Recent rumors about the Ethereum Foundation selling 2,975 ETH from an old wallet have been proven false. The foundation officially denied these accusations.
Ethereum Foundation's Denial
In a post on X, Ethereum Foundation co-Executive Director Hsiao-Wei Wang debunked claims that the foundation was behind a recent $12.8 million ETH sale. "It was not the Ethereum Foundation’s operation," she wrote. Wang's disclaimer came after on-chain trackers spotlighted movements on a wallet associated with the foundation that had reportedly sold a total of 2,975 ETH.
Change in Foundation's ETH Holdings
The director noted that the wallet in question is no longer under Foundation control. She explained that while around 9% of the total ETH supply was allocated to the foundation during the 2014 ICO, it has significantly reduced its holdings over time to under 0.3%.
Growing Interest from Corporate ETH Holders
In recent months, the Ethereum Foundation has been strategically offloading its ETH through planned transactions, including a sale to SharpLink Gaming, now the second-largest corporate ETH holder. This trend has coincided with a rise in corporate holders accumulating over $14 billion worth of ETH, indicating a growing concentration of supply in the hands of public companies.
The situation with the Foundation's ETH sales and the transition of assets into corporate hands draws attention to potential risks and advantages associated with such trends in the market.
