ETH nears $3k as Ethereum Foundation bets on its ‘long term perspective’

The Ethereum Foundation has announced its 2024 financial report, outlining its commitment to holding the “vast majority” of the treasury in ETH.

Ethereum (ETH) makes up nearly all of the Ethereum Foundation’s treasury, and the nonprofit organization reveals in its latest financial report that 99% of its $788.7 million in crypto assets are held solely in ETH.

In its 27-page report, the foundation announced that it had approximately $970.2 million in assets as of October 31, of which $788.7 million was crypto and $181.5 million was “non-crypto investments and assets.”

“We choose to keep the majority of our treasury in ETH. EF believes in the potential of Ethereum and our ETH assets represent this long-term perspective.”

Ethereum Foundation

Addressing the recent ETH sales, the organization said its goal is to “finance important public goods for the Ethereum ecosystem for years into the future.” The organization therefore decided to pursue a “conservative treasury management policy,” which it said should ensure the organization has adequate resources “even in the event of a multi-year market downturn.”

“This requires periodically selling ETH to ensure sufficient savings for future years and programmatically increasing our fiat savings during bull markets to fund spending during bear markets.”

Ethereum Foundation

The report also summarized 2023 expenses; The largest share, 30.4% (or $32.1 million), was allocated to tier 1 research and development initiatives, followed by 27.1% (or $28.6 million) for financing new institutions, a category . This includes grants supporting organizations dedicated to the Ethereum ecosystem.

Meanwhile, ETH had a solid performance last week, posting a 16.2% gain, outpacing Bitcoin’s (BTC) 9.4% gain. As of press time, ETH is trading at $2,914, down 40% from its all-time high of $4,890.