Blockchain Researcher Defends Ethereum Foundation, Says It’s ‘Exactly’ Doing Its Job

Why It Matters

The EF’s asset sales and unstaking decisions affect market liquidity and signal the foundation’s long‑term strategy for Ethereum’s decentralization, influencing investor confidence and ecosystem governance.

Key Takeaways

• Ethereum Foundation sold ~47 M USD of ETH to BitMine in weeks
• Foundation unstaked over 38 k ETH, freeing ~90 M USD
• Researcher William Mougayar defends EF as protocol steward, not marketer
• EF aims to harden Ethereum, reducing its own central role

Pulse Analysis

The Ethereum Foundation has come under fire for a series of high‑profile asset moves, including three over‑the‑counter sales to BitMine Immersion Technologies and the unstaking of more than 38,000 ETH. Combined, these transactions represent roughly $137 million in value and have sparked debate about whether the foundation is draining liquidity or simply managing its treasury responsibly. Market observers note that while the sales provide cash for future development, they also raise questions about the foundation’s influence on ETH’s price trajectory, especially as the token remains well below its August peak.

Against this backdrop, Toronto‑based blockchain investor William Mougayar posted a detailed rebuttal, asserting that the EF’s mandate is to steward the protocol, not to act as a promotional arm. He likened expectations that the foundation should market Ethereum to asking the IETF to run Super Bowl ads for TCP/IP, underscoring the distinct separation between the asset (ETH), the infrastructure (Ethereum), and the nonprofit (EF). Mougayar emphasized the foundation’s "subtraction path"—a deliberate effort to harden the network, fund unique research, and gradually reduce its own operational footprint, thereby fostering a more decentralized ecosystem.

The broader implication for the crypto market is twofold. First, the EF’s liquidity actions could temporarily affect short‑term price dynamics, but the long‑term narrative centers on protocol resilience and governance maturity. Second, by positioning itself as a steward rather than a promoter, the foundation may attract institutional confidence that Ethereum will evolve with reduced central oversight. Investors and developers alike will watch how these strategic moves influence network upgrades, funding pipelines, and the overall perception of Ethereum as a sustainable, decentralized platform.