The Ethereum Foundation (EF) announced in a post on X on Tuesday its intention to sell 10,000 ETH through centralized exchanges in the coming weeks. This move aims to bolster efforts in research and development, ecosystem grants, and associated donations. ETH is projected to reach approximately $43 million based on Tuesday’s pricing.
The Ethereum Foundation (EF) announced in a post on X on Tuesday its intention to sell 10,000 ETH through centralized exchanges in the coming weeks. This move aims to bolster efforts in research and development, ecosystem grants, and associated donations. “Conversions will take place over multiple smaller orders, rather than as a single large transaction,” the EF wrote in the post on X.
The latest development comes on the heels of the EF’s introduction of a new treasury policy, unveiled earlier in June. This policy imposes a cap on annual operational spending (opex) at 15%, creates a multi-year reserve buffer, and outlines a gradual approach to achieving even more streamlined spending in the long run.
In July, the Foundation executed a sale of 10,000 ETH to SharpLink Gaming, marking a significant milestone as it became the first publicly traded company to acquire ETH from a prominent entity within the network’s ecosystem. Tuesday’s announcement arrives amidst a surge in ETH price, which soared to an all-time high of $4,866 in late August. As of Tuesday afternoon in the U.S., ETH was trading at approximately $4,330, reflecting a 2% increase over the last 24 hours.