Ethereum Foundation offloads 100 ETH for 334k DAI in latest purchase

The Ethereum Foundation made another DAI purchase on November 12 by transferring 100 ETH. This marks the first time the protocol has sold ETH since publishing its annual report.

According to data from analytics platform SpotOnChain, on November 12, the Ethereum Foundation removed 100 ETH (ETH) from its holdings and replaced it with the stablecoin DAI. Since the purchase, the protocol has earned 334,315.7 DAI tokens.

This marks the first time the blockchain has sold ETH since November 8, when it published its 2024 annual report. According to data from SpotOnChain, this transaction took place after 100 ETH was sold for 270,800 DAI on October 30.

During October, the Ethereum Foundation conducted four consecutive dumps of 100 ETH, and an additional wallet linked to the Ethereum Foundation deposited 1,250 ETH ($3.03 million) to Bitstamp on October 8.

The Ethereum Foundation’s 2024 report revealed that it had $970.2 million worth of asset reserves as of October 31, with $788.7 million of the reserves stored in crypto. The protocol claims that the majority of crypto assets are held in ETH, around 99.45%, representing 0.26% of the total ETH supply.

According to data from SpotOnChain, the Ethereum Foundation currently holds 272,330 ETH and 168,458 DAI tokens. Previously, on September 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 periodically sells ETH to fund public projects and maintain reserves. The foundation has sold a total of 4,266 ETH since the beginning of 2024, worth $11.83 million at current prices.

On October 7, Buterin donated the proceeds from selling 10 billion (MOODENG) tokens to biotech fund Kanro, advocating for meme coins to be used to positively contribute to charitable causes.

Many have accused the Ethereum co-founder of selling ETH for profit, but he has consistently denied these allegations, stating that the funds are to support ecosystem development and philanthropic efforts.