Stani Kulechov, founder of decentralized finance protocol Aave, has acquired a five-story residential property in London’s Notting Hill neighborhood for £22 million, according to a Bloomberg report.

The purchase places the crypto entrepreneur among a small group of buyers still active in the UK’s high-end housing market, which has slowed amid tax changes and softer demand.

The transaction was completed in November 2025, shortly before the UK government unveiled its autumn budget. Property records indicate the home was sold at a discount of roughly £2 million below the original asking range, reflecting broader pressure on luxury real estate pricing in the capital.

Luxury Housing Slows as Crypto Wealth Moves Into Real Assets

The deal comes at a time when London’s prime residential market has cooled, particularly for homes priced above £5 million. Higher borrowing costs and revisions to tax incentives for wealthy international residents have weighed on transaction volumes, pushing sellers to accept lower offers in some cases.

Kulechov, who founded Aave in 2017, has overseen its growth into one of the largest decentralized lending platforms in the crypto sector. He also leads Avara, the parent company behind several Web3 initiatives, including the Lens Protocol and the GHO stablecoin. A spokesperson for Kulechov declined to comment on the purchase.

The acquisition highlights how some crypto founders continue to channel digital-asset gains into traditional investments, even as the broader crypto market remains volatile and real estate activity at the top end shows signs of strain.

Governance Scrutiny and Strategic Refocus at Aave

Aave has faced renewed governance scrutiny following backlash over founder Stani Kulechov’s purchase of roughly $10 million worth of AAVE tokens ahead of a key DAO vote late last year. Some community members questioned the timing, raising concerns about potential influence over governance outcomes. Kulechov denied any attempt to sway the vote, stating the tokens were not used in the failed proposal and emphasizing transparency around his actions.

The controversy unfolded alongside broader debate over a proposal to transfer certain brand and intellectual property rights from Aave Labs to the DAO. While supporters framed the move as decentralization progress, critics argued the process lacked sufficient clarity, highlighting persistent tensions around governance structure and decision-making within large DeFi protocols.

More recently, Aave has taken steps to sharpen its focus on core DeFi infrastructure. The protocol transferred stewardship of the Lens social protocol to Mask Network, allowing Aave Labs to concentrate on lending and liquidity products. In parallel, Aave Labs has floated the idea of sharing non-protocol revenue with AAVE token holders, signaling a potential shift toward deeper economic alignment with the DAO.