According to U.Today, the Cardano Foundation, a non-profit organization supporting the Cardano blockchain network, has disclosed its Bitcoin holdings in its 2023 Financial Insights Report. This revelation underscores the growing adoption of leading digital assets among major blockchain networks. The report provides a detailed account of the foundation's expenditures across various sectors, including operations, education, and adoption for the year 2023. The foundation allocated a total of $19.22 million to these areas, with an additional $4.55 million dedicated to central operational costs. These investments highlight the foundation's commitment to fostering a robust and sustainable ecosystem.
The report further reveals that as of December 31, 2023, the Cardano Foundation's assets amounted to $478.24 million. Of these assets, 82.5% were held in ADA, 10.1% in Bitcoin, and the remainder in USD liquidity. Notably, the price of Bitcoin has surged by 138% since the beginning of the year, resulting in significant gains for the foundation's investment. At the time of reporting, Bitcoin was trading at $87,787, marking a 1.08% increase in the last 24 hours and an 18% rise over the past week. The foundation's initial endowment in ADA and proceeds from distributing ADA vouchers have been instrumental in funding its activities, which align with its mission and purpose. Currently, the foundation employs over 100 staff members who collaborate with institutions, businesses, regulators, and policymakers across 25 countries to address societal and enterprise challenges in innovative ways.
In terms of ADA's market performance, it is currently ranked as the ninth-largest cryptocurrency by market capitalization, valued at $18.83 billion. However, in the last 24 hours, ADA's price has decreased by 5.4% to $0.5378, and its daily trading volume has dropped by 45% to $1.8 billion, indicating reduced investor activity. Despite this downturn, historical data suggests that Cardano might experience a significant price surge in November, with experts predicting a potential doubling of its market price. This optimistic outlook contrasts with the current pessimistic sentiment, offering hope for a positive shift in ADA's growth trajectory.
