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The 
Ethereum Foundation (EF) said Tuesday it plans to convert 10,000 ETH (~$43.6 million) on centralized exchanges this month to fund operations — a decision that quickly drew criticism from folks in the Ethereum community.
What’s the Scoop?
- CEX sales planned: EF will sell 10,000 ETH in smaller batches via centralized exchanges over the coming weeks to fund research, grants, and donations, the EF announced on X.
- Routine funding activity: The Foundation cited its standing treasury policy, which allows ETH-to-fiat conversions to cover operational costs.
- Criticism from DeFi proponents: Builders and traders criticized the Foundation’s choice of selling ETH on centralized venues. Other commenters proposed borrowing via
Aave or OTC deals with other treasuries. - Prior precedent: The EF previously sold 10,000 ETH directly to SharpLink Gaming, the ETH treasury firm led by Joe Lubin.
0/ Transparency Notice: Over several weeks this month, EF will convert 10K ETH via centralized exchanges as part of our ongoing work to fund R&D, grants, and donations.
— Ethereum Foundation (@ethereumfndn) September 2, 2025
Conversions will take place over multiple smaller orders, rather than as a single large transaction.
