Ethereum Foundation-Linked Wallets Move $11.13M in ETH to Kraken

Two wallets linked to the Ethereum Foundation have transferred about $11.13 million worth of Ether to cryptocurrency exchange Kraken. The latest deposits follow a series of previous ETH transfers from the same wallets to the exchange.

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Ethereum Foundation-Linked Wallets Deposit 4,393 ETH To Kraken

According to a Lookonchain post on X, the two wallets linked to the Ethereum Foundation deposited a combined 4,393 ETH into Kraken. The monitoring platform has been speculating about the transfers, suggesting a renewed selling spree. 

On-chain history shows that the two wallets first received 59,751 ETH from the Ethereum Foundation about 10 years ago, when Ether traded at approximately $0.90. Since then, the wallets have moved the tokens through several transactions, including previous deposits to Kraken

Is the #EthereumFoundation dumping $ETH again?

2 wallets linked to the #EthereumFoundation deposited 4,393 $ETH ($11.13M) into #Kraken 5 hours ago.

These wallets originally received 59,751 $ETH from the #EthereumFoundation 10 years ago, when the price of $ETH was only $0.9.… pic.twitter.com/TQ5ZEtyA1C

— Lookonchain (@lookonchain) October 12, 2026

Additionally, Lookonchain showed that 49,751 ETH from the original allocation had reached Kraken over the past decade. The average estimated price for ETH on the market at that time of deposits was around $658.

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Kraken Deposits Follow Earlier $49.66M ETH Unstaking

In May, on-chain data from Arkham Intelligence showed that the Ethereum Foundation withdrew 21,271 ETH, valued at nearly $49.66 million, from staking positions through Lido.

As earlier reported by Coingape, the transactions involved wrapped staked Ether entering Lido’s withdrawal process. Each batch contained around 811 wstETH, with the funds awaiting conversion into liquid ETH.

In February, the foundation announced that it was allocating around 70,000 ETH from its reserves to the staking process, with the rewards paid back into its treasury. 

Ethereum Foundation Treasury Policy Allows Periodic ETH Sales

Under its June 2025 treasury policy, the Ethereum Foundation periodically reviews its fiat reserves and operating expenses before deciding whether to sell ETH during the following three months.

The policy originally called for an annual expenditure of 15% of the value of the treasury, and a reserve level of 2.5 years of operating costs.

In April, the foundation completed a sale of 10,000 ETH for $2,387 per token to Bitmine. The transaction brought in about $23.87 million to the protocol research, ecosystem development, and community grants.

Prior to the April deal, the foundation revealed it had sold 5,000 more ETH to Bitmine in March at an average price of $2,042.96 per token. At the time of press, Ethereum was trading at $2,560 with a 2.3% gain in the last 24 hours.

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