The Cardano Foundation has released its 2024 Financial Insights Report, revealing a total asset base of $659.1 million as of December 31, 2024. The report, published on-chain on July 10, outlines a notable shift in treasury strategy, with 14.9% of the foundation’s holdings now in Bitcoin, amounting to nearly $100 million.
While ADA (Cardano’s native token) remains the dominant asset, representing 76.7% of total holdings, the move into BTC reflects an evolving approach to treasury diversification. The remaining 8.3% is held in cash, cash equivalents, or other financial instruments.
The foundation’s transparency was underscored by the on-chain publication of the report, although it did not include forward-looking budget projections or plans for further ADA liquidations.
Income Driven by Staking and Strategic Spending
In 2024, the Cardano Foundation’s primary income came from staking rewards, earning 17.1 million ADA from a stake of 599.2 million ADA. These rewards provided essential operational capital and supported the foundation’s various initiatives.
The report notes that $22.1 million was allocated to key focus areas:
- Operational resilience
- Education
- Ecosystem adoption
An additional $7.1 million was spent on internal operations, covering governance, legal, infrastructure, and finance. Major investments included supporting the Chang hard fork, enabling Inter-Blockchain Communication (IBC) protocol compatibility, and backing PRAGMA, an open-source development collective.
Educational initiatives such as the Cardano Blockchain Certified Associate programme and partnerships with Petrobras and Universidad Tecnológica Nacional also featured prominently in the Foundation’s 2024 roadmap.
Real-World Pilots and Ecosystem Growth
The Foundation’s ecosystem expansion efforts included real-world use case pilots, designed to demonstrate Cardano’s utility beyond blockchain experimentation. These included:
- A digital ballistic ID system for secure identification.
- A real estate registry in partnership with Tokenance and YurekAI, showcasing blockchain’s potential in land and property documentation.
Such projects reflect the Foundation’s broader goal of promoting real-world adoption and positioning Cardano as a leading Layer 1 blockchain with tangible applications.
Hoskinson Eyes Bitcoin and Stablecoins for Treasury Growth
In a significant development, Cardano founder Charles Hoskinson proposed in June 2025 a shift towards broader treasury diversification. He suggested converting $100 million of ADA into a mix of Bitcoin and stablecoins, specifically to:
- Enhance liquidity
- Support DeFi ecosystem development
- Reduce price exposure risk
Hoskinson advocated for executing the conversion off-market to prevent disruption in ADA’s price. He also floated the idea of a sovereign-style fund managed by a governance board alongside third-party asset managers, marking a potential departure from a solely ADA-based treasury model.
This aligns with a growing trend in crypto governance, where protocol treasuries are diversifying beyond native tokens to navigate market volatility and support operational flexibility.
Transparency vs Diversification
The Cardano Foundation’s financial report marks a pivotal moment in its treasury strategy. While ADA remains at the core of its holdings, the addition of Bitcoin signals a shift towards a multi-asset model aimed at long-term sustainability.
This raises key questions:
- How will the foundation balance transparency and risk with off-chain asset management?
- Will future treasury decisions involve community governance or remain in the hands of the Foundation?
- Could further diversification dilute the original ethos of protocol-native funding?
As Cardano adapts to the changing landscape of blockchain finance, its treasury strategy could set a precedent for other Layer 1 projects looking to stabilise funding and scale adoption.
For now, the $659 million snapshot offers a clear picture of a maturing ecosystem, one that is beginning to look beyond its own borders.
