Bitcoin advocate Erik Voorhees makes major Ethereum comeback
Veteran crypto advocate Erik Voorhees, an early supporter of Bitcoin and founder of ShapeShift, has repurchased a significant amount of Ethereum after selling a large stake roughly one year ago, according to on-chain data shared by analytics account Lookonchain.
- Erik Voorhees repurchased 9,911 ETH for $20.38 million at an average price of $2,057, according to on-chain data shared by Lookonchain.
- Roughly a year earlier, he sold 11,616 ETH for $33.94 million at around $2,922, effectively buying back at about a 30% lower price.
- The move follows his recent diversification into tokenized gold, signaling a broader strategy of tactical timing and portfolio hedging.
Erik Voorhees buys back $20M in Ethereum after last year’s sale
In a widely circulated tweet, Lookonchain reported that Voorhees spent 20.38 million USDC to acquire 9,911 Ethereum (ETH) at an average price of about $2,057.
About a year earlier, he had sold 11,616 ETH for roughly $33.94 million when the price was near $2,922.
The move suggests tactical timing. His prior sale at nearly $2,922 per ETH brought in about $33.94 million, while the recent repurchase cost $20.38 million, allowing him to reaccumulate a large position at a roughly 30% lower price.
The transaction also marks a notable return to Ethereum for Voorhees, who has built his reputation as one of crypto’s long-standing figures. Active in the space since at least 2011, he became a vocal Bitcoin proponent, championing BTC as “digital gold” and helping shape early crypto adoption.
Voorhees has also drawn attention recently for diversifying into other assets outside Bitcoin and ETH, including millions worth of tokenized gold. On-chain data shows he spent around $6.8 million in USDC to buy 1,382 ounces of PAXG, a gold-backed token, underscoring a broader strategy of hedging against market volatility with traditional safe-haven assets.
The ETH buyback could reflect renewed confidence in Ethereum despite price volatility and macro uncertainty. Buying near $2,057 at a lower entry point than his prior sale signals long-term accumulation rather than short-term trading.
Voorhees’ actions highlight a continuing theme among experienced crypto investors: balancing digital asset exposure with strategic diversification amid shifting market conditions.
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