The company Abraxas Capital has accumulated 278,639 ETH in a short period, spending over $655 million on this purchase. The unrealized profit from this transaction amounts to $77 million, according to expert data.
This is reported by Business • Media
Details of the Deal and Market Situation
The London-based investment firm Abraxas Capital, which specializes in traditional finance and digital assets, withdrew 278,639 ETH from exchanges over the course of more than a week. According to the analytical company Lookonchain, the firm spent approximately $655 million in total to acquire the assets, corresponding to an average purchase price of $2,350 per unit.
According to analysts, the current unrealized profit for the firm stands at $77 million. The company began actively accumulating Ethereum on May 7, 2025. Additionally, analysts from Glassnode reported that approximately 1 million ETH has been withdrawn from centralized exchanges over the past month.
State of the Ethereum Market
At the time of preparing this news, Ethereum is trying to maintain its position above $2,600. It is worth noting that since May 7, the coin has increased in price by over 45%.
It is worth reminding that earlier analysts from CryptoQuant stated that Ethereum is currently the most undervalued compared to Bitcoin since 2019.