The Cardano Foundation is becoming less dependent on ADA. Its latest report shows Bitcoin and cash now account for a much larger share of reserves after a year of sharp price divergence.
That shift changes how closely the Foundation’s balance sheet tracks the performance of Cardano’s native token.
In its 2025 Activity and Financial Insights Report shared with CryptoSlate, the Foundation said its total assets stood at 287.5 million Swiss francs, or about $361 million. This represents a 45% decline from the $659.1 million assets it held as of the end of 2024.
The drop in headline value reflected a difficult year for Cardano’s native token, ADA, but the more notable shift came in the composition of the Foundation’s holdings.
Why this matters: The Foundation has historically been one of the largest long-term holders of ADA, so changes to its treasury structure affect the degree of internal alignment between Cardano’s ecosystem and its core institution. A lower ADA concentration reduces direct exposure to the token’s price but also weakens the feedback loop linking the Foundation’s balance sheet to ADA’s performance.
A year earlier, the Foundation said 76.7% of its assets were held in ADA, 14.9% in Bitcoin, and 8.3% in cash, cash equivalents, and financial assets.
However, by the end of 2025, ADA’s share had fallen to about 51.6%, while BTC rose to 25.5%, and cash, cash equivalents, and financial assets climbed to 22.9%.
On that basis, the Foundation’s holdings worked out to roughly $186 million in ADA, $92 million in Bitcoin, and $83 million in cash and financial assets.
This essentially means that the Cardano-focused organization’s asset was no longer as concentrated in ADA as it had been a year earlier. Now, nearly half of the balance sheet was tied to Bitcoin, cash, and other financial assets.
How Bitcoin gained a foothold in Cardano’s Foundation assets
Bitcoin’s greater role in the portfolio did not stem from an increase in the Foundation’s BTC holdings.
In fact, the report showed that the Foundation significantly reduced its BTC holdings last year, down 37% to 656 BTC from 1,054 BTC a year earlier.
That means BTC’s increased share of the treasury was driven by relative performance and a broader reshaping of reserves, rather than by an outright accumulation of more BTC.
Market moves help explain the change. Data from CryptoSlate showed that ADA has fallen by roughly 63% over the past year, while Bitcoin has shown more resilience, declining by around 25%.
That divergence meant BTC did not need to rise in absolute terms to claim a larger place in the Foundation’s holdings. Instead, the top crypto’s greater resilience during the bear market helped it gain a stronger footing.
Meanwhile, the report also suggests the treasury was becoming more layered, with the Foundation finding more use cases for BTC and also expanding its cash holdings.
The Foundation said part of its Bitcoin allocation was invested in loans and collective investment schemes during 2025.
At the same time, its financial assets, including loans to third parties, investments, and shares, rose to 43.9 million Swiss francs (around $54.9 million) from 14.3 million Swiss francs (equivalent to $17.8 million) a year earlier.
Additionally, the organization’s cash and cash equivalents stood at 20.1 million Swiss francs, or $25.1 million.
Taken together, those figures show a reserve base moving beyond a straightforward ADA-and-bitcoin treasury into something more diversified and more actively managed.
Spending priorities shift
The change in portfolio mix was matched by a clearer reset in how the Foundation spent money in 2025.
The report said 23.6 million Swiss francs (equivalent to $29.5 million) was allocated across three strategic pillars, including technology, adoption, and governance.
Technology accounted for the largest share at 40.3%, or 9.5 million francs. Adoption followed at 39.6%, or 9.3 million francs, while governance spending represented 20.1%, or 4.8 million francs.
That marked a change from 2024, when the foundation grouped its work under adoption, operational resilience, and education. The new structure gives a sharper picture of where resources are now being directed and how the Foundation sees Cardano’s next phase.
Technology spending centered on protocol enablement, developer tooling, node diversity, interoperability frameworks, oracle infrastructure, and operational resilience.
The Foundation said it also increased its focus on community initiatives to improve liquidity and adoption in decentralized finance. At the same time, it expanded its Web3 adoption team with an emphasis on integrations, listings, and real-world asset efforts.
A significant part of the technology and adoption story was tied to digital identity. In 2025, the foundation launched Veridian, a privacy-preserving identity platform designed to let organizations issue and verify digital credentials anchored on Cardano.
Meanwhile, adoption spending covered enterprise solutions, identity and traceability systems, regulatory collaboration, education, and ecosystem partnerships.
The report said the foundation made Originate available as an open-source traceability solution, advanced the Reeve platform through internal use and its first enterprise proof of concept, and pushed Veridian into wider deployment, including a white-label rollout for the United Nations Development Program and the launch of the Veridian Wallet.
The Cardano Academy also expanded through new courses, distribution partnerships, and multilingual deployment. The Foundation said course material was extended to Binance Academy, which it said reaches more than 44 million learners, while collaborations also included the Blockchain Research Institute and Coursera.
Lastly, governance took a smaller share of the budget than technology and adoption, but it remained central to the Foundation’s 2025 agenda as Cardano deepened its commitment to decentralized decision-making.
The report highlighted support for the largest on-chain budget submitted so far on Cardano, resulting in 38 separate treasury withdrawal governance actions. It also pointed to the Foundation’s enterprise membership in Intersect and its work across committees tied to civics, budget, technical matters, product, open-source enablement, marketing, and oversight.
That participation fed into a series of initiatives, including work on the constitutional process, the Cardano 2030 vision and strategy, the Cardano Summit 2025 proposal, and the Cardano 2026 budget process.
The Foundation also said it supported tools aimed at widening participation in governance, including the open-source Cardano Voting Tool, a Proposal Examiner built with Griffin AI, updated governance documentation, and dedicated sessions at Cardano Summit 2025.
The foundation’s DRep Delegation Program distributed 140 million ADA to seven builder DReps, with a further 220 million ADA allocation to adoption and operational DReps announced. It also published the Constitutional Committee’s cold keys and expanded internal frameworks for delegation and elections as the governance transition continued.
2026 will test whether the reset works
The next question is whether the Foundation’s repositioning can translate into a stronger operating story for Cardano itself.
Frederik Gregaard, the Foundation’s chief executive, said the organization’s focus in 2026 would remain on technology, governance, and enterprise and institutional adoption.
He said the group would continue working to strengthen Cardano’s role in real-world asset infrastructure, support the expansion of stablecoin markets and DeFi liquidity, and build the open-source tooling needed for broader adoption.
Notably, this aligns with the blockchain network’s recent efforts to integrate the Pyth network, LayerZero, and Circle’s USDCx stablecoin. All of these efforts are geared towards expanding Cardano’s DeFi ecosystem and stablecoin supply to attract institutional support.
That leaves Cardano facing a clearer test in 2026 to determine if a more diversified balance sheet, combined with heavier spending on infrastructure, governance, and adoption, can help stabilize the economics around ADA itself.