Ethereum Foundation defends ETH sales amid growing scrutiny over treasury moves
The Ethereum Foundation has faced scrutiny over recent large-scale ETH transactions. Blockchain researcher William Mougayar stepped in to clarify its role and financial moves. He stressed that the organisation’s priority is the protocol—not the token’s price.
The Foundation sold 25,000 ETH in private deals and unstaked tens of thousands more from Lido and earlier queues. Mougayar also rejected claims that it should promote ETH like a marketing team. In late April, the Foundation withdrew 17,035.326 ETH—worth around $40 million at the time. A few weeks later, on May 12, it pulled another 21,270 ETH from Lido staking. Separate reports later confirmed a total of 38,305 ETH unstaked during these treasury adjustments.
The organisation also completed three over-the-counter sales to BitMine, offloading 25,000 ETH. Mougayar explained that these moves align with its mission to strengthen Ethereum’s infrastructure, not influence ETH’s market value. He described the Foundation as a non-profit working to reduce its own long-term role.
Its recent grants have focused on zero-knowledge research, validator security, Ethereum client development, and public infrastructure. Mougayar argued that the group funds critical but often overlooked work. He framed ETH as digital money and Ethereum as a shared computing platform—both needing protection beyond short-term speculation. The Foundation’s transactions have drawn attention, but its leadership insists the focus remains on protocol resilience. Grants and financial decisions aim to support Ethereum’s technical foundations rather than its token price. Mougayar’s defence reinforces the organisation’s stance as a temporary steward, not a promoter of ETH.
