The Ethereum Foundation (EF) has continued scaling back part of its staking exposure, unstaking 21,270 Ether (ETH) — valued at nearly $50 million — from Lido as it reshapes the management of its treasury holdings.
According to blockchain analytics platform Arkham, the EF-linked wallet initiated the withdrawal on Monday, moving the assets out of Lido’s liquid staking system and into Ethereum’s withdrawal queue.
The unstaking process removes ETH from Ethereum’s Beacon Chain, where the assets had previously been locked to generate staking rewards while helping secure the network.
The transaction does not necessarily indicate an imminent sale of ETH. In Lido’s system, unstaked ETH enters a withdrawal queue, allowing users to later redeem their tokens once the withdrawal process is finalized.
The latest move follows another significant treasury adjustment made in late April, when the Ethereum Foundation unstaked approximately 17,000 ETH before later selling 10,000 ETH to Bitmine — currently the largest corporate ETH holder — through an over-the-counter (OTC) transaction completed on May 1.
Treasury Management Strategy Continues to Shift
The withdrawal reflects the foundation’s ongoing effort to refine its treasury allocation strategy after increasing its staking activity earlier this year.
In June 2025, the Ethereum Foundation updated its treasury management policy, stating that expanding staking participation could help support long-term protocol development while reducing reliance on direct ETH sales. The policy revision came after community criticism regarding previous treasury liquidations.
Since February, the foundation had steadily expanded its staking position. It initially staked 2,016 ETH before adding another 22,517 ETH in March and more than 45,000 ETH in early April, eventually bringing its total staked holdings close to 70,000 ETH.
Arkham suggested the recent unstaking activity may be tied to the foundation’s need for liquidity to support ecosystem development and operational funding. The analytics firm also noted that growing security concerns surrounding third-party protocols may have influenced the decision, particularly following the recent $293 million Kelp DAO exploit.
Ethereum Network Upgrades Continue
The treasury changes come shortly after the Ethereum Foundation announced a major milestone connected to the upcoming “Glamsterdam” network upgrade. The update introduces a new 200 million gas limit floor, a substantial increase from Ethereum’s current 60 million gas limit, potentially delivering a major improvement in network throughput and transaction processing speed.
In addition, the foundation recently appointed three new leaders to its Protocol team as Ethereum continues preparing for its next phase of scaling and infrastructure development.
