An early investor who took part in the ICO of Ethereum is now finally offloading some of his/her ETH stash, as per an X post by Lookonchain on Thursday. The sale was just a portion of the investor’s ETH stash, but now represents a multi-million dollar amount, as ETH prices grew by a huge margin since its debut.
“An Ethereum ICO participant (0xd64A) sold 11,552 $ETH($23.42M) at $2,027 in the past 1 hour. This OG invested $12K in the Ethereum ICO to buy 38,800 $ETH($79.54M now) at $0.31,” read the X post.
The investor took part in Ethereum’s ICO in 2014—an event now considered historic as it grew over a period of ten years to become the second largest cryptocurrency by market capitalization.
An Initial Coin Offering is an event common in cryptocurrency where investors are given the chance to buy tokens at low issue prices. The majority of ICOs don’t end up successful, but a select few do, such as Ethereum and Cardano, allowing buyers to make huge amounts of profit on their investments.
The ICO market has also gained an ill reputation during certain periods due to the unregulated issue of presale tokens, which, upon purchase, were either rug pulls or were found to have no utility.
As per a Block report, this was not the only notable sale made by an ICO-era wallet. A cryptocurrency whale sold 15,002 ETH, earning a total of $31 million after holding onto it for ten years, giving the funds to Coinbase while keeping a hefty amount.
At the time of writing, Ethereum’s price was $2,007, down by 6.56 over the past week.