The Ethereum Foundation has completed the migration of its full treasury, over 160,000 ETH worth approximately $650 million to Safe{Wallet}. This move follows months of successful DeFi testing. Safe{Wallet}, operated by Safe Labs, a fully owned subsidiary of the Safe Foundation, is the crypto industry's trusted smart account standard for multisig wallets, securing billions of dollars in assets for institutions, DAOs, and projects.
This transition aligns with the Foundation's June 2025 treasury policy announcement, which committed to actively participating in Ethereum's DeFi ecosystem. Since February, the Ethereum Foundation had been testing Safe with a separate DeFi-focused account. This testing involved dogfooding protocols including Aave, Cowswap, and Morpho as part of their strategy to support applications built on Ethereum.
After initially testing a 3-of-5 multisig configuration on January 20th, the Foundation has now consolidated its remaining ETH holdings into Safe. This completes the transition from their previous custom-built multisig solution. This implementation enables the Ethereum Foundation to actively participate in DeFi via Safe while maintaining battle-tested security standards. This marks another step toward Safe's vision of moving the world's GDP onchain through battle-tested self-custody infrastructure.
"Safe has proven safe and has a great user experience, and we will transfer more of our funds here over time," the Ethereum Foundation announced. This statement indicates that this migration is the beginning of a deeper commitment to the Safe smart account standard.
Safe's Growing Momentum
The timing of the Ethereum Foundation's migration is notable, as Safe has recently crossed 750 million transactions. As of today, this figure stands at 751,062,286 transactions. Additionally, over 57.5 million Safes have been created across multiple chains. The protocol has emerged as crypto's de facto standard for multisig wallets, securing billions in institutional and DAO treasuries.
Safe also counts Ethereum co-founder Vitalik Buterin among its prominent users. In May 2024, Buterin revealed that he stores over 90% of his personal crypto holdings in a Safe multisig wallet. Buterin has been using Safe for personal security since at least 2024, advocating for what he calls "decentralizing your own security."
Beyond individual users, Safe has attracted significant institutional adoption. Trump-backed World Liberty Financial has processed over $3.02 billion in transaction volume through Safe smart accounts, according to onchain data. Throughout this period, Liberty's Safe accounts executed 347 transactions, reflecting consistent institutional use even amid broader market shifts. These figures position Liberty as one of the largest institutional users of Safe's onchain infrastructure to date.
This growing pattern of major institutions choosing Safe for treasury operations reinforces its position as the leading secure infrastructure layer for digital assets.
Safe's Key Milestones:
- •Ethereum Foundation: Over $650 million in treasury secured.
- •Trump-backed World Liberty Financial has processed over $3 billion via Safe smart accounts.
- •Over $65 billion in total assets stored.
- •750 million transactions executed.
- •Over 300 networks supported.
- •Over 200 ecosystem projects built on the Safe smart account standard.
- •57 million accounts deployed.
Part of Broader "DeFiPunk" Strategy
The migration reflects the Ethereum Foundation's June 2025 treasury policy. This policy outlined plans to actively deploy treasury assets into "battle-tested, immutable, audited, permissionless protocols" while maintaining a 2.5-year operational buffer. The policy marked a significant shift from the Foundation's historically conservative approach, committing to both enhance financial sustainability and support key Ethereum applications.
The treasury policy targets spending approximately 15% of treasury funds annually, with a plan to gradually reduce this to a sustainable 5% baseline over five years. The prioritization is on security, open-source principles, and financial sovereignty, aligning with what the Foundation terms "Defipunk" values.
This migration represents a powerful alignment: Ethereum's core steward is now utilizing the same infrastructure it actively supports, effectively dogfooding the ecosystem it helps to build.