30s Summary

In 2023, the not-for-profit Cardano Foundation spent $23.7 million in four main areas, resulting in assets close to $478.24 million, 82.5% of which was in ADA currency. While Bitcoin’s value jumped 109%, ADA’s value slightly dipped. The Foundation, which promotes the Cardano network, utilized $19.22 million on operations, education, and adoption, with additional funds allocated to operational costs. CEO Frederik Gregaard highlights the Foundation’s transparency, its concept of responsibility, and its global impact. The Foundation’s assets were boosted by an initial endowment in ADA and proceeds from ADA voucher distribution.

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So, in 2023, the Cardano Foundation dropped $23.7 million in four main areas. By the end of that year, Cardano had assets worth around $478.24 million. Most of that (82.5%) was in the ADA currency, 10.1% was in Bitcoin, and the remainder was in USD liquidity. Now, since then, Bitcoin’s value has jumped 109% while ADA has dipped a little, losing 9% worth of its value.

The Cardano Foundation is a not-for-profit agency that helps develop and pushes the Cardano network. They’ve shared a Financial Insights Report recently which shows their spending in 2023, focusing on operations, education, and adoption. Of the total, $19.22 million went on those three areas, with an additional $4.55 million going to central operational costs.

Frederik Gregaard, the CEO of the Cardano Foundation, said “This report reflects the spirit of our open-source outlook, where transparency is not really an idea, but a principal virtue that we wholeheartedly uphold.” According to Gregaard, the report showcases the concept of responsibility and reveals how their assets are allocated to help Cardano’s progress as a public digital utility in many industries. He mentioned that they have over 100 employees working with different institutions, businesses, regulators, and policymakers around 25 countries to help address societal and business challenges in novel ways.

End of 2023, the Cardano Foundation’s assets totaled $478.24M, majority of which was held in ADA, some in BTC, and the balance as USD liquidity. Notably, since the year changed, BTC value spiked by 109% while ADA dropped 9% of its value as per TradingView. Furthermore, Cardano’s governance token saw an increase of 35% during a weekend after its founder, Charles Hoskinson, announced plans to impact U.S. crypto policy under the Trump administration.

The Cardano Foundation was initially funded with an endowment in ADA and a percentage of the proceeds from the distribution of ADA vouchers.