The Ethereum Foundation will calculate how far its fiat reserves deviate from the Opex Buffer target through September 2025 and use that result to determine how much ETH can be safely sold via fiat off-ramps or onchain swaps into stable assets

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This determines how much ETH can be safely sold into fiat or stable assets.
Throughout the year, EF will periodically calculate the deviation of the treasury’s fiat-denominated assets from the Opex Buffer (“B”) target and determine how much, if any, Ether will be sold over the next three months. These sales will typically be via fiat off-ramps or onchain swaps for fiat-denominated assets.