$646M Ethereum ICO Wallet Reactivates Following Three-Year Inactivity

Ethereum ICO Whale Reactivates $646M in Staking After Three Years

An early Ethereum investor has returned to the network with one of the largest staking moves in recent memory.

On Thursday, on-chain monitoring flagged 150,000 ETH—worth approximately $646 million—transferred from three wallets tied to Ethereum’s 2014 ICO into a staking address. These wallets had been dormant since February 2022, handling no ETH transactions until now.

The investor originally purchased 1 million ETH during the ICO for $310,000, effectively acquiring each token at $0.31. Today, the position is valued at roughly $4.3 billion, according to Lookonchain. Even after the staking activity, two wallets still retain 105,000 ETH, equivalent to $451 million.

This activity is part of a broader trend of long-dormant ICO whales resurfacing. Recent examples include a $19 million ETH transfer to Kraken and another 2,300 ETH moved to an exchange. Analysts note that while such movements often signal dormant supply entering circulation, in this instance the ETH was staked rather than sold, underscoring confidence in Ethereum’s network.

Ethereum’s staking layer has now surpassed 33 million ETH in 2025, reflecting increased participation from long-term holders as yields stabilize and the proof-of-stake network continues to mature.