The Cardano Foundation published its 2025 Activity and Financial Insights Report on April 2, revealing a sharp decline in its asset base. The Swiss-based nonprofit reported total assets worth 287.5 million Swiss francs at market value, or roughly $361 million at current exchange rates. That marks a 45% drop from the $659 million reported at the end of 2024.
The decline reflects the broader downturn in ADA’s price rather than a fundamental shift in the foundation’s holdings.
Three-Year Trend: Shrinking Crypto, Growing Diversification
The foundation held 561 million ADA at year-end, down from 599 million in 2024. Its Bitcoin holdings fell more sharply, from 1,054 BTC to 656 BTC. But the reduction was intentional. The report states that part of the Bitcoin was moved into loans and collective investment schemes. The foundation frames this shift as a way to ensure operational continuity without forced crypto sales during market downturns.
Financial assets tripled from $18 million to $55 million, now including third-party loans, equities, and investment funds. Cash and financial assets made up 25.5% of total holdings, up from 8.3% a year earlier. Three years ago, that figure was just 7.4%. The foundation now holds enough cash and financial assets to cover more than a year of operations without selling any crypto.
On the spending side, the foundation allocated $29.7 million across three pillars: technology at 40.3%, adoption at 39.6%, and governance at 20.1%. Personnel costs dropped 25% year-on-year, while outsourcing and external service spending rose significantly.
First On-Chain Audit Attestation
One notable first: auditor Grant Thornton Switzerland attested its audit results directly on the Cardano blockchain. The foundation has published on-chain financial data via its Reeve platform since 2024. This year, the auditor itself recorded its opinion on-chain, combining traditional Swiss statutory auditing with blockchain-based verification.
The report also disclosed the first-ever Cardano treasury withdrawal. Six million ADA was budgeted for the Cardano Summit and regional events, with 2.8 million ADA spent on the Berlin flagship event. Detailed cost breakdowns were published for the first time.
What Comes Next
The foundation said it will focus on real-world asset infrastructure, stablecoin market expansion, and DeFi liquidity in 2026. Cardano founder Charles Hoskinson recently proposed a separate treasury investment model in which funded projects would buy ADA on the market and return revenue to the treasury. The foundation’s first treasury spending offers an early test of how on-chain funding can work in practice.
