On November 12, 2024, the Ethereum Foundation completes another large offload, a 100 ETH conversion for 334,315.7 DAI tokens. That is the first time the protocol has sold Ethereum since publishing its 2024 annual report.
The sale took place on November 12, and data in analytics platform SpotOnChain puts that on top of a slew of periodic transactions the Ethereum Foundation has been doing through the year. On October 30, the foundation last sold ETH, pairing it with 100 ETH and 270,800 DAI.
Ethereum Foundation Sells ETH in Strategic Moves
This is the latest in a pattern spurred in October when the Ethereum Foundation sold off four batches of 100 ETH each. In light of the foundation’s ongoing asset management strategy, another Ethereum Foundation-linked wallet also transferred 1,250 ETH (equivalent to $3.03 million) onto Bitstamp on October 8.
According to the 2024 annual report of the Ethereum Foundation released on October 31, it has $970.2 million in total assets; $788.7 million, or about half of that amount, is cryptocurrency. Of special note is how 99.45% of the crypto reserves are ETH (0.26% of the total Ethereum supply).
Additionally, the report reveals that just any of the Ethereum Foundation central addresses are the ones able to send out money for the project hold at this time: 272,330 ETH and 168,458 DAI. Prior to this major transaction on September 9, the foundation sold 450 ETH for 1.029 million DAI, thus acquiring a total of 8.66 million DAI tokens.
Ethereum co-founder Vitalik Buterin told Substrata in a tweet that the foundation sells ETH from time to time to help fund public projects and keep reserves. Since the beginning of the year, the Ethereum Foundation has sold 4,266 ETH for a $11.83 million total at current prices.
Buterin categorically denied claims that he may be selling ETH for personal gain; instead, he insisted that the sales are for philanthropy and the ecosystem’s continued development. Buterin also sold 10 billion MOODENG tokens in October, donating the proceeds to the biotech initiative he backs, Kanro, and touting meme coins for charitable causes.
As the cryptocurrency community waits for further big moves from the influential organization, the Ethereum Foundation’s ongoing strategy of diversifying its holdings and investing in public initiatives using such sales resumes attracting attention.
