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Ethereum Foundation Cuts 40% Budget, Dismisses 54 Employees as ETH Falls 44% YTD to $1,670

2026-06-24 15:32:23

ETH-5.72%

According to the Ethereum Foundation, on June 23, 2026, the foundation dismissed 54 employees—roughly 20% of its workforce—and announced a 40% annual budget cut as part of a strategic shift toward an endowment-style organization. The restructuring aims to reduce annual spending from 15% of treasury assets to 5% by 2030. Meanwhile, ETH has fallen more than 44% year-to-date and is currently trading around $1,670. Spot Ethereum ETFs recorded net outflows of $82.351 million on June 23, marking four consecutive days of withdrawals and contributing to the broader decline.

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