Gushiken Yona
Vitalik Buterin, the co-founder and public face of Ethereum, the second-largest cryptocurrency by market capitalization, is known for his groundbreaking work in blockchain technology. But when it comes to his personal finances, Buterin has taken a surprising path. While many might assume he’s raking in millions from his involvement in Ethereum, the reality is far different.
Ethereum co-founder Buterin said Tuesday that the Ethereum Foundation pays him an annual salary of around $140,000, as the organization centered around Ethereum’s developers and researchers prepares a new spending report amid public scrutiny of its budget.
The Canadian programmer helped establish the Swiss-based nonprofit in 2014, which supports Ethereum’s ecosystem through research, grants, and events. Regarded as one of the crypto industry’s centric visionaries, Buterin sits on the Ethereum Foundation’s executive board alongside two other members, who help guide the organization’s initiatives.
Buterin disclosed his salary on Twitter (aka X) while sharing a snippet of an upcoming report, which breaks down the Ethereum Foundation’s spending through 2022 and 2023. Buterin divulged his salary in the form of Singapore dollars, totaling 182,000 in the nation’s currency—about $140,000 worth in U.S. dollars.The Ethereum Foundation describes itself as “part of a larger community of organizations and individuals that fund protocol development” on its website. Notably, the organization has maintained since its inception that it does not own or control Ethereum’s network.
Buterin’s disclosure comes amid newfound scrutiny toward the Ethereum Foundation’s current use of funds. Last week, questions emerged after the Ethereum Foundation moved about $94 million worth of ETH to crypto exchange Kraken, after which Executive Director Aya Miyaguchi revealed the organization’s budget via a tweet.
“[The Ethereum Foundation] has a budget of ~$100m per year, which is largely made up of grants and salaries,” Miyaguchi wrote. “This year, there was a long period of time when we were advised not to do any treasury activities due to the regulatory complications.”
While Ethereum boasts a staggering market capitalization of $310 billion, its architect, Vitalik Buterin, draws a comparatively modest salary. Compared to industry titans like Coinbase CEO Brian Armstrong, whose 2023 compensation reached $4.7 million, Buterin’s $140,000 annual pay from the Ethereum Foundation appears almost insignificant.
However, the narrative of Buterin’s wealth extends beyond his yearly earnings. The meteoric rise of Ethereum has significantly bolstered his personal fortune. Crypto analytics firm Nansen estimated Buterin’s net worth to have exceeded $1 billion in April, based solely on his publicly visible digital asset holdings. This figure excludes any undisclosed assets, such as traditional currency or real estate, suggesting his actual wealth could be substantially higher.
Currently, Buterin’s on-chain holdings are valued at approximately $604 million, with Ethereum comprising the vast majority of his portfolio. Holding 241,000 ETH, Buterin’s financial well-being remains intrinsically tied to the success and future growth of the blockchain platform he envisioned.
This dichotomy between a relatively modest salary and substantial crypto holdings paints a complex picture of wealth and influence in the decentralized world. While Buterin’s personal fortune reflects the immense value he has created through Ethereum, his comparatively low annual compensation from the foundation raises questions about the financial dynamics within the organization and the broader crypto landscape.
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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
