When the Ethereum Foundation (EF) unveiled its new “Treasury Policy” in June 2025, it appeared to be more than just another internal document—it was a true “financial manifesto.” The policy, published on June 4th, signaled the Foundation’s transition from the role of an “ETH custodian” to that of an institutional investor and manager of the network’s “strategic resources.”
Under the new rules, the EF limits operational expenditures (opex) to approximately 15% of the total value of all assets and is obliged to maintain a reserve that provides a “safety cushion” equivalent to 2.5 years of expenses. The long-term objective is to reduce the expenditure share to 5% per year.
Notably, this policy is not merely an abstract goal. In 2025, the EF has actively sold parts of its ETH holdings to implement it. In September, the Foundation reported the sale of around 10,000 ETH (approximately $43 million) to finance research, development, and grants. This marks the second major off-load this year, following the first in July, when the EF sold 10,000 ETH for approximately $25 million to a publicly traded company.
The Foundation’s total assets, as of the publication of the new plan, were valued at approximately $970.2 million, with over 80% of the portfolio consisting of crypto assets, predominantly ETH.
However, this redistribution is more than just “selling and buying.” The EF is deliberately diversifying: in addition to fiat currency, a portion of the portfolio may be directed towards staking, verified DeFi protocols, tokenized real-world assets (RWA), and stablecoins. This strategy allows the Foundation to generate yield, avoid exclusive dependency on the price of ETH, and simultaneously adhere to the ideals of decentralization—permissionless access, privacy, and self-custody.
In October 2025, the Foundation took another significant step: it fully transferred the treasury—over 160,000 ETH (estimated at about $650 million)—to a multi-signature wallet based on the Safe{Wallet} standard. This move bolstered security and underscored the Foundation’s readiness to move beyond simply holding funds, and to manage them like an institutional “back-office.”
Systemic Significance: Why This is Bigger Than the ETH Price
First, the EF provides an example of maturity. Funds, DAOs, and projects working with large sums now have a benchmark: if the Ethereum Foundation can publicly state how much it holds, spends, and invests, the demand for transparency becomes the new standard. This significantly mitigates reputational and regulatory risks.
Second, the EF legitimizes the approach wherein DeFi is not hype or a mere game, but a crucial part of the financial architecture. Diversification through DeFi staking, RWA, and stable assets transforms the Foundation from a holder of volatile ETH into a “real-world investor” with an asset portfolio structurally closer to an institutional portfolio.
Third, this transition shifts market psychology. When the Foundation sells ETH, it was previously perceived as a signal for a sell-off; now, it is seen as a standard treasury management mechanic. For instance, the sale of 10,000 ETH in September 2025 is not viewed as panic, but as a calculated part of a resource distribution strategy.
Finally, there is infrastructure resilience. The 2.5-year reserve, the reduction of expenses to 5% by 2030, and diversification—all these measures create a buffer for an entity that can survive bear cycles, regulatory shocks, or internal crises.
If other major players (DAOs, ecosystem funds, DeFi protocols) adopt this model, we will witness a fundamental shift: from “tokens are speculation” to “tokens are part of a long-term, sustainable financial infrastructure built on decentralization and transparency.”
In other words, the EF reform is not merely “rearranging figures in the accounting books.” It is the beginning of a new phase of crypto-institutionalism, where freedom and responsibility go hand in hand, and long-term sustainability becomes the primary value.
