Justin Sun, founder of TRON, executed a significant financial move by withdrawing 45,000 ETH (worth approximately $154.5 million) from the AAVE lending protocol on November 5, 2025, and immediately depositing it into Lido for staking. This transaction, tracked via Arkham Intelligence data, shifted his Ethereum holdings to $534 million, now exceeding his $519 million in TRX tokens for the first time.
The timing coincided with a broader market downturn, where Ethereum's price had crashed 12% to $3,166, and global crypto markets lost $230 billion in 48 hours. By staking through Lido, Sun received liquid stETH tokens, enabling him to earn staking rewards typically ranging from 3% to 5% annually while maintaining flexibility for DeFi activities. As of reporting, ETH had recovered to around $3,400.
Sun's portfolio, valued at over $1.76 billion, includes substantial positions in Bitcoin ($439 million), Aave-wrapped ETH ($98.6 million), and WLFI ($67 million). His staking move occurred when Ethereum staking activity had plummeted to about 9,000 daily deposits in early November, down from 250,000–325,000 in August, indicating a contrarian bet during a market bottom.
The crypto community interpreted this as a sign of growing confidence in Ethereum's proof-of-stake model, though it also sparked discussions about staking centralization due to Lido's dominant market share. This strategic shift from lending to staking underscores Sun's focus on long-term yield generation and portfolio diversification beyond his own TRON ecosystem.
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