The Cardano Foundation, the non-profit organization that develops and supports the Cardano network, has published its first Financial Report, covering its financial position and expenses for 2023.
According to this report, the Cardano Foundation’s total assets were announced as $478.24 million. The majority of this amount is in the form of ADA tokens, which make up 82.5% of the foundation’s assets. Additionally, 10.1% is in Bitcoin (BTC) and the rest is in USD.
According to Coindesk, the Cardano Foundation spent a total of $23.7 million on operational activities, education, and adoption efforts through 2023. $19.22 million of this expenditure was made in three main areas, while the remaining $4.55 million was used for central operations.
As of December 31, 2023, the foundation's assets totaled $478.24 million. However, a noteworthy point is that while Bitcoin gained 109% in value during this period, ADA's value decreased by 9%.
“This report is a natural evolution of our open source philosophy, which emphasizes that transparency is more than just a concept; it is a core principle that we wholeheartedly embrace,” said Frederik Gregaard, CEO of the Cardano Foundation. “It also shows how our resources are allocated and how they help Cardano advance globally as a digital service. Our 100+ employees collaborate with institutions, businesses, regulators, and policymakers in 25 countries to create innovative solutions to societal and institutional challenges.”
Cardano (ADA), which has gained 58% in the last week, continues to trade at $0.58 at the time of writing.