$ETH

On May 16, a cryptocurrency wallet suspected to be tied to the UK-based investment firm Abraxas Capital Management has quietly gathered a massive 278,639 ETH, valued at around $655 million.

The London asset manager appears to have purchased the Ether at an average cost of $2,350, shortly before Ethereum’s Pectra upgrade went live, according to blockchain analytics from Lookonchain.

With the current price exceeding $2,600, the wallet is now sitting on unrealizeds gain of approximately $77 million.