Justin Sun’s $330M ETH holding: Down $25M on Paper… But Up Nearly $200M Overall!
While everyone’s busy watching the latest Bitmine accumulation, there’s another heavyweight in the
#Ethereum arena people sometimes forget about
#JustinSun .
Yes, that Justin Sun. Publicly labeled wallets linked to the TRON Foundation founder still hold 156,514 stETH, currently worth roughly $330 million. According to data aggregated by Strategic ETH Reserve, that places him #5 among disclosed institutional ETH holders.
So the natural question is: Is he actually making money on that ETH The Short Answer..............Right now… not really.
Based on the estimated deposit price of around $2,276 per
$ETH , the current position is sitting on a floating loss of roughly $25.83 million.
But that’s only part of the story. The Bigger Picture Looking at on-chain activity over the past five years, the pattern becomes pretty clear.
Most of Sun’s
#ETH movement comes from withdrawals and deposits to exchanges, rather than clean buy/sell trades. That means the exact entry prices aren’t always visible. Still, using those transfers as rough indicators tells a pretty interesting story.
From 2023 to 2025, Sun appears to have repeatedly bought during dips and deposited during stronger market phases, effectively capturing price swings.
A rough estimate suggests that these cycles of buying low and selling high generated close to $200 million in profit during that period alone.
And that calculation doesn’t even include: • Staking yields from stETH
• Extra rewards from restaking / LRT ecosystems • Additional DeFi yield strategies
Why Has On-Chain Activity Slowed? If you look at the timeline, 2024 was his most active trading year. After that, activity dropped sharply through 2025, which is one reason analysts have mentioned his activity far less recently.
Instead of active trading, Sun appears to have shifted toward yield strategies across DeFi. His wallets have been interacting with platforms like: Sky Protocol, Spark Protocol, JustLend, Morpho.