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The Cardano Foundation, a not-for-profit organization supporting the Cardano network, disclosed its Bitcoin holdings in its 2023 Financial Insights Report. The foundation's Bitcoin reveal highlights the increasing adoption of the world's leading digital assets among prominent blockchain networks.
Cardano Foundation's 2023 spendings
The Cardano Foundation Financial Insights Report details expenditures across operations, education and adoption for 2023. The foundation allocated $19.22 million across the sectors mentioned above, with an additional $4.55 million dedicated to central operational costs. These investments reflect its commitment to building a robust and sustainable ecosystem.
Alex DovbnyaAccording to the report, the Cardano Foundation’s assets amounted to $478.24 million as of Dec. 31, 2023. A total of 82.5% of the total assets were held in ADA, 10.1% in BTC and the remainder as USD liquidity.
It is important to note that the Bitcoin price has risen 138% since the beginning of the year, marking a huge gain for the foundation's investment. As of this writing, BTC is trading at $87,787, up 1.08% in the last 24 hours and 18% in the past week.
The report highlighted that an initial endowment in ADA funded the foundation and proceeds from distributing ADA vouchers. The foundation utilizes these assets to fund activities that are aligned with its purpose and mission. It now has over 100 staff working with institutions, businesses, regulators and policymakers to solve societal and enterprise challenges in new ways across 25 countries.
ADA's growth trajectory and future prospects
ADA is currently the ninth-biggest cryptocurrency by market capitalization, valued at $18.83 billion. In the last 24 hours, ADA's price has decreased 5.4% to $0.5378. The daily trading volume also plummeted by 45% to $1.8 billion, indicating reduced investor activity.
Tomiwabold OlajideDespite this pessimistic outlook, historical data suggests that Cardano might shock the ecosystem in November. Experts foresee a likely spike that could double its market price.
Valeria Blokhina
Vladislav Sopov
Dan Burgin
U.Today Editorial Team