The Cardano Foundation ended 2025 with a balance sheet less concentrated in ADA, as Bitcoin and cash accounting for a larger share of reserves after a year of sharp price divergence.

That shift reflected changes in portfolio composition by value rather than a wholesale move out of ADA and into Bitcoin. The Foundation reduced both ADA and BTC holdings during the year, but ADA’s weaker market performance and a broader buildup in cash and financial assets changed the mix of reserves.