Ethereum Foundation Sells $2.7 Million Worth of ETH, But Keeps $500 Million

The Ethereum Foundation recently conducted its most substantial single transaction of the year, selling 1,700 Ether ($ETH) on the decentralized exchange Uniswap for approximately $2.73 million in USDC. This move reflects their active management of cryptocurrency holdings.

Data from on-chain monitoring service Spot On Chain indicates that this transaction contributes to the Ethereum Foundation’s total ETH sales for the year, now amounting to 2,262 tokens. Most of these sales occurred before dips in the cryptocurrency market.

Despite these sales, Ethereum Foundation still maintains a formidable financial position. Their wallet holds more than $500 million worth of the second-largest cryptocurrency, Ethereum, along with over $340,000 worth of wrapped Ether ($WETH), $38,000 of $DAI, and $9,700 worth of $BNB, in addition to various other altcoins.

The Ethereum Foundation has consistently maintained transparency about its finances, routinely publishing reports.

This recent transaction is expected to be included in their upcoming report, showcasing their commitment to financial openness.

This significant move coincided with a challenging period in the cryptocurrency market, partly influenced by the ongoing conflict in Gaza following attacks by Hamas on Israel.