- The Ethereum Foundation sold 100 ETH for DAI, marking its first ETH sale since releasing its annual report.
- The sale is part of the foundation’s strategy to fund public projects and maintain its financial reserves.
Today, the Ethereum Foundation made another significant move in its ongoing strategy to fund public projects and maintain reserves. For the first time since releasing its annual report, the foundation sold 100 ETH, swapping the cryptocurrency for the stablecoin DAI. This transaction followed a similar move in late October, where the Ethereum Foundation offloaded another 100 ETH in exchange for 270,800 DAI.
According to the Spot On Chain, the sale of 100 ETH on November 12 brought in 334,315.7 DAI, adding to the foundation’s reserves. In 2024 alone, the foundation sold a total of 4,266 ETH for approximately $11.83 million, averaging a price of $2,773 per ETH. This strategic approach allows the Ethereum Foundation to maintain its financial stability while continuing to fund key public initiatives that support the Ethereum ecosystem.
Ethereum Foundation’s Reserves Support Its Future
As of October 31, 2024, the Foundation reported holding $970.2 million in assets, with $788.7 million stored in cryptocurrency. A staggering 99.45% of these holdings are in ETH, further emphasizing the foundation’s commitment to Ethereum’s future.
Vitalik Buterin, the co-founder of ETH, has previously explained that these regular ETH sales are necessary to ensure the foundation has the necessary funds for development and to keep the ecosystem sustainable. With over 272.30K ETH ($883.296M) still in its reserves, the Ethereum Foundation remains a crucial player in the ongoing growth and success of Ethereum.
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