On-chain data shows that the Ethereum Foundation (EF) sold 100 ETH for $336,475.
On January 20, blockchain analytics firm SpotOnChain said reported that this is the foundation’s second sale of Ethereum in 2025, bringing its total sales to 200 ETH (worth $672,000).
These transactions have reignited discussions within the Ethereum community about the foundation’s approach to managing its resources.
Bet or sell?
Critics argue that the EF should prioritize deploying its ETH holdings to generate returns rather than selling. They believe that such an approach better aligns with Ethereum’s goals and supports its long-term sustainability.
Vitalik Buterin, co-founder of Ethereum, addressed the X controversy, which explained that regulatory concerns and the possibility of controversial hard forks influenced the decision to sell rather than discontinue.
While regulatory pressure has subsided, the risk of the EF being forced to take sides on divisive upgrades remains a major concern.
Still, Buterin noted that the EF is actively exploring ways to use its ETH holdings more effectively, including staking. However, these efforts are still in their early stages as the foundation seeks solutions that align with its broader mission.
Meanwhile, SpotOnChain suggested that EF is considering over-the-counter (OTC) trading for future sales.
The platform argued that such an approach would reduce public scrutiny and improve community perception of the foundation’s financial management. It declared:
“No one wants the EF to continuously dump ETH on them.”
Reorganization of the Ethereum Foundation
These developments come at a time when the EF is undergoing significant leadership restructuring.
On January 18 Buterin marked efforts to restructure the foundation’s leadership to strengthen collaboration with developers, wallet providers and Layer-2 networks.
This restructuring emphasizes decentralization, privacy and open-source innovation, in line with Ethereum’s core principles.
According to Buterine:
“[EF would] Be a more active supporter of app builders and ensure that important values and inalienable rights (in particular privacy, open source, resistance to censorship) become reality for users, including at the app layer.”
Despite these changes, Buterin emphasizes that the foundation will maintain its neutrality, refraining from political lobbying or endorsing specific interests. Instead, the EF will empower developers and promote innovation across the Ethereum ecosystem.
Meanwhile, these discussions also attracted Stani Kulechov, CEO of Aave suggested fundamental changes in the EF’s operational and financial strategies.
He advocated reducing operational costs, optimizing the treasury through diversification and setting up a sustainable revenue model. Kulechov’s proposals include streamlining the EF workforce to focus on technical expertise and eliminating inefficiencies to increase financial stability.