In a recent announcement on X, the Ethereum Foundation revealed plans to sell 10,000 ETH via centralized exchanges over several weeks. This move aims to support ongoing research and development, ecosystem grants, and related charitable initiatives.
According to CoinMarketCap, the value of the ETH to be sold is approximately $43 million, based on Tuesday's prices. The foundation will execute the sale through multiple smaller orders to minimize market impact. This development follows the introduction of a new treasury policy in June, which limits annual operational spending to 15% and establishes a multi-year reserve buffer.
Earlier, the foundation sold 10,000 ETH to SharpLink Gaming, marking the first time a publicly traded company has purchased ETH from a key player in the network's ecosystem. The announcement comes amidst a significant surge in ETH price, which reached an all-time high of $4,866 in late August. As of Tuesday, ETH was trading at around $4,330, representing a 2% increase over the past 24 hours.