Ethereum Foundation's Main Wallet Down to About $650M, Top Official Says

As recently as March 2022 – when the price of Ethereum's native cryptocurrency, ether (ETH), was higher – the foundation's treasury held about $1.3 billion of ETH.

The Ethereum Foundation (EF), a non-profit organization that supports the Ethereum blockchain, will soon release an updated financial report, according to a top official.

The official, who revealed the organization's main Ethereum wallet currently holds about $650 million, also disclosed that the EF spends roughly $100 million per year and has about a 10-year runway.

Justin Drake, a prominent researcher at the Ethereum Foundation, confirmed to CoinDesk that he is the Reddit user "bobthesponge1," who participated in a typed ask-me-anything on an Ethereum subreddit and provided the information on the organization's finances.

"The last time the EF provided an update on its financial holdings was in March 2022, at which point the EF treasury reported a balance of about $1.6 billion. That included $1.3 billion of ETH and about $11 million of "other crypto."

At the time, the ETH price was $3,283. It's down about 30% since then, to $2,296.

Over the last two years, due to the burn rate and price decreases, the funds have significantly decreased.

A redditor followed up, asking about if there was a sustainability plan in place, in the event that the EF runs out of funds.

“I'm not aware of any plan to sustainability :),” Drake responded.

The news was first reported by The Block.

Read more: Ethereum Foundation Faces Inquiry From a Government; Fortune Says SEC Investigating ETH

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