F2Pool co-founder Chun Wang, who goes by Satofishi on X, bought 5,246 $ETH worth $10.78 million over the past two days at an average price of $2,054, according to data from Lookonchain and Arkham.
On Nov. 5, when ether was trading near $2,400, Wang sold 6,200 wrapped staked $ETH (wstETH) for $18.5 million in $USDC. Wrapped staked $ETH is a version of Lido's staked ether (stETH) that can be used in DeFi protocols.
Ether traded about 14% below its price on the day of the sale this week, and Wang began buying it back.
He withdrew 5,246 $ETH from Binance hot wallets in two transfers, one of 3,996 $ETH and the other of 1,250 $ETH. The purchase cost $10.78 million, leaving about $7.7 million from the Nov. 5 sale in $USDC, according to Lookonchain.
Wang then sent 3,996 $ETH, worth $8.23 million, to Lido, Ethereum's largest liquid staking protocol. He deposited the wstETH he received into Spark, a lending protocol in the Sky ecosystem, formerly known as MakerDAO. In Spark, wstETH can serve as collateral while continuing to earn staking rewards.
Wang entered crypto in 2013
Wang began by arbitraging Bitcoin between overseas exchanges and China's Taobao, then went on to co-found F2Pool. He launched the pool with Mao Shixing in 2013. At the time, F2Pool was among China's first Bitcoin mining pools.
In 2015, Wang bought a condo in Pattaya for 2,900 $BTC. He later sold it for 7 $BTC as Bitcoin's price had risen many times over.
In 2025, Wang also funded and commanded Fram2, the first crewed spaceflight over Earth's polar regions, aboard a SpaceX Crew Dragon.
F2Pool also mined ether until Ethereum switched to proof-of-stake in September 2022. Earlier, Wang had launched the non-custodial staking service stakefish. Wang said he decided to launch it after speaking with Vitalik Buterin in 2017. Stakefish was also among Lido's first node operators.
Ether has fallen more than 15% since the beginning of the month amid outflows from spot ETFs, according to SoSoValue. At press time, $ETH was trading at $2,020.
