Justin Sun Acquires More Ethereum Amid Anticipation of Spot ETF Approval
Justin Sun, the billionaire founder of the cryptocurrency Tron, has recently made another significant acquisition of Ethereum (ETH). This move is seen as a strategic preparation for the expected launch of spot Ethereum ETFs in early July.
Last year, Sun invested over $1.1 billion in Ethereum, as per recently shared analytics data.
Justin Sun Gathers More ETH
According to a report from the analytics account @spotonchain on X (formerly Twitter), more than eight hours ago, the owner of the crypto wallet -0xdbf (believed by @spotonchain to be Justin Sun) transferred a substantial amount of Ethereum from Binance. This transaction occurred when ETH was trading at $3,472, amounting to $16.07 million at the time of purchase.
The same data source revealed that over the past three days, this wallet, attributed to the Tron founder, purchased and withdrew 13,967 ETH from Binance at an average price of $3,494, totaling approximately $49 million.
A few days earlier, @spotonchain informed the crypto community that Justin Sun had deposited a significant amount of Tron-USDT (89.57 million coins) into Binance and used $32.9 million of this to purchase more Ethereum, which he later transferred to his wallet.
Sun’s Optimism for Ethereum Spot ETF Launch
In another tweet today, @spotonchain indicated that the approval of Ethereum spot ETFs is expected on July 2nd. On Friday, Ethereum ETF issuers updated their S-1 filings with the SEC. Franklin Templeton set the Ethereum ETF fee at 0.19%, while VanEck announced a fee of 0.2%. Additionally, BlackRock disclosed that it has $10 million worth of future Ethereum ETF shares pre-purchased by an undisclosed major investor.
Previously, ConsenSys reported that the securities regulator had concluded its investigations into Ethereum 2.0 mechanisms, dismissing rumors of ETH being classified as a security. This development significantly strengthens the likelihood of the Ethereum spot ETF being approved.
Read more The Impact of ETF Approvals on Grayscale Ethereum Trust
According to Bloomberg analysts, the SEC is expected to announce its favorable decision on July 2nd.
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