Wintermute has accumulated a position in PONS, the governance token for the Pons launchpad on the Robinhood Chain, exceeding $3 million in value. Data from Arkham Intelligence on September 5 indicates the firm increased its holdings from approximately $2 million through incremental purchases on Uniswap.
The firm utilized a time-weighted average price strategy to execute these trades. This approach involves spreading purchases across specific time intervals to reduce the impact on the asset's market price, rather than executing a single large transaction.
Pons operates as a launchpad on the Robinhood Chain, which launched on July 1, 2026. The platform currently leads the ecosystem in daily active addresses and trading volume. It utilizes a revenue model that directs a portion of earnings toward token buybacks and burns.
The PONS token experienced significant price volatility, rising from approximately $0.003 in mid-July to peaks exceeding $0.50 by early September. This represents an increase of roughly 16,000 percent within a two-month period.
Arkham Intelligence noted that Wintermute has not disclosed a market-making mandate for PONS. While market-making roles typically involve compensation through fee arrangements or token loans, this accumulation appears to be a proprietary position held for the firm's own book.
