Bitcoin advocate Erik Voorhees makes major Ethereum comeback

Veteran crypto advocate Erik Voorhees, an early supporter of Bitcoin and founder of ShapeShift, has repurchased a significant amount of Ethereum after selling a large stake roughly one year ago, according to on-chain data shared by analytics account Lookonchain.

Erik Voorhees buys back $20M in Ethereum after last year’s sale

In a widely circulated tweet, Lookonchain reported that Voorhees spent 20.38 million $USDC to acquire 9,911 Ethereum ($ETH) at an average price of about $2,057.

About a year earlier, he had sold 11,616 $ETH for roughly $33.94 million when the price was near $2,922.

The move suggests tactical timing. His prior sale at nearly $2,922 per $ETH brought in about $33.94 million, while the recent repurchase cost $20.38 million, allowing him to reaccumulate a large position at a roughly 30% lower price.

The transaction also marks a notable return to Ethereum for Voorhees, who has built his reputation as one of crypto’s long-standing figures. Active in the space since at least 2011, he became a vocal Bitcoin proponent, championing $BTC as “digital gold” and helping shape early crypto adoption.

Voorhees has also drawn attention recently for diversifying into other assets outside Bitcoin and $ETH, including millions worth of tokenized gold. On-chain data shows he spent around $6.8 million in $USDC to buy 1,382 ounces of PAXG, a gold-backed token, underscoring a broader strategy of hedging against market volatility with traditional safe-haven assets.

The $ETH buyback could reflect renewed confidence in Ethereum despite price volatility and macro uncertainty. Buying near $2,057 at a lower entry point than his prior sale signals long-term accumulation rather than short-term trading.

Voorhees’ actions highlight a continuing theme among experienced crypto investors: balancing digital asset exposure with strategic diversification amid shifting market conditions.