Ethereum ICO Investor Awakens to a $770k Surprise After 8.6 Years
A long-time Ethereum investor has recently returned from an extended hiatus by transferring their entire ETH holdings, valued at approximately $770,000, to a Coinbase account. This move comes as the price of ETH has skyrocketed to over $3,200 in the past 24 hours.
Back in 2013, the founders of Ethereum conducted an initial coin offering (ICO) in which they raised millions of funds by selling 60 million ETH tokens. At the time of the ICO, ETH was trading at $0.31. Although investors were unable to access their ETH holdings until July 2015 when the blockchain officially launched, many early investors are now starting to move their dormant holdings.
In this latest case, the early investor purchased 238.75 ETH, valued at $74.0125 at the time of purchase. With the recent surge in ETH’s price, their holdings are now worth $770,000, a significant increase in less than nine years. By transferring their ETH to a Coinbase account, it appears that this investor may be considering cashing out some or all of their holdings.
Just last week, another ETH whale who had purchased 3,465 ETH during the ICO also moved their holdings, worth over $5 million at the time, to Kraken after being dormant for more than eight years.
Currently, ETH is trading at $3,240, reflecting a 6.7% increase in the past 24 hours and an 11% uptrend over the past week.
The surge in ETH’s price can be attributed to various factors, one of which is the anticipation of the potential approval of a spot Ethereum exchange-traded fund (ETF) in the United States. This investment product would enable US investors to gain exposure to the second-largest cryptocurrency through local financial institutions.
Franklin Templeton, a major asset management company, recently filed for approval of an Ethereum-based financial product with the US Securities and Exchange Commission (SEC), adding to the growing interest from companies like BlackRock and Grayscale.
Tags: Ether (ETH), Ethereum
