The Ethereum Foundation makes another DAI purchase by offloading 100 ETH on Nov. 12. This is the first time the protocol has sold ETH since releasing its annual report.
According to data from analytics platform SpotOnChain, on Nov. 12, the Ethereum Foundation offloaded 100 ETH (ETH) from its holdings and swapped it for the stable coin DAI. From the purchase, the protocol gained 334,315.7 DAI tokens.
This marks the first time the blockchain has made an ETH sale since Nov. 8, when it released its annual report for 2024. This transaction followed a sale of 100 ETH for 270,800 DAI on Oct. 30, according to data from SpotOnChain.
Throughout October, the Ethereum Foundation made four 100 ETH off-loadings in succession, with an additional Ethereum Foundation-linked wallet making a 1,250 ETH ($3.03 million) to Bitstamp on Oct. 8.
The Ethereum Foundation sold 100 $ETH for 334,315.7 $DAI again ~25 minutes ago.This is the first $ETH sale since @Ethereum Foundation released its 2024 report on Nov 8, showing asset reserves at $970.2M as of Oct 31, with $788.7M in crypto (99.45% in $ETH).The Ethereum… https://t.co/IzASQ55sRp pic.twitter.com/f7kNyQy3g7
— Spot On Chain (@spotonchain) November 12, 2024
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Ethereum Foundation’s 2024 report revealed that it holds $970.2 million worth of asset reserves as of Oct 31, with $788.7 million of the reserves being stored in crypto. The protocol claims that the majority of their crypto holdings are held in ETH, as many as 99.45% which represents 0.26% of the total ETH supply.
Based on data from SpotOnChain, the Ethereum Foundation currently holds 272,330 ETH and 168,458 DAI tokens. Previously on Sept. 9, the Ethereum Foundation had accumulated a total of 8.66 million DAI after selling 450 ETH for 1.029 million DAI.
Previously, co-founder Vitalik Buterin explained that the Ethereum Foundation sells ETH periodically to fund public projects and maintain reserves. Since the beginning of 2024, the foundation has sold a total of 4,266 ETH worth $11.83 million based on current prices.
On Oct. 7, Buterin sold 10 billion (MOODENG) tokens, donating the proceeds to his biotech fund Kanro, while advocating for the use of meme coins to contribute positively to charitable causes.
Many have accused the Ethereum co-founder of selling ETH to gain profits, but he has consistently denied these claims, stating the funds were for supporting ecosystem development and philanthropic efforts.
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