Ethereum Foundation to sell 10K ETH ’to fund R&D, grants, and donations’

The Ethereum Foundation (EF) has announced another sale worth about $43 million in Ether as part of efforts to fund research and development, grants, and donations related to the ecosystem.

In a Tuesday X post, the foundation said it planned to convert 10,000 Ether (ETH) using centralized exchanges “over several weeks.” The group said the conversion intended to fund its work “will take place over multiple smaller orders, rather than as a single large transaction.”

The foundation supporting the Ethereum blockchain released a treasury policy in June, which laid out considerations for ETH sales. Specifically, EF said it would “periodically calculate the deviation of the treasury’s fiat-denominated assets [...] and determine how much, if any, Ether will be sold over the next three months.”

Since announcing the treasury policy, the foundation has sold about $25 million worth of Ether to SharpLink Gaming and 2,795 ETH worth about $12.7 million in two transactions. One of EF’s most significant sales of 100,000 ETH in December 2020 may have contributed to the price surging to then all-time highs over months. 

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This is a developing story, and further information will be added as it becomes available.