The Ethereum Foundation (EF) has sold another 100 ETH, adding 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 the sale of 100 ETH valued at around $263,000. This latest transaction brings the liquidated total to 3,766 ETH ($10.46 million) for the year. A few days ago, the foundation offloaded 300 and 100 ETH in a single day. This is not the first time the EF has made such moves. In August, Lookonchain reported a massive transfer of 35,000 Ethereum, valued at $94.07 million, to the Kraken exchange.
Transparency Calls and Community Scrutiny
The recent string of sales has sparked concerns within the Ethereum community, urging the foundation to be more transparent. Ethereum researcher Justin Drake acknowledged these concerns and shared that a financial report would be released relatively soon. The last financial report published by the foundation was in 2022, and many in the community are awaiting the upcoming one with interest. Ethereum co-founder Vitalik Buterin recently commented on the foundation’s budget strategy, clarifying that the foundation spends about 15% of its remaining funds annually as part of a long-term plan.
The Foundation’s Financial Health
Despite the significant sales, Drake noted that the foundation is still in a healthy financial position with around $650 million in its primary Ethereum wallet. Based on current spending estimates, the foundation could operate for about 10 years, though this largely depends 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 according to CoinMarketCap data.
The Ethereum Foundation continues to make significant cryptocurrency sales, drawing attention to its financial policies and the future development of its ecosystem.
