The Ethereum Foundation, which oversees the Ethereum network’s management and development, has been selling some of its Ether (ETH) holdings in 2024. According to a report from Lookonchain, they have sold a total of 3,766 ETH, valued at approximately $10.46 million.
Lookonchain’s investigation also found that in September 2024 alone, the Foundation sold 950 ETH, generating about $2.27 million. These sales have been occurring regularly throughout the year, with transactions happening roughly every 11 days.
Historically, the Foundation has held a significant amount of Ethereum. As of March 31, 2022, they possessed about $1.29 billion worth of ETH, representing around 0.3% of all ETH in circulation at that time.
The Foundation has been selling ETH for some time, and between January 2021 and now, they have sold approximately 239,000 ETH, earning about $654 million.
In 2024 alone, they sold 3,466 ETH for $9.67 million, averaging about $2,791 per ETH. Each transaction was around 151 ETH, or roughly $421,000.
The Ethereum Foundation is a non-profit organization that supports the Ethereum blockchain, a leading platform for smart contracts and decentralized applications (dApps).
Founded in 2014 by Ethereum co-creator Vitalik Buterin, the foundation plays a crucial role in the growth, development, and sustainability of the Ethereum network.
The primary purpose of the Ethereum Foundation is to support the Ethereum ecosystem by funding development, research, and innovation. This includes maintaining the network’s security, improving its technology, and ensuring that Ethereum can scale to support more users and applications.
The foundation offers financial grants to developers and researchers working on Ethereum-related projects. These projects range from enhancing Ethereum’s core technology to creating tools for developing decentralized apps.
Read also: Experts weigh in: DePINs must balance importance with cost-effectiveness
Additionally, the foundation invests in research on new technologies like Layer 2 scaling solutions, which improve the speed and cost-efficiency of the Ethereum network.
The Ethereum Foundation received a portion of the initial supply of Ether (ETH), the cryptocurrency used on the Ethereum network. Over time, it has funded its operations, research, and grants by selling ETH from its holdings.
