Two Ethereum Foundation-linked wallets transferred 4,393 ETH, valued at approximately $11.13 million, to the Kraken exchange. The transfer occurred on October 12, 2026, according to onchain analytics account Lookonchain.
The wallets originally received 59,751 ETH from an Ethereum Foundation wallet approximately ten years ago, when ETH traded at $0.90. Over the past decade, onchain analysts report that 49,751 ETH from this original allocation has reached Kraken at an average price of about $658, leaving approximately 10,000 ETH from the initial batch unaccounted for in publicly available data.
Transfers and Sales Distinction
The transfer to Kraken does not confirm an executed sale. Exchange deposits typically precede sales but can also serve other purposes. Neither the Lookonchain posts nor the wallet transfer data show evidence of completed trades.
Foundation Disclosure Practices
The Ethereum Foundation established a treasury management policy in June 2025 targeting annual spending of 15% of its treasury and maintaining a reserve covering 2.5 years of operating costs, with a planned reduction to 5% over five years. According to the policy, the foundation periodically calculates ETH sales for the following three-month period.
When the foundation executes ETH sales, it typically routes transactions through fiat off-ramps that convert cryptocurrency to traditional currency or through onchain swaps. In April, the EF announced a 5,000 ETH conversion routed through CoW Swap, a trading platform designed to spread large orders over time.
No official statement from the Ethereum Foundation accompanied the recent Kraken transfers, leaving onchain observers to interpret wallet movements without direct confirmation from the organization.
