All Donated Funds in an Altcoin Sold Out!

In a crypto fundraising campaign for the US-based children’s hospital St. Jude Children’s Research Hospital, the process of issuing approximately $676,000 worth of ASTEROID tokens has been completed.

Marc, who runs the cryptocurrency donation organization for the hospital, explained that the ASTEROID assets are being phased out. The process is being carried out as part of the hospital’s operation to accept cryptocurrency donations.

According to the statement, an initial 0.5% of the ASTEROID token supply was donated to an institutional $ETH wallet. Due to the lack of a direct fiat currency conversion infrastructure at the time, the assets were held long-term. Later, with the rise in the ASTEROID price, the value of the position fluctuated between $500,000 and $1 million.

Following institutional approval, the team executed phased sales through 12 separate transactions on decentralized exchanges within approximately 48 hours. It was stated that during the sales process, efforts were made to minimize the impact on the market, ensuring liquidity did not fall below approximately $3.5 million, and keeping net buying pressure within certain limits.

It was stated that the ASTEROID position was converted to approximately 290 $ETH at the end of the process, which is worth approximately $676,000. The funds obtained will be used for medical treatment and research projects within St. Jude Children’s Research Hospital.

*This is not investment advice.