Greenfield Capital says it files Swiss complaint seeking Safe board changes

Greenfield Capital, an investor in Safe, says it has filed a supervisory complaint with Switzerland's Federal Supervisory Authority for Foundations (ESA). Greenfield is asking the watchdog to examine Safe Ecosystem Foundation's governance and determine whether corrective measures are needed. Greenfield said months of engagement had failed to resolve its governance concerns.

Greenfield founding partner Jascha Samadi explained the complaint in an open letter to the Safe community on Sunday. Samadi said Greenfield had become increasingly concerned about Safe since early 2025, citing performance relative to the broader market and insufficient independent board voices. Samadi said more than a year of research, dialogue and patience had convinced Greenfield that Safe would not reach its potential under current governance.

Safe is targeting break-even and a doubling of revenue in 2026. Safe reported more than $10 million in project-wide annualized revenue at the end of 2025 in a February announcement. Safe also outlined a longer-term ambition to reach $100 million in annual recurring revenue by 2030. However, Greenfield cited $1.98 million in second-quarter revenue, equivalent to an annualized run rate of $8 million, as far below the $20 million expectation for 2026.

Greenfield argued that Safe was losing ground despite growth in the broader crypto market. Samadi said total value held in Safe accounts fell from $66 billion to $30 billion between January 2024 and August 2026, declining more than 50%. Samadi said total decentralized finance value locked grew 40% over that period. Total stablecoin supply grew roughly 135% over the same period. However, stablecoins held in Safes on Ethereum grew only 11%. Safe's share of USDC in circulation fell from 12.8% to 2.5% over the same period.

Samadi attributed many of Greenfield's concerns to a lack of independent board members with experienced decision-making. Samadi alleged conflicts of interest involving board member Stefan George's role at Gnosis. Samadi also alleged conflicts involving board member Richard Meissner's ties to companies developing and operating Safe products. Greenfield said the firm had spent months asking the foundation to replace George and expand the board with independent, externally recruited members. Greenfield sought members with expertise in finance, risk management and business strategy.