The Cardano Foundation has published its 2024 Financial Insights Report, offering a detailed breakdown of its assets, income sources, and spending priorities. Released on-chain on July 10, the report confirms the Foundation held $659.1 million in total assets as of December 31, 2024.
While the majority (76.7%) of these assets remain in ADA , a notable 14.9%, nearly $100 million, is now held in Bitcoin (BTC). This marks a shift toward treasury diversification, aligning Cardano with a growing number of crypto projects expanding beyond native tokens.
Just published: Our 2024 Financial Insights Report, fully on-chain using Reeve. 📊
Highlights:
• $22.1M allocated across adoption, education, and resilience
• $659.1M in assets (as of 31 Dec 2024)
• 17.1M $ADA earned via stakingExplore the report: https://t.co/NwKl4oEw3C
— Cardano Foundation (@Cardano_CF) July 10, 2025
The remaining 8.3% is allocated in cash, cash equivalents, or other financial instruments. According to the report, staking rewards from ADA contributed significantly to income, generating 17.1 million ADA over the year from 599.2 million ADA held.
Resilience, Adoption, and Education
The Foundation allocated $22.1 million across three core functions: operational resilience, education, and ecosystem adoption. Another $7.1 million was used internally for governance, infrastructure, legal, and finance-related operations.
Notable initiatives in 2024 included:
Support for the Chang Hard Fork: Preparing Cardano’s network for governance upgrades.
IBC Protocol Compatibility: Enhancing interoperability with other blockchains.
PRAGMA Funding: Contributing to an open-source collective aimed at building on Cardano.
Education efforts were bolstered through the Cardano Blockchain Certified Associate programme, while partnerships with Petrobras and Universidad Tecnológica Nacional furthered enterprise adoption.
The Foundation also piloted use cases including a digital ballistic ID system and a real estate registry project with Tokenance and YurekAI, signalling a push for real-world integration of blockchain technology.
Transparent Reporting but No Future Budget Shared
A standout feature of this year’s financial disclosure is its on-chain availability, ensuring full transparency. All transactions and allocations can be publicly verified, aligning with Cardano’s long-standing commitment to decentralisation and auditability.
However, the report does not include any forward-looking budgets or ADA liquidation plans. This omission leaves unanswered questions about how much ADA the Foundation might sell in the near future or whether it plans to expand its non-ADA holdings further.
Still, the presence of nearly $100 million in Bitcoin suggests strategic planning to cushion against market volatility and increase liquidity.
Hoskinson Backs Bitcoin and Stablecoin Diversification
In June 2025, Cardano founder Charles Hoskinson publicly supported the idea of diversifying the Foundation’s treasury. He proposed converting $100 million of ADA into Bitcoin and stablecoins to support Cardano’s decentralised finance (DeFi) ambitions.
Cardano founder Charles Hoskinson
Hoskinson argued this move would strengthen liquidity and reduce ADA price pressure during times of high expenditure. His proposal included creating a sovereign-style fund, managed by a dedicated governance board and third-party asset managers, a notable shift from the 2024 ADA-centric treasury approach.
While not confirmed in the latest report, this idea aligns with the Foundation’s increased BTC holdings and suggests a long-term pivot toward a multi-asset treasury.
Protocol Treasuries Are Evolving
Cardano’s approach mirrors a broader trend in the crypto industry, where project treasuries are beginning to hedge their risk by holding Bitcoin or stablecoins, rather than relying solely on volatile native tokens. This trend supports more predictable operational spending and allows protocols to fund development without destabilising their own token economies.
However, this shift also introduces new concerns around governance, risk management, and transparency, especially when treasury decisions extend beyond a single-token framework.
With its $659 million treasury and a clear intent to diversify, the Cardano Foundation is positioning itself among the leading blockchain entities adapting to the next phase of crypto treasury management.
