Crypto entrepreneur Erik Voorhees has reportedly accumulated more than $56 million worth of Ethereum, marking a renewed buying spree after roughly a year of inactivity.
According to blockchain analytics shared by Lookonchain, Voorhees spent about 49.08 million USDT to acquire 23,393 ETH through two separate wallets
Erik Voorhees(@ErikVoorhees), an early #Bitcoin supporter and founder of ShapeShift, is buying ETH like crazy after a one-year break!He spent 49.08M $USDT to buy 23,393 $ETH at $2,098 through 2 wallets.He still holds 35.25M $USDT and may buy more $ETH.… pic.twitter.com/18ifLc8Ghe
— Lookonchain (@lookonchain) March 16, 2026
The purchases were executed at an average price of approximately $2,098 per ether, based on on-chain data tracked through Arkham Intelligence.
On-chain transaction records indicate that the funds used for the purchase were transferred through decentralized trading infrastructure, including settlement routes linked to the CoW Protocol
The transactions suggest the purchases were carried out in multiple batches rather than a single large order, likely to minimize price impact in the market.
Blockchain data also shows that the wallets associated with Voorhees still hold roughly 35 million USDT, indicating that additional Ethereum purchases could potentially follow if the funds are deployed.
Voorhees is widely known in the cryptocurrency industry as an early supporter of Bitcoin and the founder of the crypto trading platform ShapeShift. Over the years, he has been a vocal advocate for decentralized finance and self-custody in the digital asset ecosystem.
The latest accumulation comes roughly a year after Voorhees reduced his Ethereum holdings. According to on-chain data cited by analysts, he sold 12,886 ETH in 2024 when the asset was trading around $3,324, significantly higher than current levels.
Market observers say the new purchases could signal renewed confidence in Ethereum’s long-term outlook. Ethereum remains the largest smart-contract blockchain and continues to play a central role in decentralized finance, tokenized assets, and blockchain infrastructure.
While the motivations behind the recent transactions remain unclear, the scale of the purchases has drawn attention across the crypto community, with traders closely monitoring whether Voorhees continues accumulating ETH in the coming days.
Large transactions by prominent industry figures often attract attention because they can reflect shifting sentiment among experienced participants in the digital asset market.
Your web3 identity + services + payments in one single link. Get your pay3.so link today.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
BitMine Holdings Reach Record 5.078 Million ETH After $241.4M Weekly Purchase
Gate News message, April 27 — BitMine Immersion Technologies announced its Ethereum holdings surged to 5.078 million tokens after acquiring 101,901 ETH over the past week, marking the company's largest weekly purchase since mid-December 2025 and solidifying its position as the largest public ether t
GateNews6m ago
Bitcoin ETF Sees Daily Outflow of $16.03M While Ethereum and Solana ETFs Record Gains on April 27
Gate News message, according to the April 27 update, Bitcoin ETF recorded a daily net outflow of 209 BTC ($16.03 million), while maintaining a weekly net inflow of 9,987 BTC ($767.27 million). Ethereum ETF showed a daily net inflow of 24 ETH ($56,000) and a weekly net inflow of 41,013 ETH ($93.35 mi
GateNews3h ago
Consensys, Joseph Lubin Contribute 30,000 ETH to DeFi United
Consensys and Ethereum co-founder Joseph Lubin have confirmed they will contribute 30,000 ETH to DeFi United, a coordinated relief effort addressing losses from the Kelp DAO exploit. According to Aave's Monday announcement, this represents one of the largest offerings in the ongoing initiative, whic
CryptoFrontier3h ago
Coinshares: $1.2B Crypto Inflow, Bitcoin Leads Fund Flows
Cryptocurrency investment products received $1.2 billion in inflows last week, marking the fourth consecutive positive week, according to a Coinshares report. Bitcoin surged above $79,000 before Asian market opening, though the move was short-lived, with BTC subsequently dropping to around $77,600.
CryptoFrontier4h ago
Ethereum Outperforms S&P 500 by 1,696 Basis Points Since U.S.-Iran Conflict, Says Tom Lee
Gate News message, April 27 — Tom Lee, chairman of Bitmine, stated that Ethereum has outperformed the S&P 500 index (U.S. benchmark equity index) by 1,696 basis points since the U.S.-Iran conflict, making it the best-performing single asset globally aside from crude oil. According to Lee, ETH has de
GateNews4h ago
Bitmine increased its holdings by more than 100,000 ETH last week, and its total holdings exceeded 5 million ETH units/coins.
Bitmine’s total ETH holdings have surpassed 5 million coins, accounting for 4.21% of the supply. Last week, it increased its holdings by more than 100,000 coins. This article analyzes the cadence of institutional holdings, the impact of on-chain concentration, and market outlook scenarios.
GateInstantTrends4h ago
