Bitcoin rally has pushed Cardano Foundation BTC holdings to over $100 million
The Cardano Foundation has released its first Financial Insights Report, disclosing that its assets totaled $478.24 million as of Dec. 31, 2023, according to a Nov. 13 statement shared with CryptoSlate.
Of the reported assets, the Foundation holds 82.7% in ADA, 10.1% in Bitcoin, and the remainder in USD liquidity. Given the recent market rally, the value of the Foundations Bitcoin holdings has reached an estimated $103.7 million.
Cardano Foundation CEO Frederik Gregaard described the report as a testament to Cardanos open-source philosophy. He emphasized that transparency is at the core of the Foundations mission, not just as a concept but as a foundational principle it fully embraces.
The Cardano Foundation plans to release its Activity Report for 2024 in the first quarter of 2025. This report will offer a comprehensive overview of the Foundations initiatives and achievements over the past year.
Expenses
The report outlines that the Foundation allocated roughly $19.22 million to three key areas: operational resilience, education, and adoption. An additional $4.55 million supported central operational costs to enhance the Foundations capacity and advance significant initiatives.
In the area of Operational Resilience, the Foundation spent $2.12 million to strengthen Cardanos infrastructure, positioning it as a reliable component for institutional-grade operations. This investment has helped the Cardano network achieve over 2,000 consecutive days of uninterrupted operation.
Additional achievements included launching a block producer, refined stake pool delegation, and ongoing network monitoring.
The Foundation allocated $4.18 million to its educational initiatives. These funds supported blockchain discussions, research, regulatory clarification, and educational events to inform and engage diverse stakeholders on the fundamentals and potential of blockchain technology.
However, the largest share of expenses, totaling $12.92 million, went toward driving Cardanos adoption. This funding promoted the development of use cases that demonstrate Cardanos versatility. It also contributed to community tools such as an identity wallet and Ledger Sync, which aim to enhance user experience and utility.
Earnings
Staking rewards generated by delegating its ADA serve as the Foundations primary income source. In 2023, the Foundations 668.8 million ADA holdings produced staking rewards totaling 20.9 million ADA, representing a 3.1% return.
According to its Delegation Strategy, the Cardano Foundation prioritizes delegating to stake pools that benefit the blockchain networks ecosystem rather than maximizing financial returns.
The post Bitcoin rally has pushed Cardano Foundation BTC holdings to over $100 million appeared first on CryptoSlate.
Text source: CryptoSlate
