The Cardano Foundation, a non-profit organization that develops and supports the Cardano network, has released its first Financial Report, detailing its expenses and assets for 2023.
Accordingly, the Cardano Foundation announced that it has $478.24 million in assets, the majority of which is in ADA.
According to Coindesk, the Cardano (ADA) Foundation spent $23.7 million on operations, education, and adoption efforts in 2023. The foundation spent $19.22 million across three areas, while spending $4.55 million on central operational activities.
It was stated that as of December 31, 2023, the foundation's assets totaled $478.24 million. It was stated that 82.5% of these assets consisted of ADA, 10.1% Bitcoin (BTC), and the rest USD.
Notably, BTC has gained 109% since then, while ADA's value has fallen by 9%.
“This report represents a natural evolution of our open source philosophy, where transparency is not just a concept, but a core principle that we wholeheartedly embrace,” said Frederik Gregaard, CEO of the Cardano Foundation. “This report highlights the importance of accountability, the allocation of our resources, and how they help Cardano advance as a public digital service across a wide range of industries. We have over 100 people working with institutions, businesses, regulators, and policymakers in 25 countries to solve societal and institutional challenges in new ways.”
Cardano (ADA), which has increased by 58% in the last week, continues to be traded at $0.58 at the time of writing.
*This is not investment advice.