- Cardano Foundation held $478 million in assets in 2023, with 82.5% held in ADA tokens, 10.1% in Bitcoin, and the rest in U.S. dollars.
- The foundation allocated $19.22 million across its three key focus areas: operational resilience, education, and adoption.
- Major initiatives included running the Cardano network without interruption for over 2,000 days, launching the Cardano Academy and Explorer, and contributing to blockchain research and regulatory clarity.
The Cardano Foundation, a nonprofit advancing the Cardano ecosystem, has published its annual financial report providing transparency into how the organization used its funds last year.
Cardano Foundation’s Assets
According to the financial summary, the Cardano Foundation held assets totaling $478.24 million as of December 31, 2023. Of those funds, 82.5% were held in ADA tokens, 10.1% in Bitcoin, and the remainder in US dollars. The assets came from an initial ADA endowment and proceeds from ADA vouchers.
Allocations Across Key Focus Areas
In 2023, the nonprofit allocated $19.22 million across its three key focus areas: operational resilience, education, and adoption. It also spent $4.55 million on operational costs to expand its capacity for advancing initiatives.
Operational Resilience Efforts
The Cardano Foundation spent $2.12 million on efforts to improve the network’s durability, reliability, and recognition as an institutional-grade infrastructure. This included running the network without interruption for over 2,000 days, testing its governance mechanism, and supporting protocol upgrades like the Valentine hard fork.
Education Programs and Research
A total of $4.18 million went towards educational programs like Cardano Academy and Cardano Explorer, contributing to blockchain research, and encouraging enterprise adoption. The foundation also hosted the 2022 Cardano Summit event in Dubai as part of these efforts.
Supporting Cardano Adoption
To drive adoption, the key focus area that received $1.292 million in funding, the foundation worked to provide regulatory clarity, integrate Cardano for institutional use cases, and make the network accessible to enterprises.
The report reflects the nonprofit’s commitment to transparency and its open-source philosophy. By clearly detailing its financial operations and allocation of resources, the organization aims to further the development of the Cardano ecosystem.
