The Ethereum Foundation, the entity behind Ethereum’s (CRYPTO: ETH) development, has revealed it holds $1.6 billion in its treasury.
What Happened: In its 2022 annual report published on Monday, the Ethereum Foundation said that as of March 31, 2022, the treasury was split between $1.3 billion in cryptocurrency and $300 million in other digital assets.
“The vast majority (99.1%) of our crypto holdings are held in ETH. This ETH represents 0.297% of the total ETH supply on March 31 2022,” stated the report.
the EF spent $48M in 2021
— Justin Ðrake 🦇🔊 (@drakefjustin) April 18, 2022
it has 350K ETH ($1B) and $300M fiathttps://t.co/1AL68I5YgF pic.twitter.com/0yLXNHy3Aj
In 2021, the Foundation spent $48 million in total, a vast majority of which went towards research and development.
What Else: Ethereum is expected to undergo a significant upgrade later this year. The widely anticipated shift to a Proof-of-Stake (PoS) network was expected to come into effect this June, but has been postponed by a “few months.”
See Also: HOW TO BUY ETHEREUM (ETH)
Industry proponents expect that the moment Ethereum makes the official switch to PoS – an event known as “The Merge” – the network will see a considerable increase in value.
Some analysts have estimated that ETH’s price could exceed $9,000 following the event.
Price Action: According to data from Benzinga Pro, ETH was trading at $3,040, up 1.71% in the last 24 hours.
