From $6,200 to $86 Million

On-chain data from Lookonchain shows that on Monday morning, an Ethereum ICO investor sent 2,300 ETH — worth about $9.9 million — to crypto exchange Kraken and sold.

The investor originally acquired 20,000 ETH for $6,200 during the 2014 ICO, a stash now valued at roughly $86 million.

This was not their first sale. Previous transfers include:

  • December 2024: 250 ETH sold

  • February 2024: 1,000 ETH sold

  • November 2023: 3,000 ETH sold

They still hold 1,623 ETH.

The Ethereum ICO: A Historic Launch

Ethereum’s ICO ran from July 22 to September 2, 2014, raising about $18.3 million through the sale of more than 60 million ETH. The average purchase price was $0.31 per coin, with early participants able to buy 2,000 ETH for 1 BTC.

The funds financed Ethereum’s development, and the network officially launched in July 2015 with an initial supply of 72 million ETH — 83% of which went to ICO investors.

At today’s prices, early ICO buyers have earned returns exceeding 13,000%.

Ethereum Rally Continues Despite Bitcoin Pullback

ETH investors are currently celebrating a powerful rally. Even after Bitcoin’s recent dip, Ethereum has held firm near $4,300.

A major driver: record-breaking inflows into ETH spot ETFs. Treasury-focused companies such as BitMine and Sharplink Gaming are also accumulating aggressively, further tightening ETH’s supply.

Skepticism From Bitcoin Maxis

Not everyone is convinced of Ethereum’s long-term appeal. Bitcoin maximalist Samson Mow commented:

“No one wants to hold Ethereum long term.”

He argued that once prices rise high enough, many investors will sell their ETH and rotate profits back into Bitcoin.