Kenetic Capital, a proprietary trading and venture capital firm specializing in digital assets, has recently transferred around $20 million worth of Render (RNDR) tokens on Binance.
Based on data from Spot On Chain, Kinetic Capital, known as the largest institutional holder of RNDR, finalized the transfer of the last 4.1 million RNDR tokens, which is around $20.4 million, to Binance on February 14.
Previously, on December 24, 2023, the VC firm transferred a total of 6.6 million RNDR tokens, which is around $32.5 million. According to Colin Wu, Kenetic Capital has realized a profit of $15.95 million from its RNDR holdings.
Reports, citing Lookonchain data, reveal that Kenetic Capital acquired 4.8 million RNDR tokens from Binance and HTX between November 2021 and November 2022 at $3.72 per token.
Of these, 2.5 million RNDR tokens were sold back to Binance at $4.67 each. Interestingly, FTX previously held RNDR and recently sold a substantial portion amidst bankruptcy proceedings. Lookonchain notes that FTX and its affiliate, Alameda, sold 974,270 RNDR tokens, among other assets, to settle debts with creditors.
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