Fidelity just bought over $120 million in Ethereum as institutional appetite surges

Institutional demand for Ethereum (ETH) continues to accelerate, with Fidelity making one of the largest single-day purchases this week.

According to blockchain analytics from Lookonchain, the Fidelity Ethereum Fund (FETH) added 33,788.82 ETH on July 22, worth approximately $124 million, bringing its total holdings to 629,202 ETH, valued at $2.33 billion at current market prices.

Recently there has been a strong broader institutional pivot toward Ethereum following the approval of spot ETH ETFs earlier this year. Across all listed Ethereum ETFs, net inflows have surged by 650,468 ETH over the past seven days, with total ETF holdings now surpassing 5.22 million ETH, equivalent to $19.31 billion.

Major investment funds poor into Ethereum

Meanwhile, BlackRock also expanded its Ethereum position, purchasing 27,158.86 ETH valued at nearly $100 million via its iShares Ethereum Trust (ETHA). The fund now holds 2.59 million ETH, making it the single-largest institutional holder of Ethereum among ETFs.

Adding to the wave of activity, ARK Invest revealed a strategic acquisition of $182 million worth of BitMine Immersion (BMNR) shares. The move is designed to support the firm’s expanding Ethereum treasury strategy, as ARK looks to diversify its blockchain exposure through both direct holdings and infrastructure assets.

Other major funds such as Grayscale, Bitwise, and VanEck also recorded substantial weekly inflows. Notably, Grayscale’s Ethereum Mini Trust saw a seven-day net inflow of 60,529 ETH, while Bitwise added 12,758 ETH.

These inflows coincide with Ethereum’s growing role as an institutional-grade asset, bolstered by regulatory clarity and improving liquidity through ETF access. As capital continues to rotate into crypto funds, Ethereum appears to be cementing its position as a primary investment vehicle alongside Bitcoin.