The Cardano Foundation has published its 2025 Activity and Financial Insights Report directly on the Cardano blockchain, marking the second consecutive year of such on-chain reporting. This year's report features a significant milestone: the financial statements were formally attested on-chain by the professional accounting firm Grant Thornton Switzerland. This represents the first time a major foundation's audit opinion has been immutably recorded on a blockchain, setting a new standard for financial transparency in the crypto sector.
The Foundation's total managed assets were valued at 287.5 million Swiss francs (approximately $361 million) as of December 31, 2025. This reflects a 45% decline from the previous year, which the report attributes primarily to the decrease in the market price of ADA rather than a change in the Foundation's holding strategy. The asset portfolio is diversified, with 51.6% held in ADA, 25.5% in Bitcoin (BTC), and 22.9% in liquidity and other assets.
Throughout 2025, the Foundation allocated 23.6 million Swiss francs across three core areas: adoption, technology, and governance. Key ecosystem initiatives included supporting over 70 startups through partnerships with accelerators like Draper University and Techstars, and launching new developer tools such as Reeve, Veridian, and the Aiken Standard Library v3.0.0. Integrations with oracle provider Pyth Network and analytics platforms Dune and Brale were also completed.
In governance, the Foundation maintained a 100% participation record in on-chain voting and supported the largest on-chain budget in Cardano's history, totaling 275 million ADA. The report also highlights regulatory engagement with bodies including the U.S. Securities and Exchange Commission (SEC), the UK's Financial Conduct Authority (FCA), the European Parliament, and the U.S. Congress.
A landmark real-world application achieved in 2025 was the launch of the world's first tokenized institutional reinsurance fund in collaboration with Memberscap and Archax, which is linked to the London Stock Exchange. The Foundation also hosted six regional events, culminating in the Cardano Summit 2025 in Berlin, which attracted 1,463 participants from 74 countries.
