On Friday, the Ethereum Foundation (EF), the Zug, Switzerland–based nonprofit that contributes to the Ethereum ecosystem, revealed it converted 1,000 ETH—worth about $4.46 million—into stablecoins. “Today, The Ethereum Foundation will convert 1000 ETH to stablecoins via Cowswap’s TWAP feature, as part of our ongoing work to fund R&D, grants and donations, and to highlight the power of DeFi,” the foundation wrote on X.
The EF serves as Ethereum’s financial backbone, fueling core dev teams and pioneering projects that keep the network evolving. As of Oct. 4, the foundation’s war chest sits just shy of the billion mark—around $934 million based on crypto exchange rates. Data from Arkham Intelligence shows the EF is sitting on about 187,079 ETH, a stash worth roughly $835.46 million—or a hefty 89.47% of the foundation’s total net holdings.
Onchain stats from Arkham Intelligence.
The portfolio also packs 21,017 wrapped ether (WETH), valued at roughly $93.56 million. Combine that with the EF’s ether stash, and together they make up about 99.47% of its $934 million treasure chest. Arkham’s data adds another nugget—$4.51 million in DAI. That batch of DAI traces right back to the recent 1,000 ETH swap for the Sky-branded stablecoin. Before those swaps went down, the EF was already busy moving funds with the Sky token.
Just four days ahead of the Cowswap trade, 600,000 DAI flowed from a Gnosis Safe wallet into the foundation’s coffers. Of that, roughly 585,000 DAI made its way to a Coinbase deposit address, while another 10,000 DAI slipped off to an untagged wallet. Onchain sleuths can see that Ethereum’s top nonprofit clearly knows how to keep its financial gears well-oiled, shifting funds with the precision to different destinations.
Whether it’s ETH, WETH, or a freshly acquired stack of DAI, the EF’s latest maneuvers show it’s not just building the future of finance—it’s funding it with flair or like the nonprofit said, highlighting “the power of DeFi.”
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