Ethereum Foundation has sold over $10 million worth of ether this year
2024-09-30

The Ethereum Foundation sold another 100 ether, pushing this year's total to over $10 million worth of the cryptocurrency, according to data posted by blockchain analytics provider Lookonchain.
The organization "sold 100 ETH ($263,000) again 30 mins ago," Lookonchain posted to X on Monday. "Ethereum Foundation has sold a total of 3,766 ETH ($10.46 million) this year."
Earlier this month, Justin Drake, an Ethereum researcher, said the foundation planned to release a financial report “relatively soon,” as its spending has recently become a point of contention among some of the community. Large transfers of ether made by the Ethereum Foundation have been scrutinized, with the cryptocurrency's community urging the organization to be more transparent.
Lookonchain reported in August that the foundation transferred 35,000 ETH (about $94.07 million at the time) to the Kraken exchange. The foundation has sold at least 200 ether in the past week, Lookonchain has also reported.
“The current approximate budget strategy is to spend 15% of our remaining money every year,” Ethereum co-founder Vitalik Buterin recently said in a comment on the subreddit. “This implies a default path where the EF lasts forever but gets smaller and smaller (as a share of the ecosystem) over time.”
In what the researcher Drake described as his "limited personal understanding," he said the foundation spends around $100 million per year, holds about $650 million worth of funds in its main Ethereum wallet, and has roughly a 10-year runway, variable depending on the price of ether. 
The Ethereum Foundation published a financial report in April 2022.
Behind Bitcoin, Ethereum is the second most popular cryptocurrency by market capitalization. Ether is currently trading at $2,617.55, according to The Block’s ETH Price Page.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.