The Ethereum Foundation liquidated 7,500 ETH over four days, converting the holdings into 14.52 million USDS through CoWSwap, a decentralized exchange aggregator that optimizes large order execution via solver networks.
The final tranche involved 2,500 ETH yielding 4.597 million USDS—roughly $4.71 million at execution. All proceeds moved directly to a Safe multisig wallet, the standard custody play for organizations managing eight-figure treasuries.
This is deliberate treasury rebalancing: the Foundation shed Ether exposure and locked in stablecoin liquidity to fund development, research, and ecosystem grants without price volatility drag. USDS, a payment stablecoin, signals a preference for operational reserves that don't swing with market swings.
