The Celestia Foundation announced on Monday that it has raised $100 million in a funding round led by Bain Capital Crypto. Other key investors included Syncracy Capital, 1kx, Robot Ventures, and Placeholder. This brings Celestia’s total funding to $155 million, though specific details about the use of the new capital have not been revealed.
TIA Token Jumps Over 20%
Following the news, Celestia’s native token, TIA, surged by more than 20%. It later settled at a 12.25% gain, with the token now trading at $6.40 and a market value of $1.36 billion. However, TIA remains over 65% below its peak from February 2024.
The timing of this funding comes just weeks before a significant event for the platform—the token unlock on October 31. This will release 175.74 million TIA tokens, which represent 16.4% of the total supply, into the market. At current prices, these tokens are worth around $1.12 billion, or 82.2% of TIA’s total market cap.
Breakdown of Token Unlocks
The upcoming unlock will distribute tokens as follows:
- 182,240 TIA for research and development, valued at $1.17 million.
- 65.01 million TIA to Series A and B investors, worth $418.52 million.
- 58.08 million TIA for core contributors, totaling $373.9 million.
- 52.47 million TIA allocated to seed investors, valued at $337.79 million.
Market Impact and Concerns
With this massive token release on the horizon, some traders are considering shorting TIA. Sisyphus, a prominent figure in the space, warned about potential volatility during the unlock. As the market braces for October’s events, experts suggest traders be cautious and manage risks carefully to handle the expected fluctuations.
