The Ethereum Foundation (EF) is converting about 5,000 ETH into stablecoins to secure funding for operating expenses and grants.

On April 8 local time, blockchain media outlet The Block reported that the foundation plans to sell ETH worth about $11 million in stages using CoWSwap's time-weighted average price (TWAP) function. TWAP splits an order into multiple executions to match the average price over a set period, aiming to reduce market impact from large transactions.

The move is part of regular treasury management to secure ongoing operating funds for research and development (R&D), grant programmes and ecosystem support. The foundation plans to split the conversion rather than dispose of 5,000 ETH at once, in a way designed to minimise market impact.

The foundation's TWAP sale is its first since October last year. It sold 1,000 ETH at the time, which was reported to be the foundation's first use of TWAP. TWAP trades via CoWSwap have mostly been executed at levels close to $1 million, and related funds were withdrawn from a wallet classified as the "Ethereum Foundation DeFi Ecosystem."

The conversion also aligns with a change in the foundation's treasury strategy. The Ethereum Foundation has previously sold ETH from time to time to cover operating costs, but it has faced criticism that repeated sales burden the market. The foundation said, alongside an organisational overhaul, it would reduce direct sales and has pursued a strategy that combines revenue generation through DeFi operations and staking.

The foundation placed 50,000 ETH in a DeFi ecosystem wallet in January 2025, and disclosed early this month that it had staked about 47,050 ETH out of a 70,000 ETH target. It is strengthening a trend toward diversifying revenue through asset management rather than relying mainly on sales.

It is also pursuing over-the-counter (OTC) deals. The foundation sold 5,000 ETH worth about $10.2 million to BitMine Immersion Technologies in March. It was the second OTC sale to a counterparty for corporate treasury strategy. In July 2025, it sold 10,000 ETH to SharpLink Gaming.

Its holdings also remain substantial. Based on Arkham data, the foundation's main wallet holds about 102,000 ETH, 21,000 AETHWETH and 6,000 WETH, worth about $228 million, $47 million and $14 million, respectively. It also holds about $1 million in stablecoins including DAI and USDC.

Vitalik Buterin (비탈릭 부테린) has also recently converted ETH worth several million dollars into stablecoins. He said it was to secure funding to support open-source projects. Separate from the foundation's moves, the broader Ethereum ecosystem is continuing a trend of converting ETH into stablecoins to fund external spending.

The foundation has also recently transferred ETH worth about $70,000 to a grant-provision address. These are the first confirmed transactions since beacon chain staking, and the market is watching whether the foundation will manage funds by combining direct sales, OTC deals, staking and DeFi operations.