Last updated on March 6th, 2026 at 10:25 am
Veteran crypto advocate Erik Voorhees has returned to Ethereum in a major way, purchasing nearly $20 million worth of ETH roughly a year after offloading a sizable portion of his holdings.
On-chain data flagged by analytics platform Lookonchain shows that Voorhees spent approximately $20.38 million in USDC to acquire 9,911 Ether at an average price of about $2,057 per coin.
Erik Voorhees(@ErikVoorhees), an early #Bitcoin supporter and founder of ShapeShift, is buying back $ETH.
One year ago, he sold 11,616 $ETH($33.94M) at $2,922.
Recently, he spent 20.38M $USDC to buy back 9,911 $ETH at $2,057.https://t.co/pYQfA1ywec pic.twitter.com/ft9dUkovHS
— Lookonchain (@lookonchain) February 23, 2026
Buys back after selling near the top
The move comes after he sold 11,616 ETH last year for an estimated $33.94 million when prices hovered near $2,922. By re-entering at a significantly lower level, Voorhees appears to have timed the market tactically, securing a fresh position at nearly 30% below his previous exit price.
The transaction signals more than a simple trade. It represents a renewed commitment to Ethereum at a time when the broader crypto market continues to navigate volatility and macroeconomic uncertainty.
Strategic diversification beyond Bitcoin
Voorhees, founder of ShapeShift, has long been recognized as one of crypto’s early adopters and outspoken supporters. Active since 2011, he built his reputation championing Bitcoin as a form of “digital gold” and advocating for financial sovereignty through decentralized technologies.
However, recent blockchain data suggests his strategy has expanded beyond Bitcoin and Ether alone. Records indicate he allocated roughly $6.8 million in USDC to acquire 1,382 ounces of PAXG, a token backed by physical gold. The purchase underscores a broader diversification approach, blending digital assets with traditional safe-haven exposure.
The latest ETH buyback suggests growing confidence in Ethereum’s long-term prospects rather than short-term speculation. By lowering his average entry price while maintaining exposure across multiple asset classes, Voorhees’ portfolio moves reflect a calculated balance between conviction and risk management.
Notably, Vitalik Buterin reminded the crypto community that Ethereum does not belong to him or any single group. He said people do not need to agree with his personal views to build on or use Ethereum.
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