Abraxas Capital Boosts Ethereum Holdings with $84.7 million Purchase
Abraxas Capital has significantly increased its Ethereum holdings with a recent purchase worth over $84.7 million. the asset management firm, known for its aggressive buying strategy, added 33,482 ETH to its portfolio within the past 12 hours.
According to Lookonchain, Abraxas Capital has been steadily accumulating Ethereum over the past six days. The firm now holds over $477 million worth of ETH, totaling 211,030 tokens. This move comes as Ethereum’s price surges above $2,500.
Recently, Abraxas withdrew over $297 million worth of Ethereum from exchanges. The latest purchase follows a $240 million Tether (USDT) loan from Aave, which was deposited into Binance. This aligns with a broader resurgence in Ethereum’s market, driven by whale accumulation and the Pectra upgrade.
Ethereum’s price has reached $2,632, up 8% in the past 24 hours and nearly 50% in a week.BlackRock’s filing for in-kind redemptions of its Ethereum Trust has also boosted investor confidence.
While some large holders are taking profits, Abraxas Capital’s actions suggest strong institutional interest in Ethereum. This involvement extends beyond Wall Street, indicating global participation in the digital asset space.
Abraxas Capital’s history in digital assets dates back to 2017,during the initial coin offering boom. Ethereum reached its all-time high of over $4,800 in November 2021.
