*🚨Ethereum Foundation's Transfer to Kraken Exchange*$ETH 🌏⤴️🪙

*Background*

- The Ethereum Foundation is a non-profit organization that supports Ethereum's development.

- The foundation transferred 35,000 ETH (approximately $94 million) to Kraken Exchange.

*Purpose*

- The transfer is part of the foundation's routine treasury management.

- The foundation needs to fund its annual budget of around $100 million.

*Funding and Expenses*

- The foundation's primary funding source is Ether (ETH).

- Expenses (grants, salaries, operational costs) are mostly in fiat currencies like US dollars.

*Conversion and Liquidity*

- The foundation converts ETH to fiat currencies to meet expenses.

- Kraken Exchange is a partner exchange that facilitates this conversion.

- The foundation diversifies assets to minimize risk, holding ETH and fiat currencies.

*Transfer Details*

- The transfer is a routine transaction aligning with the foundation's treasury management strategy.

- The foundation's executive director, Aya Miyaguchi, confirmed it was a conversion of assets, not a sale of ETH.