Abraxas Capital invests heavily in Ethereum and makes a profit of US$77 million

• Abraxas Capital accumulates US$655 million in Ethereum
• Ethereum surges after Pectra and layer 2 upgrade
• Crypto assets like ETH surpass historical market records

British investment firm Abraxas Capital Management has accumulated 278.639 units of Ethereum (ETH), totaling approximately $655 million in crypto assets since May 7, shortly after the Pectra upgrade went live on the Ethereum network. The move was spotted by analysts at Lookonchain using on-chain data.

With an average purchase price of US$2.350 per ETH, the current appreciation of the cryptocurrency, which exceeded US$2.600, already guarantees an unrealized profit of around US$77 million for the London-based manager.

Abraxas Capital continues to accumulate $ ETH !

Since May 7, Abraxas Capital has withdrawn 278,639 $ ETH ($655M) from exchanges at an average price of $2,350, with an unrealized profit of $77M. https://t.co/vZTxLPd2zq https://t.co/F5n4mKrGMQ pic.twitter.com/hMPdQdrx6Q

— Lookonchain (@lookonchain) May 16, 2025

Ethereum has seen a significant increase in value in recent weeks, surpassing the $2.700 mark, its highest value since February. This recovery comes after a period in which the asset underperformed Bitcoin.

According to Bernstein analysts, the upward movement is supported by the growing adoption of stablecoins and tokenized assets, in addition to the intensification of activity in second layer networks (layer 2) and the liquidation of short positions.

The Pectra upgrade has been touted as a major technical game-changer for the Ethereum network. The upgrade brought a comprehensive set of improvements aimed at increasing the efficiency, security, and usability of the blockchain for both end users and developers.

With its recent appreciation, Ethereum has surpassed Coca-Cola in market value and now ranks 34th among the most valuable assets in the world, according to data from CompaniesMarketcap. At specific moments during the week, it even surpassed Alibaba, although the Chinese company later regained its position.

This market positioning reinforces Ethereum's role among the main global assets, driven by strategic technological updates and increasingly relevant institutional adoption.