Chun Wang (춘왕), a co-founder of crypto mining firm F2Pool, has made a large-scale buyback during a stretch of falling ether prices.
On Nov. 12, blockchain media outlet U.Today reported that Chun bought 5,246 ether over the past two days at an average price of $2,054. The total purchase amount was tallied at $10.78 million.
The purchases came after Chun sold 6,200 wrapped staked ether, or wstETH, for $18.5 million worth of USDC when ether was trading near $2,400 on Nov. 5. wstETH is an asset that enables Lido's staked ether, stETH, to be used in DeFi. Chun began buying back after ether's price fell about 14 percent this week from the time of the sale.
Chun made two withdrawals from a Binance hot wallet, pulling out 3,996 ether and 1,250 ether. The amount deployed was $10.78 million, and about $7.7 million of the Nov. 5 sale proceeds still remains in USDC.
He then redeposited 3,996 ether, worth about $8.23 million, into Lido. He put the wstETH received afterward up as collateral on Spark. Spark is a lending protocol in the Sky ecosystem that was previously known as MakerDAO. Under this structure, it is possible to keep receiving staking rewards while using wstETH as collateral.
Chun has been active since the early days of the crypto market. He entered the market in 2013 by arbitraging bitcoin between overseas exchanges and China's Taobao, and later founded F2Pool with Mao Shixing. At the time, F2Pool was one of China's early bitcoin mining pools.
He is also known for an anecdote that he bought a Pattaya condo for 2,900 bitcoin in 2015 and later sold it for 7 bitcoin after bitcoin's price surged. In 2025, he funded and also led Fram2, described as the first crewed flight above Earth's polar regions using SpaceX's Crew Dragon.
F2Pool participated in ether mining until Ethereum shifted to proof-of-stake in September 2022. Chun later launched a non-custodial staking service, Stakefish, and has said he decided to start the business after talking with Vitalik Buterin in 2017. Stakefish was also one of Lido's early node operators.
The market environment remains weak. Ether has fallen more than 15 percent this month based on Sosovalue tallies, and outflows have continued from spot exchange-traded funds. In this situation, Chun's move to refill positions after selling and then shift some of them immediately to Lido and Spark is read as maintaining a yield-focused management strategy even during a weak phase for ether.
