Cardano Foundation Spent $23.7M in 2023: Financial Insights Report

Election 2024 coverage presented by
Cardano Foundation, a not-for-profit organization that develops and supports the Cardano network, launched its first Financial Insights Report on Wednesday detailing spending across operations, education and adoption for 2023.
The foundation allocated $19.22 million across the three areas, with a further $4.55 million being spent on central operational costs.
“This report represents a natural evolution of our open-source philosophy, where transparency is not merely a concept but a core principle we wholeheartedly embrace,” said Frederik Gregaard, CEO of the Cardano Foundation.
“This report highlights the importance of accountability, disclosing the allocation of our resources, and how they help advance Cardano as a public digital utility across a wide range of industries. We have 100+ employees working with institutions, businesses, regulators, and policymakers to solve societal and enterprise challenges in new ways across 25 countries.”
As of Dec. 31 2023, the Cardano Foundation’s assets amounted to $478.24M, of which 82.5% was held in ADA, 10.1% in BTC, and the remainder as USD liquidity. It’s worth noting that since the turn of the year BTC has risen by 109% whilst ADA has lost 9% of its value, according to TradingView.
Cardano’s governance token surged by 35% over the weekend after founder Charles Hoskinson revealed plans to help shape U.S. crypto policy under the Trump administration
The Cardano Foundation was funded by an initial endowment in ADA and a proportion of the proceeds from the distribution of ADA vouchers.
Edited by Oliver Knight.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.
Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.