The Ethereum Foundation (EF) has unstaked 21,270 Ether (ETH) — valued at nearly $50 million — from Lido as part of an ongoing adjustment to its treasury management strategy.
According to blockchain analytics firm Arkham, an Ethereum Foundation-linked wallet initiated the withdrawal on Monday, moving its staked ETH position out of Lido’s liquid staking protocol and into the withdrawal queue.
Unstaking ETH means the tokens are being removed from Ethereum’s Beacon Chain, where they had previously been locked to generate staking rewards while helping secure the network.
The move does not automatically indicate an upcoming sale. In Lido’s system, unstaked ETH enters a withdrawal queue, allowing holders to later redeem the equivalent amount of ETH once the process is completed.
The latest withdrawal follows a similar move in late April, when the Ethereum Foundation unstaked 17,000 ETH before later selling 10,000 ETH to Bitmine — currently the largest corporate ETH holder — through an over-the-counter transaction completed on May 1.
Treasury policy enables staking reallocations
The latest unstaking reflects another shift in the Ethereum Foundation’s treasury strategy after the organization began actively staking portions of its ETH holdings earlier this year. In June 2025, the foundation updated its treasury policy, stating that increased staking participation could help fund ongoing protocol development.
The revised policy also signaled plans to reduce direct ETH sales following criticism from parts of the Ethereum community over previous treasury liquidations.
Since February, the foundation has steadily increased its staked ETH exposure. It initially staked 2,016 ETH before adding 22,517 ETH in March and more than 45,000 ETH in early April, bringing its total staked holdings to roughly 69,500 ETH.
Blockchain analytics platform Arkham suggested the recent unstaking could be tied to the foundation’s need for additional funds to support network development. The firm also speculated that the decision may reflect broader concerns around the security of third-party protocols following the $293 million Kelp DAO exploit.
The treasury move comes shortly after the Ethereum Foundation announced major progress on the upcoming “Glamsterdam” upgrade, including the establishment of a 200 million gas limit floor — a substantial increase from the network’s current 60 million limit that is expected to significantly improve transaction throughput after the upgrade.
The foundation also recently announced a leadership reshuffle within its Protocol team, appointing three new leads to oversee future Ethereum development efforts.
