Ethereum co-founder Jeffrey Wilcke just made a splashy exit (or strategic shuffle) by transferring a cool $262 million in ETH to a Kraken deposit wallet on May 20. That’s 105,736 ETH for those counting, nearly his entire stash. What's left in his wallet? A humble 268.73 ETH, pocket change by his standards.
And then things got even more interesting. Within minutes of Wilcke’s deposit, eight separate addresses began withdrawing equivalent amounts of ETH, suggesting this wasn't a goodbye but more of a grand wallet rearrangement. Maybe he's just Marie Kondo-ing his crypto portfolio.
🚨BREAKING: Arkham reports that Ethereum co-founder Jeffrey Wilcke just moved 262,000 $ETH (~$770M) to Kraken.
— HodlFM Team (@Hodl_fm) May 20, 2025
$770,000,000 potentially hitting the market.
Eyes on the charts 👀 pic.twitter.com/pdjkTzh4CE
First Major Move Since $147M ETH Shuffle in 2024
This is Wilcke’s first big ETH move since last year, when he quietly sent $147 million across four transactions. Seems he likes to make his moves in style and in bulk. Despite the jaw-dropping figures, the market barely blinked. As of press time, ETH was trading at $2,493, down a mere 0.17% over 24 hours, basically a rounding error in crypto.
That said, ETH has been enjoying a bit of a glow-up. The token is up 72% from earlier lows this year, peaking at $2,737.17 on May 13. Who says Ethereum can’t flex?
The Ethereum Foundation’s History of Shuffling
Wilcke’s move echoes a familiar pattern seen with the Ethereum Foundation (EF). Back on August 23, 2024, the EF offloaded $94 million in ETH to Kraken, stirring community concerns. Vitalik Buterin and EF contributor Josh Spark assured folks it was all to support Ethereum development, not a prelude to dumping.
But the community wasn’t totally sold. When the EF sold 300 ETH in January (about $981,200), voices rose again, wondering: why not stake it instead of selling?
Vitalik’s answer? Legal risk and the looming shadow of future protocol battles. So instead of staking en masse, the EF started dipping its toes into DeFi waters in February, hoping to earn a bit of passive yield magic.
They moved 30,800 ETH (around $82 million) into Aave, gave 10,000 ETH to Spark, and sprinkled another 4,200 ETH into Compound. Analyst Tom Wan estimated the moves could generate a 1.5% annual yield, roughly $1.5 million based on today’s prices. Not too shabby for a non-staking strategy.
Strategic Exit or Crypto Chess?
So what’s Wilcke really up to? A grand exit? A wallet makeover? Tax planning? The Ethereum community can only guess. But if nothing else, he reminded us that even in crypto, some things never change, big wallets make big waves, and the blockchain never forgets.
Abimbola Adu
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource, and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice. HODL FM strongly recommends contacting a qualified industry professional.
