Ethereum (ETH) co-founder Vitalik Buterin sold approximately 705 ETH worth $1.63 million over the past week as part of a previously announced plan to fund long-term initiatives including open-source software development, secure hardware research, and biotech projects focused on public health.
What Happened: Planned ETH Sales
Blockchain analytics platform Lookonchain tracked two separate transactions in which Buterin offloaded a total of 704.84 ETH at current market prices.
The first sale involved 211.84 ETH converted to approximately 500,000 USDC, which was transferred entirely to Kanro, a philanthropic organization Buterin established to support research on infectious diseases.
A subsequent transaction saw another 493 ETH sold.
The moves follow a disclosure Buterin made last week on X, where he announced withdrawing 16,384 ETH "to be deployed toward long-term goals over the next few years."
"In these five years, the Ethereum Foundation is entering a period of mild austerity," Buterin wrote. "To this end, my own share of the austerity is that I am personally taking on responsibilities that might in another time have been 'special projects' of the EF."
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Why It Matters: Long-Term Development
The sales align with Buterin's stated commitment to funding software and hardware development across finance, communications, governance, and biotech.
According to data from Arkham, Buterin still holds 235,268 ETH valued at approximately $549.2 million, with his overall portfolio exceeding $569 million. He noted that he is exploring decentralized staking options to generate additional funding over time.
The ETH sales had no discernible impact on market performance. ETH gained approximately 5% over the past 24 hours, trading at $2,312.6.