The Ethereum Foundation has accelerated its treasury staking initiative by allocating $46.2 million in Ether after its recent sale to BitMine.
On Monday, the foundation’s multisignature wallet executed 11 deposits into the Ethereum Beacon Deposit Contract, each approximately 2,047 Ether, totaling 22,517 tokens valued at around $46.2 million, according to Arkham Intelligence.
The Ethereum Foundation began staking ETH in February, initially depositing 2,016 ETH and has plans to stake up to 70,000 ETH. The rewards from these staked assets will be reinvested into research, ecosystem growth, and grants.
Additionally, the foundation had previously deposited a smaller batch of 31 ETH this month, bringing the total stakes to roughly 24,564 ETH as it transitions to staking for yield generation instead of periodic ETH sales, which have faced past criticisms.
EF sells 5,000 ETH to BitMine in OTC deal
The recent staking development follows the Ethereum Foundation’s completion of an over-the-counter (OTC) sale of 5,000 Ether to BitMine Immersion Technologies, valued at approximately $10.2 million. The proceeds from this sale are intended to fund core operations like protocol research and community grants.
As of now, the foundation holds about $361 million in on-chain assets, predominantly in Ether, with around $360.8 million in the Ethereum network, and smaller amounts on platforms like Arbitrum, Optimism, and Bitcoin, according to Arkham.
Ether Price Risks Further Decline
Ether dipped below $2,000 recently, heightening the risk of a more significant drop. Analysts, including Onur, CryptoWZRD, and Ted Pillows, noted struggles to stay above the $2,200 mark, signaling potential declines toward the $1,750 to $1,850 range. Demand for Ether has also dwindled, registered at its lowest in 16 months, according to Capriole Investments.
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