Multicoin's DRIFT Position May Have an Unrealized Gain of 455%, Previously Indicated Target Price of $3.58

BlockBeats reports that as of November 9, according to market data, DRIFT is quoted at $2.31, with a 24-hour increase of 345.8%, and a current market capitalization of $550 million, with an FDV of $2.223 billion.

Previously, on September 10, Multicoin Capital, the lead investor in Drift's $25 million Series B funding round, published a blog post stating that it has accumulated a large position in DRIFT within its funds (including liquidity funds and venture capital funds). According to the valuation framework and market assumptions outlined in its report, Multicoin Capital believes the fair valuation of DRIFT is $3.58.

If we take DRIFT's position of $0.416 on September 8 as the average price for Multicoin's position, then currently its DRIFT position has an unrealized gain of 455% (it is currently unknown whether it has sold).