Imagen Community (IMAGE), a low-cap token constructed on the Solana blockchain, has unexpectedly emerged as BlackRock’s third-largest crypto holding, in line with on-chain portfolio monitoring knowledge.
Regardless of its sharp value decline since launch, the asset now sits behind solely Bitcoin (BTC) and Ethereum (ETH) in BlackRock’s digital asset allocation.
On the time of publication, IMAGE is buying and selling at $0.004407, down 8.22% on the day, with a complete market capitalization of simply over $22 million. Over the previous week, the token has plummeted by 45.65%, and since its launch on June 12, it has dropped over 80%. Yr-to-date, IMAGE is down 84.56%.
BlackRock holds over 100 million IMAGE tokens
Regardless of the sell-off, BlackRock presently holds 101 million IMAGE tokens, valued at roughly $445,920, making it the agency’s third-largest crypto place, simply forward of SPX. The fund’s crypto portfolio continues to be dominated by Bitcoin, with over 720,000 BTC value $85.6 billion, and Ethereum, with 2.14 million ETH valued at $7.91 billion.
Different main entities comparable to a16z, VanEck, Goal Investments, and Abraxas Capital additionally maintain important IMAGE positions. Nevertheless, over the previous 7 days, every of those funds has seen the USD worth of their IMAGE holdings drop by practically 41%, as sentiment across the token cooled.
The token’s enchantment seems to lie in its underlying tech stack and early institutional curiosity, although the steep decline highlights the volatility threat tied to low-liquidity, rising belongings within the crypto area.
Constructed on Solana, Imagen Community markets itself as a decentralized framework for id and content material provenance, nevertheless it stays to be seen whether or not the basics will catch as much as early backer enthusiasm.
