Ethereum Foundation Dumps $46M into Beacon Deposit Contract

The Ethereum Foundation has made its largest single staking move to date, depositing 22,517 Ether into the Ethereum Beacon Deposit Contract. This transaction is valued at approximately $46.2 million and was executed through 11 separate deposits of roughly 2,047 Ether each.

This development follows an over-the-counter sale of 5,000 Ether to BitMine Immersion Technologies for around $10.2 million. The foundation stated that the proceeds from this sale would be used to fund core operations, including protocol research and community grants.

The Ethereum Foundation began staking in February, initially depositing 2,016 Ether and announcing plans to stake up to 70,000 Ether in total. Staking rewards are earmarked for protocol research, ecosystem development, and community grants.