SpotOnChain says that the Ethereum Foundation has sold 450 ETH, which is worth $1.02 million in DAI. With this latest sale on September 9, the Foundation has now sold ETH four times in 2024.
The first time was on September 5, when 100 ETH were sold for 241,000 DAI. The Foundation has sold 3,066 ETH so far this year. The Foundation also sent 2,000 ETH, which is worth about $4.76 million, to a multi-signature bank on September 6 and 7. Stablecoins are likely to be swapped for this ETH soon.
Ethereum Foundation Holds 274,012 ETH
Even with these trades, the Ethereum Foundation still has 274,012 ETH in seven wallets, which is worth $637 million. It has earned 8.66 million DAI so far in 2024.
Aya Miyaguchi, the executive director of the Ethereum Foundation, has said that the group’s yearly budget of about $100 million goes to operational costs, grants, and salaries. This means that ETH has to be sold for stablecoins from time to time. These sales are a normal part of its plan to make money.
On the other hand, Vitalik Buterin, one of the co-founders of Ethereum, was criticized for moving 3,800 ETH to a multi-signature wallet and selling 760 ETH in August. Buterin said they weren’t selling to make money and stressed that the money was for supporting the environment and charitable projects.
Justin Drake, an Ethereum researcher, said that the Foundation will soon share a financial report that may give us more information about these sales.
Recent sales of ETH have caused prices to drop. In the last 30 days, the price of Ethereum has dropped 11.9%, which has caused people to worry that prices will drop even more.
