Two wallets historically linked to the Ethereum (@ethereum) Foundation have reportedly sent 4,393 ETH ($ETH), worth around $11.13 million, to the Kraken exchange. The transfer has revived a f
Two wallets historically linked to the Ethereum (@ethereum) Foundation have reportedly sent 4,393 ETH ($ETH), worth around $11.13 million, to the Kraken exchange. The transfer has revived a familiar question in the market: is the foundation preparing to sell?
The movement was flagged by blockchain analyst EmberCN. Neither the foundation nor Kraken has said anything publicly about it. An exchange deposit is not the same as a sale, and the on-chain data alone does not show whether the ETH has been or will be sold.
According to EmberCN, the wallet that made the latest transfer had received 59,751 ETH from an Ethereum Foundation wallet ten years ago, and has since sent batches totaling 49,751 ETH to Kraken at an average price of about $658. That implies roughly 10,000 ETH from the original allocation has not been sent to the exchange, although the available on-chain data does not specify where that remainder sits today.
The latest deposit comes as Ethereum trades near $2,555, according to crypto(.)news. Crypto Briefing reported that similar flows from foundation-linked addresses to Kraken were also spotted in May and August of 2026, as well as in late 2025.
Analysts have urged caution. BeInCrypto noted that an exchange deposit alone does not prove a sale, but the transfer adds to a decade-long run of similar moves.
The foundation has been open about selling ETH to fund its work. Its June 2025 treasury policy states that it will periodically calculate the deviation of the treasury's fiat-denominated assets from its operating buffer target and determine how much, if any, Ether will be sold over the next three months. The policy adds that these sales will typically be via fiat off-ramps or onchain swaps for fiat-denominated assets.
The policy also sets a path for lower spending. The foundation intends to reduce annual opex roughly linearly over the next five years, ending at a long-term 5% baseline.
Past sales have been announced publicly. In September 2025, the foundation said it planned to convert 10,000 ETH using centralized exchanges over several weeks. More recently, the foundation converted 5,000 ETH to stablecoins via CoW DAO's TWAP feature.
For now, the 4,393 ETH deposit remains an unconfirmed signal. Traders will likely watch for any official statement from the foundation, or further on-chain activity from the same wallets, to judge whether the funds are being sold.
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