This latest purchase boosts the firm’s total holdings to over 334,000 ETH, placing it ahead of the Ethereum Foundation and solidifying its position as the third-largest institutional holder.
Co-founder Andrew Keys said the purchase reflects a long-term belief in Ethereum as the foundation of a new digital economy. The move also coincides with the company’s anticipated public listing under the ticker ETHM, expected later this year.
The buying spree isn’t limited to established players. On-chain analysts have flagged several new wallets accumulating ETH in bulk. One wallet reportedly received over 39,000 ETH from Galaxy Digital, raising speculation about a potential new institutional buyer.
Additionally, three other wallets amassed nearly 74,000 ETH within hours, while recent data shows over $2.7 billion in ETH has been scooped up by just 11 new wallets since early July.
The surge in large-scale ETH purchases suggests a growing institutional belief in Ethereum’s long-term utility and value—well beyond its current price performance.
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