The Ethereum Foundation has executed a significant shift in its treasury management strategy, converting 1,250 ETH into approximately $2.8 million worth of the stablecoin DAI and completely ceasing its staking operations. This move was flagged by on-chain intelligence platform Arkham, which reported the transaction and the staking halt via social media without any prior public statement from the Foundation.
The sale marks a sharp reversal from the Foundation's actions just weeks prior. In late March, the organization made its largest single-day staking move on record, locking over 22,000 ETH (worth roughly $46 million at the time) into the Beacon Chain deposit contract. This was positioned as part of a yield-generating treasury plan designed to reduce sell pressure on ETH. The recent decision to unstake and sell instead signals a clear change in priority.
The 1,250 ETH were sold at a rate of about $2,240 per token, which is above the $2,042.96 average price the Foundation received in a March over-the-counter (OTC) deal with BitMine, where it sold 5,000 ETH for $10.38 million. Notably, the choice to convert ETH to DAI via a decentralized exchange, rather than through an OTC desk, keeps the sale off public order books and avoids placing direct downward pressure on exchange prices. However, converting to a stablecoin indicates a desire for immediate, liquid, dollar-pegged value.
While the Ethereum Foundation has a history of periodic ETH sales to fund operations, grants, and research, the concurrent halt of all staking activity is the new and critical development. Arkham's data confirms the Foundation's staking activity is now at zero. Following the March sale, the Foundation's treasury still held over 147,000 ETH (valued around $302 million), meaning this latest $2.8M sale is not a major drawdown. Yet, the combined policy shifts suggest a meaningful change in treasury strategy. The Foundation has not provided a public explanation for these actions.
