🌎 Ethereum Foundation Sells 100 ETH to Maintain Reserves

Ethereum Foundation Sells 100 ETH to Maintain Reserves

The Ethereum Foundation has made another substantial purchase of DAI tokens by selling 100 ETH on November 12. According to data from analytics platform SpotOnChain, the Ethereum Foundation swapped 100 ETH for 334,315.7 DAI tokens in this transaction.

This marks the first time the Ethereum Foundation has sold ETH since releasing its annual report for 2024 on November 8. The sale follows a similar transaction on October 30, where the foundation sold 100 ETH for 270,800 DAI.

Recent Sales and Holdings

Throughout October, the Ethereum Foundation made four consecutive sales of 100 ETH, with an additional Ethereum Foundation-linked wallet making a 1,250 ETH ($3.03 million) to Bitstamp on October 8.

The Ethereum Foundation’s latest sale has left it with 272,330 ETH and 168,458 DAI tokens, according to data from SpotOnChain. As of October 31, the foundation’s asset reserves stood at $970.2 million, with $788.7 million of those reserves stored in crypto.

Foundation’s Crypto Holdings

The Ethereum Foundation claims that the majority of its crypto holdings are stored in ETH, representing 99.45% of its total crypto reserves. This translates to approximately 0.26% of the total ETH supply.

Based on data from SpotOnChain, the Ethereum Foundation’s current holdings include 272,330 ETH and 168,458 DAI tokens. The foundation has sold a total of 4,266 ETH worth $11.83 million since the beginning of 2024.

Co-Founder’s Explanation

Co-founder Vitalik Buterin has explained that the Ethereum Foundation sells ETH periodically to fund public projects and maintain reserves. However, many have accused the foundation of selling ETH to gain profits, with Buterin consistently denying these claims.

“The funds were for supporting ecosystem development and philanthropic efforts,” Buterin stated. This stance is echoed by his recent sale of 10 billion MOODENG tokens, with the proceeds donated to his biotech fund Kanro and supporting charitable causes.