The Ethereum Foundation (EF) shared in a post on X on Tuesday that it plans to sell 10,000 ETH via centralized exchanges over the next several weeks to support work towards research & developments, ecosystem grants, and related donations.
According to CoinMarketCap, the ETH will amount to roughly $43 million at Tuesday’s prices.
“Conversions will take place over multiple smaller orders, rather than as a single large transaction,” the EF wrote in the post on X.
The news follows the EF’s rollout of a new treasury policy, shared earlier in June, that caps annual operational spending (opex) at 15%, establishes a multi-year reserve buffer and sets a gradual pace toward even leaner spending long-term.
The Foundation sold an additional 10,000 ETH to SharpLink Gaming in July, making it the first publicly traded company to buy ETH from a key firm in the network’s ecosystem.
Tuesday’s announcement comes as ETH price has skyrocketed, reaching an all-time high in late August at $4,866.
ETH was trading around $4,330 as of U.S. afternoon hours Tuesday, up about 2% in the past 24 hours.
Read more: Ethereum Foundation Unveils New Treasury Policy With 15% Opex Cap