largest regulated US digital asset managers hold over $46B of crypto

Other asset management firms have begun to delve into the crypto space as well, either through direct investments or by offering investment vehicles for Bitcoin and other tokens. Last week, Stone Ridge Asset Management filed a prospectus with the U.S. Securities and Exchange Commission to add BTC to its open-end mutual fund. On Wednesday, Contrarian investment firm Horizon Kinetics advised investors to seek exposure to crypto assets to protect themselves against currency debasement.

Cointelegraph reached out to GoldenTree, but did not receive a response at the time of publication.