Ethereum Foundation Offloads ETH Worth Over $10M in 2024: Details

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In a significant move that caught the crypto community’s attention, the Ethereum Foundation (EF) has sold yet another 100 Ethereum (ETH). This massive sale has added to its total sales of over $10 million worth of cryptocurrency this year. 

Ethereum Foundation Offloads Another 100 Ethereum

In an X post, blockchain analytics provider Lookonchain highlighted this sale, noting that the foundation had sold 100 ETH valued at around $263,000 just 30 minutes prior. This latest transaction brings the total amount liquidated by the foundation to a staggering 3,766 Ethereum ($10.46 million) for the year. This comes a few days after the foundation offloaded 300 Ethereum and 100 Ethereum in a day. 

This is not the first time the EF has made such moves. Back in August, Lookonchain reported a massive transfer of 35,000 Ethereum, valued at $94.07 million at the time, to the Kraken exchange. 

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In 2021, the foundation made headlines after transferring a whopping 20,000 Ethereum, worth $100 million, to the same exchange. This caused quite a stir within the Ethereum community, as many asked deeper questions about the foundation’s finances and spending habits. 

Transparency Calls and Community Scrutiny

The recent string of sales has sparked concerns within the Ethereum community, urging the foundation to be more transparent. An Ethereum researcher, Justin Drake, acknowledged these concerns and shared that a financial report would be released relatively soon. The Ethereum Foundation last published a financial report in 2022, and many in the community are awaiting the upcoming one with interest. 

Recently, Vitalik Buterin, Ethereum’s co-founder, commented on a subreddit about the foundation’s budget strategy. He clarified that the foundation spends about 15% of its remaining funds annually.  

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The co-founder said this is part of a long-term plan to ensure the foundation’s longevity. Also, it is an approach  designed to gradually reduce the foundation’s influence as Ethereum’s ecosystem matures

The Foundation’s Financial Health

Buterin noted that despite the Ethereum Foundation’s massive sales having become a topic of contention, it is still in a healthy financial position. Supporting this, Drake added that the foundation holds around $650 million in its primary Ethereum wallet. 

Based on current spending estimates, the foundation could operate for about 10 years. Although, this depends largely on Ethereum’s price and general market conditions. Currently, the digital asset is trading at $2,604.49, down by 2.23% in the last 24 hours as per CoinMarketCap data.

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