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Crypto trader who turned $6.2K into $86M makes shocking move originally appeared on TheStreet.
On-chain data suggests that a crypto trader who received 20,000 Ethereum during the initial coin offering (ICO) has transferred a portion of it to the Kraken crypto exchange.
The on-chain data intelligence platform Lookonchain made a post on X on Aug. 11, which showed that the Ethereum ICO participant sold 2,300 ETH worth $9.91 million on the day.
The crypto trader had earlier also transferred their ETH holdings over the past few years.
As per Etherscan, the ICO participant is now left with 1,622.77 ETH worth $7.59 million.
Nonetheless, they were successful in turning ETH worth $6,200 at the time of ICO into a crypto stack now valued at $86.6 million — all due to the much-required patience and the appreciation in the crypto asset's price.
Launched in July 2015, Ethereum is the world's second-largest cryptocurrency, which has a market cap of more than $565 billion. The underlying blockchain network has become a reliable platform for decentralized applications (dApps), including those dedicated to decentralized finance (DeFi) and decentralized autonomous organizations (DAOs).
Of late, we have witnessed a wave of crypto treasury firms choosing ETH as the preferred treasury asset. Similar to the leading Bitcoin treasury firm called MicroStrategy (Nasdaq: MSTR), we have seen the emergence of the leading Ethereum treasury firm Bitmine Immersion (Nasdaq: BMNR).
The exchange-traded funds (ETFs) linked to ETH have also seen a remarkable surge in inflows recently.
The recent Ethereum bull run is part of the broader crypto market rally that saw Bitcoin hitting a new record price in mid-July. The emergence of ETH treasury firms and rising ETF inflow have provided a further push to its price.
Ethereum is trading at $4,714.50 at press time, only 3.5% lower than its record high of $4,891.70 that it reached on Nov. 16, 2021.
Disclaimer: The content above is intended for informational purposes only and should not be taken as financial advice. Do your own research before investing.
Crypto trader who turned $6.2K into $86M makes shocking move first appeared on TheStreet on Aug 13, 2025
