Addressing the transfer of 35,000 ETH worth approximately $94 million to Kraken, Ethereum Foundation (EF) Executive Director Aya Miyaguchi clarified the move amid widespread speculation.
Miyaguchi explained that the transfer was part of routine treasury management activities necessary to fund the foundation's annual budget.
“This transaction is not tantamount to a sale,” Miyaguchi said, challenging assumptions that the foundation is shedding assets for operational expenses. He noted that EF operates on an annual budget of around $100 million, largely spent on grants and salaries. Given that some recipients can only accept payments in fiat currency, some of the foundation’s assets must be converted.
Earlier this year, regulatory uncertainties delayed key treasury activities, preventing EF from acting sooner or sharing plans in advance. However, Miyaguchi assured the community that future sales would be planned and executed gradually.
The revelation comes after a report by blockchain analytics firm Arkham, which first reported on the massive transfer, suggested that EF may be liquidating funds to cover operational costs, sparking controversy within the cryptocurrency community.
*This is not investment advice.
