The Ethereum Foundation announced a sale of 100 ETH for 334,315.7 DAI on November 12, its first sale since releasing its 2024 annual report.
During this year, the foundation sold 4,266 ETH for a total value of $11.83 million at an average price of $2,773 per ETH.
Previous sales included 1,250 ETH in September and 300 in October.
The sales have raised questions about why ETH was sold instead of being held, but Ethereum co-founder Vitalik Buterin has explained that the proceeds are used to fund core projects including compensating researchers, developing technologies that enhance privacy and usability, and supporting global events to promote technology adoption.
He stressed that these efforts contributed to the stability and security of the Ethereum network, which has been operating without interruption since 2016.
According to the 2024 financial report, the Ethereum Foundation has a treasury of $970.2 million, of which $788.7 million is in cryptocurrencies, most of which is Ethereum.
This represents 0.26% of the total Ethereum supply.
Despite the continued sales, the price of Ethereum was not negatively affected, as the price of Ethereum rose by more than 33% during the last week to exceed $3,200.
Meanwhile, inflows into Ethereum ETFs hit a new record of $295.5 million, supported by funds managed by firms like BlackRock and Fidelity.
