Ethereum Foundation Transfers 35,000 ETH to Kraken
The Switzerland-based non-profit organization, Ethereum Foundation, has moved 35,000 ETH (equivalent to $94 million at the time of the transaction) to the cryptocurrency exchange Kraken.
At the time of writing, the Ethereum Foundation’s address holds cryptocurrencies valued at $840 million, including 273,776 ETH, 31,015 WETH, among others.
Ethereum Foundation’s Executive Director Aya Miyaguchi described the transfer as “part of our treasury management activities.”
This is part of our treasury management activities. EF has a budget of ~$100m per year, which is largely made up of grants and salaries, and some of the recipients are only able to accept in fiat. This year, there was a long period of time when we were advised not to do any…
— Aya Miyaguchi (ayamiya.eth) (@AyaMiyagotchi) August 24, 2024
“Ethereum Foundation’s budget is approximately $100 million per year, largely consisting of grants and salaries. Some recipients can only accept payments in fiat,” she explained.
This year, due to regulatory complications, the organization refrained from financial operations for an extended period and was unable to share its plan in advance.
“Also, this transaction does not equate to a sale. Planned and gradual sales will occur from this point,” Miyaguchi added.
According to analysts at Spot On Chain, this is the largest transaction by the Ethereum Foundation in 2024.
?? BREAKING: The Ethereum Foundation deposited 35,000 $ETH ($93.8M) to #Kraken an hour ago!
This is their largest $ETH transfer out in 2024 so far. Previously, the Ethereum Foundation had only occasionally sold a few hundred $ETH on DEX, totaling 2,516 $ETH for 7.4M $DAI.… https://t.co/qnagGLL6Oe pic.twitter.com/PRKaSuf3hN
— Spot On Chain (@spotonchain) August 23, 2024
At the time of writing, Ethereum is trading at $2770, having gained 4.1% over the past 24 hours, according to CoinGecko.
Previously, the issuance volume of the second-largest cryptocurrency by market capitalization reached 120.28 million ETH, driven by the growth of coins locked in staking and restaking protocols.
Earlier, an Ethereum ICO-era whale transferred 48,500 ETH ($154 million) to the cryptocurrency exchange OKX within a month.
In August, an unknown user, likely by mistake, paid 34 ETH (~$89,239) in gas fees for transferring 0.88 ETH worth ~$2,262.
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