On-chain data shows that the Ethereum Foundation (EF) sold 100 ETH for $336,475.
On January 20, blockchain analytics firm SpotOnChain reported that this was the foundation’s second sale of Ethereum in 2025, bringing its total sales to 200 ETH (valued at $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 FE should prioritize staking its ETH holdings to generate returns rather than selling them. They believe such an approach more closely aligns with Ethereum’s goals and supports long-term sustainability.
Vitalik Buterin, co-founder of Ethereum, addressed the X controversy, explaining that regulatory concerns and the potential for controversial hard forks influenced the decision to sell rather than participate.
Even though regulatory pressures have eased, the risk of a stake forcing the FE to take sides on divisive upgrades remains a major concern.
Nonetheless, Buterin noted that the FE is actively exploring ways to use its ETH holdings more efficiently, including staking. However, these efforts are in their early stages as the foundation seeks solutions that align with its broader mission.
Meanwhile, SpotOnChain suggested that the EF consider over-the-counter (OTC) trading for future sales.
The platform argued that such an approach would reduce public scrutiny and improve the community’s perception of the foundation’s financial management. He declared:
“No one wants to see EF continually dumping ETH on them.”
Restructuring of the Ethereum Foundation
These developments come as the FE undergoes a significant restructuring of its leadership.
On January 18, Buterin highlighted 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 the core principles of Ethereum.
According to Buterin:
“(EF) would more actively support app creators and ensure that important values and inalienable rights (including privacy, open source, censorship resistance) are a reality for users, including at application level.”
Despite these changes, Buterin stressed that the foundation would maintain its neutrality, refraining from any political lobbying or supporting specific interests. Instead, the EF will empower developers and foster innovation in the Ethereum ecosystem.
At the same time, these discussions also attracted the attention of Aave CEO Stani Kulechov, who proposed fundamental changes to the FE’s operational and financial strategies.
He advocated reducing operational costs, optimizing cash flow through diversification and establishing a sustainable revenue model. Kulechov’s proposals included streamlining the FE workforce to focus on technical expertise and eliminating inefficiencies to improve financial stability.
