After a series of continuous ETH sales over the past year, the community has demanded greater transparency from the Ethereum Foundation regarding its financial activities.
Recently, the Ethereum Foundation realized a profit from selling an additional 100 ETH (equivalent to $263,000), bringing the total amount of ETH sold to 3,766 ETH, with proceeds of about $10.46 million.
In August alone, the Ethereum Foundation transferred 35,000 ETH (worth approximately $94.07 million at that time) to the Kraken exchange. In the past week, the organization also sold at least 200 ETH.
The #Ethereum Foundation sold 100 $ETH($263K) again 30 mins ago!#Ethereum Foundation has sold a total of 3,766 $ETH($10.46M) this year.https://t.co/N8Hn22pTCZ pic.twitter.com/HEVvYKn4HA
— Lookonchain (@lookonchain) September 30, 2024
The Ethereum Foundation’s large expenditures and transactions are frequently scrutinized by the community, leading to numerous controversies. The community continues to call for greater financial transparency from the organization.
Under growing public pressure, the Ethereum Foundation has released preliminary information and promised to soon publish a detailed financial report. The last time the Ethereum Foundation publicly disclosed its asset holdings was in April 2022.
According to a recent Reddit post by Vitalik Buterin, co-founder of Ethereum, the organization plans to spend about 15% of its remaining funds annually. This means that the Ethereum Foundation could last indefinitely, though its size relative to the entire ecosystem will gradually shrink over time.
Researcher Justin Drake estimates that the Ethereum Foundation spends around $100 million annually, with approximately $650 million remaining in its main wallet. With this budget, the Ethereum Foundation could operate for another 10 years, though this depends on the price of ETH. The Ethereum Foundation last published a financial report in April 2022.
Currently, Ethereum (ETH) is the second-largest cryptocurrency by market capitalization, behind only Bitcoin. At the time of writing, ETH is trading around $2,618, up 0.18% from the previous 24 hours.
