On October 12, two wallets associated with the Ethereum Foundation moved 4,393 ETH—valued at roughly USD 11.13 million—to Kraken. While the transfer sparked speculation about potential liquidation as Ethereum hovered near USD 2,555, the deposits alone do not verify that the tokens were actually sold.
Blockchain analyst EmberCN brought the transfers to light on X, tracing the sending wallets back to an address that received 59,751 ETH about ten years ago. Over the subsequent years, that recipient has sent a total of 49,751 ETH to Kraken at a historical average price of roughly USD 658 per token.
Neither Kraken nor the Ethereum Foundation has issued a public statement confirming a sale connected to these recent deposits. While the data confirms cryptocurrency was moved between wallets and an exchange, it remains unclear whether the recipient liquidated the assets or simply stored them on the platform.
Historical Wallet Activity Traces Back a Decade
According to EmberCN’s findings, the latest transactions trace back to a wallet that acquired 59,751 ETH roughly a decade ago, with portions of that balance sent to Kraken over time.
The analyst noted that these past transfers total 49,751 ETH, accounting for about 83% of the initial distribution. The cited average price of USD 658 illustrates the estimated market value during those historical transfers rather than officially verified proceeds from a sale.
It is important to differentiate between transferring assets and selling them. Depositing ETH onto an exchange can be a preliminary step toward selling, but the action itself does not prove a trade took place. Kraken has not indicated whether these latest deposits led to cash conversions, asset swaps, or ongoing custody.
Furthermore, the wallet’s history does not confirm that the Ethereum Foundation retained control or ownership of these recipient addresses throughout the decade, nor does the historical link clarify who authorized the October 12 transactions.
Ultimately, available data cannot confirm whether the recent transfers represent a new treasury liquidation by the Ethereum Foundation or if the assets were moved for an entirely different reason.
Ethereum Foundation Policy Allows Planned ETH Sales
In June 2025, the Ethereum Foundation released a treasury management policy detailing how it handles cryptocurrency reserves, operational expenses, and long-term financial commitments.
This framework requires the foundation to weigh its financial needs against available treasury holdings, targeting an annual operating budget equal to 15% of its assets alongside a reserve buffer to cover 2.5 years of costs.
Additionally, the guidelines permit the organization to convert ETH into fiat money via approved off-ramp services or on-chain trading platforms. These transactions provide funding for research, ecosystem grants, and other foundational operations.
Even so, the existence of this treasury policy does not automatically tie every historically connected wallet to the foundation’s active reserves, and the October 12 transfers have not been linked to any official funding disclosure or announced treasury sale.
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Previous Treasury Transactions Involved Thousands of ETH
In April 2026, the foundation announced its intention to liquidate 5,000 ETH via CoWSwap, utilizing a time-weighted average price strategy to spread the orders out over a period instead of executing them all at once.
The organization characterized that move as part of its ongoing treasury management strategy designed to back research, development, donations, and ecosystem grants.
Later, in May 2026, the foundation completed an over-the-counter transaction, selling 10,000 ETH to BitMine at an average price of USD 2,292 per token following two prior deals with the same counterparty.
Records indicate that these combined treasury actions accounted for 25,000 ETH, each backed by separate documentation and named counterparties.
By contrast, the October 12 wallet activity bears no confirmed ties to any new over-the-counter pact or formal treasury statement, leaving it unverified whether the movement stems from foundation-ordered sales or the actions of separate wallet administrators.
Conclusion
Two Ethereum Foundation-linked wallets transferred 4,393 ETH, worth approximately USD 11.13 million, to Kraken on October 12. While historical data ties the wallets to past allocations and the foundation has a history of documented treasury sales, no public verification confirms that these latest deposits resulted in a sale.
