The Ethereum Foundation – a non-profit entity that supports the second largest blockchain – sold 100 ETH for 334,315.7 DAI on November 12.
The sale represents the foundation’s first ETH transaction since releasing its 2024 report last week.
Ethereum Foundation ETH Sales
According to popular blockchain analytics platform “Spot On Chain,” in 2024 alone, the Ethereum Foundation sold 4,266 ETH, raising $11.83 million at an average price of $2,773 per token. In September, the foundation sold 1,250 ETH, then worth about $3.07 million, followed by 300 ETH worth $759,000 in October. These sales were made in almost weekly batches over the two months.
As a result, the foundation has faced questions from the community as to why it is choosing to sell rather than stake its ETH holdings. In response, Ethereum co-founder Vitalik Buterin addressed these concerns, explaining that the sales in question fund critical initiatives, such as paying researchers and developers who drive technological advancements.
He highlighted that profits also support privacy-enhancing Zero Knowledge (ZK) technology, user-friendly account abstraction, and global events promoting Ethereum. According to Buterin, these initiatives have strengthened the security and reliability of Ethereum, contributing to the uninterrupted operation of the blockchain since 2016.
In a recently released financial report for 2024, the Ethereum Foundation revealed that its treasury held $970.2 million, including $788.7 million in crypto and $181.5 million in investments in non-digital assets. Over 99% of the foundation’s crypto holdings are in ETH, representing 0.26% of the total ether supply.
The Ethereum ecosystem as a whole has $22.2 billion in cash reserves, managed by foundations, organizations and DAOs, with the Ethereum Foundation overseeing 4.4% of this total. In terms of funding, the ecosystem has deployed $457 million in 2022-2023, with the Ethereum Foundation contributing almost half at $240.3 million.
Ether price growth
The price of ETH was not disrupted by the latest dump. The world’s second largest cryptocurrency by market capitalization has reached a high, continuing its bullish momentum since last week, gaining over 33% during this period and currently trading above 3,230 $.
Meanwhile, flows into Ethereum spot ETFs hit a new record high of $295.5 million, with BlackRock’s ETHA and Fidelity’s FETH each attracting $100 million.
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