The Ethereum Foundation staked another 45,034 ETH on Wednesday, worth approximately $93 million, according to on-chain data. That comes after it staked over 22,500 ETH valued at about $46 million on Monday.

The Foundation, which supports protocol research and ecosystem development, began staking part of its treasury in late February.

Starting with 2,016 ETH, the team is now estimated to have staked more than 69,500 ETH, worth about $143 million. Its target is to reach around 70,000 ETH in total, meaning it is just a small step away from completing it.

Rewards from staking will go back into the treasury to fund research, ecosystem growth, and community grants.

Origins of the treasury pivot

The change goes back to June 2025, when the foundation introduced a Treasury Policy aimed at moving away from what the community saw as a defensive, sell-to-fund approach.

Regular ETH sales created predictable sell pressure, drawing criticism on social media and in governance forums. Each sale, often visible on-chain before it was completed, became a point of concern for traders.

Under the new policy, the foundation treats its ETH differently. Instead of relying on the principal for funding, it uses staking rewards as an income stream while keeping the main ETH holdings intact.

Approximately 38 million ETH, around 30% of total supply, is now locked in staking contracts across the Ethereum beacon chain, per blockchain data.

Projections from multiple analytics providers suggest staking participation could surpass 50% of circulating supply within two to three years if current growth rates hold. Each additional token staked is one fewer token available for sale on secondary markets, tightening liquid supply.

ETH traded at $2,060 at press time, up 1% in the last 24 hours.