Ethereum was underperforming Bitcoin for weeks this year. However, everything changed when the coin started a very healthy rally this week which saw it reach $245 this Saturday, with a slight correction later that day. As ETH is trading near $238 today, we are sharing news about one early Coinbase investor named Garry Tan who apparently started accumulating the token again.
In fact, the $245 mark achieved on Saturday was the highest price we have seen in the ETH news since early March (and before the flash crash). The prices have retraced and analysts expect ETH to surge again, but an increasing number of prominent investors have supported the asset and limited its downside.
Even though you may never heard of him, Garry Tan is a person working at Microsoft who recently turned early executive of the $20 billion startup Palantir – and founder of Initialized Capital. Tan was also an early Coinbase investor and one of the first bulls in the Silicon Valley.
As we can see from this article published by 500 Startups, the fund that Garry Tan has (Initialized Capital) was the ““earliest investor in trailblazers like Coinbase and Instacart.” This means that he was a seed investor in Coinbase. The exchange is worth $8 billion as of its last valuation.
By his own accounts, Tan also holds some Bitcoin, the first of which was given to him by the Coinbase CEO Brian Armstrong. But the Coinbase news don’t stop here – Garry Tan recently tweeted about how he started accumulating ETH again.
Started accumulating $ETH again
— Garry Tan (@garrytan) May 31, 2020
In the post, Tan added subsequent comments on how he is doing this for “the long term hold” rather than short-term trading due to taxes. As a pertinent aside, the Initialized Capital managing partner said that he has continually been “stacking sats” which suggests that he is – or at least was – more optimistic about Bitcoin.
Even though it is not clear how much Tan owns or how much Ethereum he is buying, it shows the wider disposition of investors to accumulate the asset over recent months. The Gemini co-founder Cameron Winklevoss recently spoke to Camila Russo of the Ethereum publication The Defiant and said:
“We definitely own a lot of ether. They’re large and it’s a material amount. Yeah, quite large […] A couple of years back we made a concerted effort to buy a lot of ether.”
As we reported before, Ethereum’s top 100 wallets have increased their holdings to a 10-month high, with over $4.5 billion worth of the asset in their possession.
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