Greenfield Capital, an investor in Safe, has filed a supervisory complaint with Switzerland's Federal Supervisory Authority for Foundations (ESA), requesting changes to the Safe Ecosystem Foundation's board following months of unsuccessful engagement on governance issues.
In an open letter to the Safe community, Greenfield founding partner Jascha Samadi said the firm became "increasingly concerned" about Safe's state since early 2025, citing its performance relative to the broader market and insufficient independent representation on the foundation board. "We have come to believe, after more than a year of research, dialogue and patience, that Safe will not reach its potential under its current governance," Samadi stated.
Revenue Growth Concerns
Safe reported more than $10 million in project-wide annualized revenue at the end of 2025 and is targeting break-even with doubled revenue in 2026. However, Greenfield pointed to second-quarter revenue of $1.98 million, equivalent to an $8 million annualized run rate, as significantly below the expected $20 million for 2026.
The investor firm argued that Safe has lost ground despite growth across the cryptocurrency sector. Between January 2024 and August 2026, total value held in Safe accounts fell from $66 billion to $30 billion, a decline exceeding 50%, while total decentralized finance value locked grew 40% over the same period.
Market Share Losses
Greenfield noted that total stablecoin supply grew roughly 135% during this period, while stablecoins held in Safes on Ethereum grew only 11%. Safe's share of USDC in circulation fell from 12.8% to 2.5%.
"In the category that has grown the most and that self-custody infrastructure is best placed to serve, Safe has been losing ground for two and a half years," Samadi said.
Board Independence Questions
Greenfield attributed these concerns to a lack of independent board members with experienced decision-making capabilities. The firm also raised concerns about potential conflicts of interest, citing board member Stefan George's role at Gnosis and fellow board member Richard Meissner's ties to companies developing and operating Safe products.
Greenfield has requested the foundation restructure its governance by replacing George and expanding the board with independent, externally recruited members possessing expertise in finance, risk management, and business strategy. The investor is now asking the Swiss watchdog to examine the foundation's governance structure and determine whether corrective measures are necessary.
