The Ethereum Foundation plans to convert 5,000 Ether (CRYPTO: $ETH), worth $11 million U.S., into stablecoins.
The swap is part of the organization's ongoing efforts to fund research and development (R&D), grant programs, and other initiatives.
The Ethereum Foundation is a Swiss-based non-profit organization established in 2014 to support the Ethereum ecosystem.
Rather than controlling the network, the foundation funds research, security upgrades, and community initiatives related to the Ethereum network.
The organization has come under scrutiny for offloading sizable amounts of Ethereum to fund its operations.
In March, the foundation sold 5,000 ETH, worth $10.2 million U.S., to the largest Ethereum treasury firm BitMine Immersion Technologies (NASDAQ: $BMNR) in an over-the-counter trade.
According to data from Arkham, the Ethereum Foundation's main wallet now holds 102,000 ETH that's worth $228 million U.S.
Last year, the Ethereum Foundation announced plans to limit ETH sales. Rather, the organization would deploy capital in DeFi protocols and stake Ethereum to generate income.
Earlier in April, the Ethereum Foundation announced that it had staked 47,050 Ethereum, two-thirds of the way to its goal of 70,000 staked ETH.
ETH is currently trading at $2,170 U.S.
COMTEX_476919961/2797/2026-04-09T11:31:03