UK investment firm amasses $655M in Ethereum post-Pectra, profit hits $77M

A crypto wallet believed to belong to UK investment firm Abraxas Capital Management has amassed 278,639 Ethereum, worth approximately $655 million, since Ethereum’s Pectra upgrade was activated, according to on-chain data tracked by Lookonchain.

The London-based asset manager accumulated the crypto asset at an average price of $2,350. With Ether trading above $2,600 at press time, the holdings reflect an unrealized profit of $77 million.

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Ether has nearly doubled in value after the Pectra upgrade, following a period of underperformance relative to Bitcoin. Earlier this week, the largest altcoin reached $2,700, its highest level since late February.

Ethereum’s recent rally, according to analysts at Bernstein, is fueled by the rising adoption of stablecoins and tokenized assets, booming layer 2 activity, and the unwinding of short positions.

In addition, the Pectra upgrade has served as a positive catalyst for Ethereum’s future growth. It introduces a broad set of improvements designed to make Ethereum faster, more efficient, easier to use, and more secure, largely enhancing both user and developer experiences.

Boosted by recent gains, Ethereum has overtaken Coca-Cola in market value, rising to the 34th position among the world’s top assets, CompaniesMarketcap data shows.

The crypto asset briefly outpaced Alibaba at some points this week, but the Chinese tech giant ultimately reclaimed its lead.