Ethereum Foundation holds $1.294 Billion of Ether
The Ethereum Foundation, a non-profit organisation that promotes growth in the Ethereum ecosystem, is now open for business. The EF April 20, 2022 report explains how the EF supports the Ethereum ecosystem in a variety of ways.
EF is a non-profit that creates teams to improve Ethereum and the network’s ecosystem. It grants grants to other projects outside the core EF team, manages domain allocation and leverages third-party funding.
After explaining the Ethereum Foundation and its functions, the April 2022 report focuses on the EF treasury. The EF currently has $1.6 billion in its treasury and $1.3 billion of digital currencies such as ethereum ( ETH).
According to the EF report 80.5% of its crypto holdings are in ether. This represents 0.297% total ether supply. EF claims that the foundation allocates a “conservative treasury,” which is “immune” to changes in the price ethereum, even during crypto market downturns over many years.
EF holds so much ether because it represents its belief in Ethereum’s future and the holdings “represent that longer-term perspective.”
EF spends $48 million in 2021
The EF report also revealed that the non-profit spent around $48 millions last year. $20 million of that total was spent on “external expenditures” such as grants.
The balance was used to fund projects and teams within the Ethereum ecosystem. The total spending balance was divided into three distinct categories: layer one (L1) research development (R&D), and layer two (L2) R&D. This includes applied ZK research, community building, and internal operations spending.
As Bitcoin.com News recently reported on several ether treasuries, the Ethereum Foundation is just one of many organizations holding ether. This report showed 12 companies that had close to $700,000,000 worth of ethereum in their balance sheets.