Ethereum Foundation Makes DAI Purchase with 100 ETH Sale

On November 12, the Ethereum Foundation executed its first ETH sale since the release of its 2024 annual report, offloading 100 ETH in exchange for the stablecoin DAI. According to SpotOnChain analytics, the sale resulted in the acquisition of 334,315.7 DAI tokens.

This marks the first ETH sale by the Ethereum Foundation since November 8, when it released its annual report. The sale followed a previous transaction on October 30, where the foundation swapped 100 ETH for 270,800 DAI.

Throughout October, the Ethereum Foundation offloaded 100 ETH four times in a row, with an additional transaction on October 8, where an Ethereum Foundation-linked wallet sold 1,250 ETH (valued at $3.03 million) on Bitstamp.

The foundation’s 2024 report revealed that as of October 31, it holds $970.2 million in reserves, with $788.7 million of that in cryptocurrency. The majority of these crypto holdings are in ETH, which makes up 99.45% of their total crypto reserves, representing approximately 0.26% of the total ETH supply.

Currently, the Ethereum Foundation holds 272,330 ETH and 168,458 DAI. Earlier in the year, on September 9, the foundation sold 450 ETH for 1.029 million DAI, adding to a total accumulation of 8.66 million DAI.

Co-founder Vitalik Buterin has previously stated that the Ethereum Foundation sells ETH periodically to fund public projects and maintain financial reserves. Since the start of 2024, the foundation has sold 4,266 ETH worth approximately $11.83 million, based on current market prices.

On October 7, Buterin also sold 10 billion MOODENG tokens, donating the proceeds to his biotech fund Kanro and promoting the use of meme coins for charitable causes.

Despite accusations that Buterin is selling ETH for profit, he has consistently defended these sales, emphasizing that the funds are used to support Ethereum ecosystem development and philanthropic efforts.