The Ethereum Foundation released the 2024 Foundation Report today, which showcases the contributions of the Ethereum Foundation team, the foundation's grantees, and organizations in the Ethereum ecosystem such as Argo, L2Beat, Nomic Foundation, and Parc. In addition, the report includes budget updates and spending details for 2022 and 2023, covering L1 and L2 expenditures, other R&D and community work, as well as the latest information regarding EF finances.
Data shows that the Ethereum Foundation spent $105 million and $134 million in 2022 and 2023, respectively. The majority of these expenses were allocated to L1 research, funding new organizations within the ecosystem, and community development.
As of October 31, the Ethereum Foundation still holds approximately $970.2 million in assets, including $788.7 million in cryptocurrency assets and $181.5 million in non-crypto investments and assets. Among the cryptocurrency holdings, approximately 99.45% is Ethereum (ETH), which accounts for 0.26% of the total Ethereum supply as of October 31, 2024.
In response to community concerns about the Foundation's past actions of selling Ethereum, the Foundation explained in the report:
The goal of the Ethereum Foundation's treasury is to provide long-term financial support for important public goods in the Ethereum ecosystem. To achieve this goal, we follow a conservative financial management policy to ensure there are sufficient resources even during years of market downturns. This requires us to periodically sell ETH to ensure adequate reserves for future years and to strategically increase fiat reserves during bull markets to fund expenditures during bear markets.
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