The Ethereum Foundation recently transferred 35,000 ETH, equivalent to $94 million, to Kraken, a cryptocurrency exchange. This move has ignited speculation about the Foundation’s intentions and whether it signals a large-scale sale of Ether.
Aya Miyaguchi, from the Ethereum Foundation, clarified the situation stating that the transfer is part of their treasury management activities. The Foundation has an annual budget of approximately $100 million, primarily allocated to grants and salaries. Some recipients can only accept fiat currency, necessitating the conversion of Ether. Miyaguchi emphasized that the transfer is not equivalent to a sale and that any future sales will be planned and gradual.
Earlier reports by Arkham indicated that the Foundation might be selling coins for daily expenses. However, Miyaguchi’s statement suggests a more nuanced approach to treasury management.
The Ethereum Foundation has a history of selling significant amounts of Ether during market peaks. Notably, they sold 20,000 ETH in November 2021 when the market was at its previous bull cycle peak. This pattern has led some to believe that the recent transfer to Kraken could indicate another strategic sale.
