The Ethereum Foundation will convert some $11 million worth of ether to stablecoins via CoWSwap, according to an announcement on Wednesday. The routine swap is part of the organization’s ongoing efforts to fund research and development, grant programs, and other ecosystem activities.
In particular, the foundation plans to convert 5,000 ETH using CoWSwap’s Time-Weighted Average Price (TWAP) feature. This appears to be the EF’s first TWAP sale since October, when it offloaded 1,000 ETH, at the time worth roughly $4.5 million.
So far, the CoWSwap TWAP transactions have all been valued at just under $1 million, with the funds being drawn from a wallet Arkham Intelligence has labeled as “Ethereum Foundation DeFi Ecosystem.”
By and large, the Ethereum Foundation has moved away from recurring ETH sales to fund its operations following years of public criticism.
Last year, the organization announced a restructuring and plans to limit ETH sales, including by deploying capital in DeFi protocols and staking ETH to generate income.
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The EF had seeded its DeFi Ecosystem wallet with 50,000 ETH in January 2025.
Earlier this month, the EF announced it had staked 47,050 ETH, two-thirds of the way to its 70,000 ETH goal.
In March, the foundation sold 5,000 ETH, worth approximately $10.2 million, to the largest Ethereum treasury firm BitMine Immersion Technologies in an over-the-counter trade. That marked the EF’s second OTC sale to a corporate treasury, having also sold 10,000 ETH to SharpLink Gaming in July 2025.
According to Arkham, the Ethereum Foundation’s main wallet holds 102,000 ETH, worth about $228 million, 21,000 AETHWETH, worth about $47 million, and 6,000 WETH, worth 14 million. It also holds collectively about $1 million worth of DAI and USDC stablecoins.
Ethereum co-founder Vitalik Buterin has also recently swapped millions of dollars worth of ETH into stablecoins as part of his previously disclosed plans to fund open-source projects.
On Tuesday, the Ethereum Foundation sent approximately $70,000 worth of ETH to an EF-owned Grant Provider address, its first series of transactions since it staked ETH on the Ethereum Beacon Chain.
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