Umia token trades near $40M valuation after auction backed by Galaxy, DCG, and Draper Associates

Umia wants to be the place where crypto founders raise money, launch tokens, and let holders help steer the ship. Its first test case was itself. The onchain platform said on October 5, 2026 that it raised approximately $6.11 million through a public auction of its native UMIA token. Buyers included Galaxy Ventures, DCG, and Draper Associates. Once trading opened, the market valued the project at roughly double what the auction did. How the auction played out The sale ran for seven days, from August 26 to September 2, 2026. Umia sold 17.3 million tokens, which the project describes as 34.6% of its 40 million launch supply. The auction priced the project at a fully diluted valuation of $18 million. FDV is the value of every token that will ever exist, multiplied by the current price. Think of it as the market cap the project would have if the whole supply were already circulating. Demand pushed the auction to its ceiling. The price cleared at the $0.36 cap, and the raise came in at more than three times the minimum target. The investor list reads like a crypto conference VIP section. Galaxy Ventures, DCG, Draper Associates, RenGen, Alpha EV, and Maven 11 all took part. They did not ...