Cardano’s second annual Financial Insights Report lays bare the Foundation’s balance sheet and spending strategy for the first time on-chain, confirming a treasury worth $659.1 million split across ADA, bitcoin and fiat reserves. “As of 31 December 2024, the Foundation’s assets amounted to 659.1 million USD with 76.7% held in ADA, 15.0% in BTC, and the remaining 8.3% in cash, cash equivalents and financial assets,” the report states, adding that the 599.2 million ADA stake produced 17.1 million ADA in rewards last year, a 2.7 % return that now finances day-to-day operations without liquidating core holdings.
Cardano Publishes Financials On-Chain
Chief executive Frederik Gregaard sets the tone in his foreword, arguing that “sharing not only our achievements but also how we allocate resources is fundamental to building trust and ensuring long-term success.” He notes that 2024 spending reached $29.2 million, of which $22.1 million went directly into the Foundation’s three strategic pillars—adoption, operational resilience and education—while $7.1 million covered legal, governance, finance and infrastructure overheads “essential to scaling our delivery and ensuring our work remains robust, accountable and future-proof.”
More than half of last year’s budget—$15 million—fuelled adoption initiatives. Those dollars underwrote enterprise pilots ranging from a NASA tracking solution to a ballistic-identification system, the soft-launch of the Reeve on-chain accounting tool, and partnerships with Barcelona FC, Amnesty International, Swisscom and the UN Development Programme, among others.
Operational resilience absorbed $3.8 million, financing the launch of the open-source Cardano.org stack, public network-congestion monitors, preliminary work on the Ouroboros Genesis upgrade and Cardano’s contribution to the Chang hard fork era of decentralised governance. Education programmes drew $3.3 million, funding the Cardano Blockchain Certified Associate (CBCA) exam, regulatory engagement with the Bank for International Settlements and a 1,000-strong Cardano Summit in Dubai.
Transparency itself became a budget line: the Foundation has migrated its entire 2024 general ledger to Reeve, a bespoke reporting tool that anchors financial statements, treasury balances and expenditure records directly on Cardano. Reeve, the report explains, “records, verifies and shares financial data directly on the Cardano blockchain,” allowing stakeholders to audit immutable entries without relying on external gatekeepers.
That step, Gregaard says, “reaffirms our dedication to financial responsibility and strategic investment,” and signals an open invitation to the community to verify every figure. By combining on-chain disclosure with a narrative report that converts ADA and bitcoin balances into USD, the Foundation hopes to satisfy both technically minded auditors and mainstream readers.
With a war chest still dominated by native ADA—originally seeded by an endowment of 648 million ADA and 8,258 BTC—the Foundation faces no immediate liquidity pressures. Its delegation policy continues to funnel stake to mission-critical pools that contribute code or infrastructure, reinforcing a self-referential ecosystem in which staking rewards fund further development.
At press time, ADA traded at $0.7277.
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