MetalphaPro, a digital asset manager listed on Nasdaq, accumulated 18,000 ETH worth about $48.45 million from Binance 10 hours ago. After the transfer, Metalpha began lending staked Ethereum (stETH), which is a version of ETH that allows traders to earn interest through staking.
MetalphaPro is currently leading over 48,000 stETH worth more than $133 million across multiple decentralized finances (DeFi) platforms including Aave, Spark, and Treehouse Finance. Each one of these platforms allows users to lend or borrow crypto by locking assets into smart contracts. When Metalpha lends stETH to these platforms, the firm will earn returns while still keeping control of the asset.
In short, transactions like this mean that the firm wants to use its crypto assets for leading instead of just holding them and sitting idle on the exchanges. The asset manager also did the same thing last month after depositing around $25 million USDC into the same Binance exchange and later withdrawing 7000 ETH worth $11.12 million at the time.
Before this, MetalphaPro had withdrawn a total of 29,000 ETH ($48.73 million) at an average price of approximately $1,680 from Binance. Meanwhile, corporate Ethereum buying has seen a surge with companies like Sharplink announcing a $1 billion ETH acquisition plan.
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