- To build its reserves, the Ethereum Foundation sold 100 ETH for 334K DAI.
- The foundation holds a significant portion of its $970.2 million in assets in ETH.
In a significant sign to promote public activities and maintain financial reserves, the Ethereum Foundation has sold 100 ETH for the stablecoin DAI. Since the foundation’s annual report was published, this is the first time it has sold Ethereum. The initiative is part of the foundation’s continuing efforts to secure funding for Ethereum development while ensuring long-term stability.
This follows a similar sale in late October when the foundation sold another 100 ETH for 270,800 DAI. These sales are part of the Ethereum Foundation’s proactive strategy for maintaining a strong financial position and promoting the continuous development of the Ethereum ecosystem.
Ongoing ETH Sales for Project Support
Including this 100 ETH sale, the Ethereum Foundation has raised $11.83 million through the sale of 4,266 ETH in 2024. The average price at which ETH has sold this year is roughly $2,773.
The Ethereum Foundation clearly indicates that such sales fall under the greater an to manage the exchange of market situations and raise funds to maintain ongoing projects. The sale of Ethereum to cash would aid in efforts towards the growth and establishment of the Ethereum network. As of October 31, 2024, the foundation held $970.2 million in reserve reserves and $788.7 million in cryptocurrency assets, all of which comprised Ethereum to a grand sum of 99.45%.
Current ETH prices stand at $3,146 at the time of writing. Since ETH is in a bloodbath scenario over the last few days, it plummeted to 6.76% in market cap valued at $377.29 billion with $53.96 billion volume in trading over the past 24 hours.
Source (CMC)
The Ethereum Foundation’s sale efforts continuously point to steady support for Ethereum’s development. They strike a balance between project financing and market volatility. These acts contribute to the sustenance and transparency of the foundation’s financial aspect. The community keeps it under observation for everything the foundation does.
The continued growth of the Ethereum ecosystem makes selling ETH a key strategy. It ensures that the platform can update and add functionality as needed to sustain its place in the blockchain industry.
