The Ethereum Foundation has kept up its streak of selling ETH this year, most recently offloading 450 ETH for 1.029 million DAI.

According to the analytics platform SpotOnChain, on Sept. 9, the Ethereum Foundation, the main non-profit organization supporting the Ethereum blockchain, shed 450 ETH from its holdings and swapped it for the stablecoin DAI.

This transaction followed a sale of 100 ETH for 241,000 DAI on Sept. 5, bringing the Foundation’s total sales for 2024 to 3066 ETH. 

Further, On Sep. 6, the Foundation transferred an additional 1,000 ETH, valued at $2.38 million, to another multi-signature wallet, which is likely to be swapped for stablecoins. This was followed by another transaction of 1000 ETH the next day.

So far this year, the Ethereum Foundation has accumulated about 8.66 million DAI, while still holding 274,012 ETH across seven wallets, worth approximately $637 million.

Last month, wallets linked to Ethereum co-founder Vitalik Buterin transferred a total of 3,800 ETH, worth about $9.99 million, to a multi-signature wallet—3,000 ETH on Aug. 9 and another 800 ETH on Aug. 30. Since then, 760 ETH from the receiving wallet was sold for 1.835 million USDC at an average of $2,414 per ETH. 

The transfers sparked accusations that Buterin was selling ETH for profits, but he recently denied these claims, stating the funds were intended for supporting ecosystem development and philanthropic efforts.

Insiders offer clarification

While the Ethereum Foundation hasn’t officially commented on its recent ETH sales, insiders have noted that these transactions are in line with its standard financial strategy.

Aya Miyaguchi, the executive director of the Ethereum Foundation, has previously explained that the foundation’s annual budget of around $100 million is primarily used for operational costs, grants, and salaries—expenses that often require fiat currency. To meet these needs, the Foundation strategically converts some of its ETH holdings into stablecoins like DAI.

“There will be planned and gradual sales,” Miyaguchi noted at the time.

Meanwhile, Ethereum Foundation researcher Justin Drake has disclosed the foundation will release a financial report “soon,” which is expected to provide further insights on the recent sales.

ETH’s price has felt the pressure from the recent sales with the flagship altcoin currently down 11.9% over the past 30 days. Many fear these sell-offs could trigger further price drops.