Ethereum Foundation Stakes Record $46.2M ETH in Latest Move

Ethereum Foundation, the non-profit organization supporting the growth of the Ethereum network, has staked yet another tranche of ETH holdings.

According to on-chain data from Arkham, the firm staked 22,517 ETH, worth $46.2 million. Notably, this is the highest stake the Foundation has made since it began staking ETH earlier this year.

Highest-Ever Stake in a Day

Between late February and early March, the Ethereum Foundation revealed that it would commit to staking 70,000 ETH. Its initial investment was 2,016 ETH.

The goal is to secure the layer-1 network, help to increase validators’ operations, and deepen its involvement in the blockchain. This initiative will also help the firm fulfill its “Trillion Dollar Security” target, bolstering the blockchain’s overall security. Staking rewards will be funnelled into funding the firm’s research, protocol upgrades, and community grants.

The Ethereum Foundation joined forces with entities such as Bitwise’s on-chain staking subsidiary and Attestant’s Dirk and Vouch. The latter are open-source tools that manage validator operations and ensure regulatory compliance as staking continues.

The latest stake shows the Foundation’s commitment to reaching its 70,000 ETH target. The last time that the firm deposited funds into its staking initiative was on March 10th, when it injected less than 35 ETH. However, the latest stake marks the highest-ever single-day deposit the Foundation has made.

Currently, the Ethereum Foundation has over 147,471 ETH (worth $301.8 million) and a wrapped ETH balance of 6,814 WETH (worth $13.95 million). Aside from these, the firm has other ETH-pegged assets worth over $45.5 million. Its total balance, including cryptocurrencies such as USDC, BTC, and BNB, is currently valued at $361.46 million.

This shows that the Foundation has enough capital to fuel its 70,000 ETH staking goal.

ETH Trades at $2K

Ethereum Foundation’s commitment to staking ETH comes despite Ether’s poor performance this month. At the time of writing, the second-leading crypto sold for $2,063, representing a 2.8% increase in the past 24 hours.

However, for most of this month, the coin struggled between $1,900 and $2,100. Still, adoption moves like that of the Ethereum Foundation can potentially help the asset to increase.

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