Overview
- Arkham Intelligence estimates the foundation’s crypto holdings above $820 million, including about $735 million in ETH, providing scale for the Morpho allocation.
- On-chain analysts describe the position as the foundation’s largest known single exposure to a permissionless lending protocol.
- The move aligns with Morpho’s open-source stance, with Vault v2 under GPL‑2.0 and Morpho Blue v1 scheduled to shift from BSL 1.1 to GPL‑2.0 on January 1, 2026.
- The allocation supports a treasury plan to earn on-chain yield and maintain roughly a 2.5‑year operating runway, with diversification across ETH and dollar‑pegged assets.
- Observers stress the need for active oversight of smart‑contract and operational risks, including monitoring yields and readiness to rebalance or withdraw.