According to its 2023 Financial Insights Report, released on November 13, around 82.5% of the foundation’s assets are in ADA, with 10.1% in Bitcoin and the remainder in U.S. dollars. The foundation’s funds are primarily derived from an ADA endowment and ADA voucher sales.
CEO Frederik Gregaard highlighted that the report demonstrates the foundation’s commitment to transparency and open-source values, providing stakeholders with a detailed view of its resource allocation.
The money was allocated to different areas
The report specifies that $19.22 million was directed toward three strategic areas: adoption, education, and resilience. Additionally, $4.55 million was spent on operational costs to strengthen the foundation’s capacity. An investment of $2.12 million went toward enhancing network resilience, focusing on improving Cardano’s durability and reliability, which has enabled it to operate continuously for over 2,000 days.
In the education domain, the foundation invested $4.18 million to foster regulatory clarity, encourage blockchain research, and drive enterprise adoption. Key initiatives included the launch of the Cardano Academy, the Cardano Explorer, and the “Let’s Talk” webinar series, along with hosting the 2023 Cardano Summit in Dubai. Another $12.92 million was allocated to adoption efforts, underscoring the foundation’s commitment to expanding Cardano’s use in various sectors.
This report follows Cardano’s recent “Chang” upgrade, which ushers in a shift towards decentralized governance that allows ADA holders to participate directly in the network’s future. The upgrade introduced on-chain voting and “liquid democracy,” a system that enables ADA holders to vote on governance issues directly or delegate voting power to chosen representatives, known as Delegate Representatives.
Also Read: Cardano Community Debates Charles Hoskinson’s Role as FX Guys Hits New Milestones
ADA remains central to the foundation
Despite the changes, ADA remains the foundation’s dominant crypto asset. The 2025 report shows 561.36 million ADA still on its balance sheet, compared with 656 BTC.
The foundation’s large ADA position also gives it a significant economic interest in Cardano’s long-term development. At the same time, the foundation has increasingly used those resources to fund adoption, governance and ecosystem initiatives.
That creates a different picture from the original $478 million headline.
The story is no longer simply about how much ADA the Cardano Foundation holds. It is increasingly about how the foundation manages that treasury, how much it deploys and whether those resources can translate into broader adoption of the Cardano network.
Since 2023, Cardano’s treasury has moved through a period of significant valuation changes, spending and greater transparency. The foundation has begun withdrawing ADA for ecosystem initiatives while also using its resources to support technology, governance, education and real-world adoption.
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