Cardano Foundation, a not-for-profit organization that develops and supports the Cardano network, launched its first Financial Insights Report on Wednesday detailing spending across operations, education and adoption for 2023.

The foundation allocated $19.22 million across the three areas, with a further $4.55 million being spent on central operational costs.

“This report represents a natural evolution of our open-source philosophy, where transparency is not merely a concept but a core principle we wholeheartedly embrace,” said Frederik Gregaard, CEO of the Cardano Foundation.

“This report highlights the importance of accountability, disclosing the allocation of our resources, and how they help advance Cardano as a public digital utility across a wide range of industries. We have 100+ employees working with institutions, businesses, regulators, and policymakers to solve societal and enterprise challenges in new ways across 25 countries.”

As of Dec. 31 2023, the Cardano Foundation’s assets amounted to $478.24M, of which 82.5% was held in ADA, 10.1% in BTC, and the remainder as USD liquidity. It’s worth noting that since the turn of the year BTC has risen by 109% whilst ADA has lost 9% of its value, according to TradingView.

Cardano’s governance token surged by 35% over the weekend after founder Charles Hoskinson revealed plans to help shape U.S. crypto policy under the Trump administration

The Cardano Foundation was funded by an initial endowment in ADA and a proportion of the proceeds from the distribution of ADA vouchers.