ETH nears $3k as Ethereum Foundation bets on its ‘long term perspective’

The Ethereum Foundation has revealed its financial 2024 report, outlining its dedication to holding the “vast majority” of the treasury in ETH.

Ethereum (ETH) makes up nearly all of the Ethereum Foundation’s treasury, with the non-profit revealing in its latest financial report that 99% of its $788.7 million crypto holdings are held exclusively in ETH.

In its 27-page report, the foundation disclosed that as of Oct. 31, it held approximately $970.2 million in assets, with $788.7 million in crypto and $181.5 million in “non-crypto investments and assets.”

“We choose to hold the majority of our treasury in ETH. The EF believes in Ethereum’s potential, and our ETH holdings represent that long term perspective.”

The Ethereum Foundation

Addressing recent sales of ETH, the organization said that its goal is to fund “important public goods for the Ethereum ecosystem for years into the future.” This is why the organization decided to follow a “conservative treasury management policy” that it says must ensure the organization has sufficient resources “even in the case of a multi-year market downturn.”

“This requires periodically selling ETH to ensure sufficient savings for future years, and programmatically increasing our fiat savings in bull markets to fund spending in bear markets.”

The Ethereum Foundation

The report also outlined 2023 spending, showing that the largest share — 30.4% (or $32.1 million) — was allocated to layer-1 research and development initiatives, followed by 27.1% (or $28.6 million), directed toward funding new institutions, a category that includes grants supporting organizations dedicated to the Ethereum ecosystem.

Meanwhile, ETH has shown solid performance, posting a 16.2% gain over the past week, outpacing Bitcoin’s (BTC) 9.4% increase. As of press time, ETH is trading at $2,914, down 40% from its all-time high of $4,890.