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The Ethereum Foundation makes another $DAI purchase by offloading 100 $ETH on Nov. 12. This is the first time the protocol has sold $ETH since releasing its annual report.
According to data from analytics platform SpotOnChain, on Nov. 12, the Ethereum Foundation offloaded 100 $ETH ($ETH) from its holdings and swapped it for the stable coin $DAI. From the purchase, the protocol gained 334,315.7 $DAI tokens.
This marks the first time the blockchain has made an $ETH sale since Nov. 8, when it released its annual report for 2024. This transaction followed a sale of 100 $ETH for 270,800 $DAI on Oct. 30, according to data from SpotOnChain.
Throughout October, the Ethereum Foundation made four 100 $ETH off-loadings in succession, with an additional Ethereum Foundation-linked wallet making a 1,250 $ETH ($3.03 million) to Bitstamp on Oct. 8.
The Ethereum Foundation sold 100 $ETH for 334,315.7 $DAI again ~25 minutes ago.
— Spot On Chain (@spotonchain) November 12, 2024
This is the first $ETH sale since @Ethereum Foundation released its 2024 report on Nov 8, showing asset reserves at $970.2M as of Oct 31, with $788.7M in crypto (99.45% in $ETH).
The Ethereum… https://t.co/IzASQ55sRp pic.twitter.com/f7kNyQy3g7
Ethereum Foundation’s 2024 report revealed that it holds $970.2 million worth of asset reserves as of Oct 31, with $788.7 million of the reserves being stored in crypto. The protocol claims that the majority of their crypto holdings are held in $ETH, as many as 99.45% which represents 0.26% of the total $ETH supply.
Based on data from SpotOnChain, the Ethereum Foundation currently holds 272,330 $ETH and 168,458 $DAI tokens. Previously on Sept. 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 sells $ETH periodically to fund public projects and maintain reserves. Since the beginning of 2024, the foundation has sold a total of 4,266 $ETH worth $11.83 million based on current prices.
On Oct. 7, Buterin sold 10 billion ($MOODENG) tokens, donating the proceeds to his biotech fund Kanro, while advocating for the use of meme coins to contribute positively to charitable causes.
Many have accused the Ethereum co-founder of selling $ETH to gain profits, but he has consistently denied these claims, stating the funds were for supporting ecosystem development and philanthropic efforts.