- The staking initiative is part of a broader plan to allocate up to 70,000 ETH toward securing the network.
- The Ethereum Foundation still holds around 147,471 Ethereum in its treasury, valued at around $302 million, according to Arkham Intelligence data.
- The foundation expects to earn annual returns between 2.8% and 4%, which will fund research and development efforts.
The Ethereum Foundation, the non-profit group that governs Ethereum (ETH), staked a record $46 million worth of ETH in early morning trade on Monday.
Data on Arkham Intelligence showed that the Ethereum Foundation’s wallet sent 22,517 ETH to a smart contract on Ethereum that stakes ETH on the Beacon Chain. It still holds around 147,471 ETH on its wallet, with around $302 million. "This is more ETH than they have ever staked before," Arkham said in a post on X.
Ethereum’s price rose over 3% in the last 24 hours to just above $2,000. On Stocktwits, retail sentiment around the leading altcoin trended in ‘bearish’ territory over the past day with chatter at ‘normal’ levels.
Ethereum Foundation’s ETH Staking Plan
The foundation began staking Ethereum last month, making its first deposit of 2,016 ETH. It has a plan to stake a total of 70,000 ETH, with rewards being directed back into its treasury. The organization said this treasury staking initiative is aimed at supporting long-term, sustainable growth and boosting Ethereum’s network security.
The Ethereum Foundation estimated that it will earn around 2.8% to 4% per year from rewards, which will then be redirected to finance research, grants, and development.
Institutional interest in staking Ethereum has been rising, with Bitmine Immersion Technologies (BMNR) also staking its Ethereum as a part of its treasury strategy. The company announced last week the launch of the Made In America Validator Network (MAVAN). Chairman Tom Lee said that MAVAN is poised to become the “largest staking platform in the world,” with the network opening up to other institutions, custodians, and ecosystem partners beyond Bitmine.
BMNR’s stock rose more than 4% in morning trade, but retail sentiment around the company fell to ‘neutral’ from ‘bullish’ over the past day on Stocktwits.
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