Tron founder Justin Sun has become one of the largest holders of Lido Staked ETH (stETH), as per the recent on-chain data. Justin Sun has been actively staking Ethereum on the liquid staking platform Lido Finance ahead of the most-awaited Ethereum Shanghai upgrade in March.

According to on-chain data shared by OKLink on February 27, two addresses beginning with 0x176F and 0x611F linked to Tron founder Justin Sun have become the 5th and 6th largest holders of stETH, respectively.

Justin Sun became one of the largest holders as he again staked over 88,000 Ethereum in Lido today through 0x611F. CoinGape earlier reported, Justin Sun staked over 200,000 ETH through 0x176F. His personal staked ETH has exceeded 300K Lido staked ETH (stETH), which is about $500 million.

It clearly indicates that Justin Sun is bullish on the Ethereum Shanghai upgrade and wants to utilize the opportunity. In fact, Ethereum staking continues to rise as the Shanghai upgrade comes near. Justin Sun has continued to deposit ETH into Lido all through the weekend.