The Ethereum Foundation has sold 2,000 ETH through a wallet linked to the organization, with the proceeds converted into USDS stablecoin. The sale was split over two days, with 1,000 ETH sold on November 10 and another 1,000 ETH on November 11, 2026.
Both batches were executed through CoW Protocol at average prices between $2,080 and $2,130 per ETH. The total proceeds ranged from approximately $4.14 million to $4.16 million, or roughly $2.03 million to $2.13 million per day depending on the calculation method used.
The sales occurred as ETH traded near the $2,000 to $2,100 range, a level closely watched by market participants. This marked the wallet's return to activity after roughly two weeks of inactivity.
Treasury Management Strategy
The Foundation's selling aligns with its stated treasury management policy, which targets maintaining a fiat operating buffer covering approximately 2.5 years of operational expenses. To sustain this buffer, the organization periodically converts portions of its ETH holdings into stablecoins.
This follows an earlier sale of 2,785 ETH on October 26, 2026, at an average price of around $2,306 per ETH. The November sales cleared several hundred dollars per coin below the October transaction.
Remaining Holdings and Future Direction
Even after the November sales, the monitored wallet retained more than 24,000 ETH, worth approximately $51.46 million as of the sale dates. The 2,000 ETH sold represents a modest fraction of the wallet's total holdings.
The Foundation has signaled plans to shift away from outright token sales over time, with public commitments to explore yield-generating strategies including DeFi and staking as alternative funding mechanisms that would reduce reliance on open market sales.
