Greenfield Capital has escalated a long-running governance dispute with the Safe Ecosystem Foundation by filing a supervisory complaint with Switzerland’s Federal Supervisory Authority for Foundations. The investor, which holds a stake in Safe, published an open letter to the Safe community on Sunday detailing its move and the concerns that prompted it.

Founding partner Jascha Samadi said the firm grew increasingly worried about Safe’s direction since early 2025. After more than a year of research, dialogue and patience, Greenfield concluded that the project would not reach its potential under the existing board structure.

Board Independence and Alleged Conflicts

Greenfield’s central claim is that the foundation board lacks sufficient independent members with experienced decision-making capacity. The firm alleges conflicts of interest involving board member Stefan George, who holds a role at Gnosis, and fellow board member Richard Meissner, who has ties to companies that develop and operate Safe products.

For months Greenfield pressed the foundation to restructure. Its proposals included replacing George and expanding the board with externally recruited independent directors skilled in finance, risk management and business strategy. Those discussions did not produce the changes the investor sought, prompting the formal complaint to the Swiss authority.

Greenfield is now asking the Federal Supervisory Authority for Foundations to examine the foundation’s governance and decide whether corrective measures are required.

Revenue Performance and Growth Targets

The complaint arrives as Safe pursues ambitious commercial goals. In a February update the project reported more than $10 million in project-wide annualized revenue at the end of 2025. It set targets of reaching break-even and doubling revenue in 2026, with a longer-term ambition of $100 million in annual recurring revenue by 2030.

Greenfield pointed to second-quarter revenue of $1.98 million, an annualized run rate of about $8 million, as falling well short of a $20 million expectation for 2026. The firm framed the shortfall as evidence of insufficient momentum at a critical stage.

Market Share Metrics Cited by Investor

Beyond revenue figures, Greenfield presented data on Safe’s position relative to broader crypto activity. Between January 2024 and August 2026, the total value held in Safe accounts fell from $66 billion to $30 billion, a decline of more than 50 percent. Over the same period total value locked across decentralized finance rose 40 percent.

Stablecoin trends formed another part of the argument. Total stablecoin supply expanded roughly 135 percent, yet stablecoins held in Safes on Ethereum increased only 11 percent. Safe’s share of circulating USDC dropped from 12.8 percent to 2.5 percent.

Samadi said these figures show Safe underperforming in the self-custody segment where its infrastructure is positioned to capture demand.

Next Steps

The Federal Supervisory Authority for Foundations will now review the complaint. Stakeholders will monitor any response from the regulator and any interim steps the Safe Ecosystem Foundation may take regarding board composition while the project continues to pursue its 2026 revenue and break-even objectives.