Ethereum Co-Founder Vitalik Buterin Discloses Salary Amid Rising Foundation Oversight

Ethereum co-founder Vitalik Buterin recently revealed that he receives an annual salary of approximately $140,000 from the Ethereum Foundation. The organization’s executive director also mentioned that their budget for 2024 stands at $100 million. The Swiss-based nonprofit is set to release a new spending report in the near future.

Buterin, a Canadian programmer, played a pivotal role in establishing the Ethereum Foundation in 2014. The foundation supports Ethereum’s ecosystem through various means such as research, grants, and events. Buterin, considered a visionary in the crypto industry, is part of the Ethereum Foundation’s executive board, guiding the organization’s endeavors.

The disclosure of Buterin’s salary came alongside a preview of an upcoming report detailing the Ethereum Foundation’s expenditure for 2022 and 2023. He shared that his annual salary, denominated in Singapore dollars, amounts to 182,000 SGD, equivalent to around $140,000 in U.S. dollars.

The Ethereum Foundation emphasizes that it is a part of a broader community funding protocol development and does not have ownership or control over Ethereum’s network. Recent attention has been drawn to the foundation’s financial activities, particularly after transferring about $94 million worth of ETH to the Kraken exchange.

Aya Miyaguchi, the Executive Director of the Ethereum Foundation, disclosed that the organization’s annual budget is approximately $100 million, primarily allocated to grants and salaries. The foundation had refrained from certain treasury activities due to regulatory complexities earlier in the year.

The Ethereum Foundation faced scrutiny earlier in the year when it was under investigation by a state authority. Subsequently, it was reported that the SEC was looking into Ethereum, although the investigation was dropped without charges. However, the SEC later sued Consensys, a blockchain software company associated with Ethereum, over alleged violations of securities laws.

The Ethereum Foundation’s most recent spending report from 2022 indicated that the organization spent $48 million the previous year. The report also highlighted that the foundation’s treasury held around $1.6 billion, with crypto assets contributing $1.3 billion to that total.

Josh Stark, a member of the Ethereum Foundation, addressed questions about the organization’s spending on social media, indicating that a comprehensive report on fund utilization would be released soon. Stark differentiated between internal spending on research teams and external spending in the form of grants to projects that enhance the Ethereum ecosystem.

Despite Ethereum’s market capitalization of $310 billion, Buterin’s salary is comparatively modest. His net worth, estimated to exceed $1 billion, is primarily derived from his Ethereum holdings, which account for over 99% of his portfolio’s value.

Buterin’s on-chain holdings are valued at approximately $632 million, with the majority stemming from Ethereum, where he holds 241,000 ETH. His wealth has been significantly impacted by Ethereum’s growth, although undisclosed assets such as cash and real estate are not factored into this valuation.