UMIA Token Rises 89% After $6.11 Million Sale

UMIA token surged nearly 89% above its auction top price of $0.36, reaching around $0.68 at the time of publication. The valuation based on its total supply jumped from $18 million to $34 million. The token sale, which took place on the Base network from August 26 to September 2, raised $6.11 million.

Ten major funds, including Galaxy Ventures, Digital Currency Group, Draper Associates, and Maven 11, participated in the sale alongside around 700 individual bidders. Co-founder and CEO Francesco Mosterts noted that about 45% of the funds came from institutional investors. All participants, including funds, bought tokens on the same terms without any discounts.

The sale involved 17.3 million UMIA tokens, representing 34.6% of the total supply. The company aimed to avoid future high-volume unlocks by offering a large portion of the supply upfront. Additionally, 20% of the sale proceeds were used to create a UMIA-USDC liquidity pool on Uniswap v4.

Umia, which helps crypto projects issue and manage tokens, plans to bring together projects’ teams, treasuries, and intellectual property under a shared legal structure linked to a token. The platform’s first external project, Slop.cash, is expected to launch in the fourth quarter. Umia has received over 200 applications from various sectors, including artificial intelligence, decentralized finance, and real-world assets, with three external projects already selected.