John Galt, Head of Strategy at Stride, recently revealed that the Interchain Foundation (ICF) holds a significant 1.6% stake in Celestia (TIA), currently valued at $70 million, in addition to its $125 million holdings in Cosmos (ATOM).
This revelation sheds light on the ICF’s extensive holdings amid its decision to back Celestia. Beyond Celestia, the ICF holds assets like Bitcoin (BTC), Ethereum (ETH), ATOM and the USD, totaling $350 million, in its treasury, according to Galt.
Of the $350 million cumulative holding, Galt emphasized that the ICF spreads its treasury to apportion $125 million to ATOM, another $125 million to both BTC and ETH, and an additional $100 million to the U.S. Dollar.
In 2021, Celestia conducted a $1.5 million seed round with seed investors receiving 15.9% of the TIA supply. Sam Hart, Head of Product & Strategy at Skip Protocol who previously worked for the ICF, revealed that the ICF invested $100,000. This investment has skyrocketed to $70 million in just two years.
Uncertainty surrounding ICF’s operations
While the ICF emphasizes its lack of official alignment with any specific Cosmos chain, some industry commentators still believe it tilts toward the Cosmos Hub, creating some tension within the crypto community, Galt says.
Despite the ICF’s significant investments and contributions to Cosmos, questions linger about its operational clarity. Zaki Manian, the co-founder of Sommelier Protocol, criticizes the ICF’s operational module as inconsistent, with varying effectiveness in its grants.
Galt believes that as Celestia’s value surges, the ICF could potentially shift toward the modular blockchain even as it maintains a non-aligned stance. This could result in increased funding for modular public goods and initiatives to bring projects to build with Celestia.
The future trajectory of the ICF remains uncertain, but its substantial annual investment in building and promoting Cosmos undeniably benefits the broader Cosmos ecosystem. Osmosis and Celestia are poised to reap substantial benefits in the coming years.
