The Ethereum Foundation (EF) announced it will convert 5,000 ETH into stablecoins using CoW DAO’s time-weighted average price feature to fund research, grants, and donations. The swap, worth roughly $11 million at current prices, follows the treasury management framework the EF published in June 2025. Why the EF Is Selling ETH Now The EF is one of the largest single holders of Ether, and its selling activity has historically drawn community scrutiny. This latest conversion signals that the organization is actively executing the treasury policy it published in June 2025