Asset Management Firm GoldenTree Invests $5.3 Million In SushiSwap

Popular asset management firm GoldenTree with about $47 billion in assets under management has a stake of $5.3 million in automated market maker (AMM) SushiSwap's (SUSHI) governance token.

In a blog post, the privately owned asset management firm, which was valued at around $50 billion, said it had been following SushiSwap and its community for a long time and was excited about the Sushi 2.0 roadmap that will be introduced soon.

"We want Sushi to succeed and wish to engage with the Sushi community, but ultimately we trust the core team and the community to hear views and come to their own conclusions," the firm wrote in the post Wednesday.

The post also included an Ethereum wallet address, which had around $3 million SUSHI tokens that were added almost 22 days ago.

"We believe Sushi has incredible potential. Although the community has certainly been through some tough challenges, we've been amazed at the resilience of both the core team and the community in the face of these speed bumps, as you all have continued to build and release top-tier products," the firm added. "To GoldenTree, Sushi represents the best of DeFi, both in origin and in community. Sushi is what DeFi is all about: iterating and innovating, without artificial barriers to competition."

The firm will have a new investment manager, called GoldenChain Asset Management, consisting of a team of 10 crypto natives to focus entirely on the crypto markets.

Interestingly, Avi Felman, who will lead GoldenChain Asset Management, was previously employed at institutional investment firm BlockTower Capital as its co-portfolio manager and head of trading.

Following the announcement, the trading volume of the SUSHI tokens almost doubled and its price jumped 13.56%, according to data from CoinMarketCap. As of 10.38 p.m. ET Wednesday, the price of one SUSHI was $1.29, which was around 94.51% lower than its all-time high price of $23.38, witnessed on March 13 last year.