Ethereum Foundation Transfers $24M ETH

The Ethereum Foundation has been spotted moving more than $24M in ETH to a fresh Gnosis Safe address, 0xc06, over the last two months. The address first received 0.01ETH on 10th May, and has since received ETH in batches of 1K ETH, totalling up to 10K ETH, or $24.23M today. Interestingly, the address has also transferred 0.001ETH to a Vitalik Buterin address, vitalik.eth, just three days after its first deposit.

While some have speculated the transfer of ETH as part of the preparation leading to a sale, some have highlighted the Ethereum Foundation’s latest treasury policy, which was released on 4th June 2025. The policy highlights a more calculated and transparent approach to selling ETH for expenses as well as a focus on utilizing battle-tested protocols for yield. Since its release, the Ethereum Foundation has not sent any significant amount of ETH to a centralized exchange. Additionally, the foundation has also recently deposited 45,000 ETH across various DeFi protocols such as Aave, Compound and Spark, which is expected to help with their operational expenses through generated yield.

The Ethereum Foundation is a non-profit organization dedicated to supporting the Ethereum protocol and its ecosystem. As one of the largest holders of ETH, its treasury movements are closely watched by investors and analysts. Historically, large sales from the foundation's treasury have sometimes coincided with market cycle peaks, leading the community to interpret Ethereum Foundation transfers to exchanges as a potential signal of an impending market downturn.

The use of a Gnosis Safe (now known simply as "Safe") is another key detail. A Safe is not a standard wallet; it is a multi-signature smart contract wallet. This means that any transaction requires approval from multiple pre-determined individuals before it can be executed. This high-security setup is the industry standard for DAOs, foundations, and projects managing substantial treasuries, as it protects funds from being compromised or controlled by a single point of failure. The use of a Safe indicates that these transfers are part of a deliberate and security-conscious treasury management plan.