Institutional appetite for Ethereum just got another stamp of approval: Abraxas Capital has been stacking more ETH. According to on-chain data, the fund snapped up another 16,554 ETH ($40 million) in the past 12 hours, ramping up its spot position.

What Went Down

The fund has boosted its spot ETH stash by tens of millions of dollars in a short window. This buying spree comes alongside a parallel hedge using derivatives.

How the Position Is Set Up

At the same time, Abraxas Capital is running a hefty short on futures—120,178 ETH ($291.4 million) split across two Hyperliquid accounts: 0xb83d…6e36 and 0x5b5d…C060. This play mixes a spot ETH buy with a futures short to manage downside risk if prices correct.

Why the Fund Does This

Running "long spot, short futures" lets the fund accumulate the underlying asset while smoothing out potential market dips. With this setup, Abraxas keeps exposure to ETH but reins in volatility by using derivatives as a hedge.