Ethereum Foundation unstakes 21,271 ETH, $49.7M

On May 11, 2026, on-chain data from Arkham Intelligence showed the Ethereum Foundation unstaked 21,271 ETH, about $49.7 million, in a single transaction. An on-chain tracker, NS3, recorded the foundation’s balance at 103,731 ETH after the withdrawal.

The foundation built a 70,000 ETH stake earlier in 2026, depositing 2,016 ETH in February, 22,517 ETH in March and a final batch in April to reach the target.

In early May the foundation sold 10,000 ETH to BitMine Immersion Technologies via an over-the-counter trade. Combined with the latest unstake, more than 31,000 ETH has moved off previously staked or held positions in recent weeks.

The foundation’s treasury policy states it measures how far assets have moved from an internal buffer target over time and sets conversion amounts for the following quarter. Conversions are used to fund research, foundation operations and ecosystem grants.

Unstaking does not automatically mean the ETH will be sold on public exchanges. Organizations may unstake to rebalance portfolios or reposition assets for other purposes.

Reaction on social platforms included skepticism. Analyst kirbycrypto posted on X that the foundation had unstaked about 30% of the 70,000 ETH position roughly a month after completing it and questioned the timeline for conversions.

At the time of the unstake ETH traded around $2,331, up from about $2,050 when the April staking finished. At the time of writing the token was trading at $2,336.85. On-chain data providers and market participants will monitor transfers to exchange wallets and further OTC activity.