Uniswap Foundation Reports $85.8M in Total Assets for FY2025, Runway Extends to January 2027

TLDR:

• The Uniswap Foundation held $49.9M in cash and stablecoins alongside 15.1M UNI tokens at year-end 2025.
• A total of $106.2M was allocated toward grants and incentives, covering both new and prior commitments.
• The Foundation committed $26M in new grants throughout FY2025 and disbursed $11M from prior commitments.
• The UNIfication governance proposal, approved December 26, 2025, will reshape financial projections in Q1 2026. 

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The Uniswap Foundation published its unaudited financial summary for fiscal year 2025 on March 31. The report covers the organization’s financial position through December 31, 2025.

It projects an operational runway through January 2027. Total assets stood at $85.8 million at year-end market prices.

This includes $49.9 million in cash and stablecoins, 15.1 million UNI tokens, and 240 ETH. The report also precedes structural changes tied to the UNIfication governance proposal, approved on December 26, 2025.

Asset Holdings and Fund Allocation

The Foundation held three categories of assets as of year-end 2025. Cash and stablecoins totaled $49.9 million, while 15.1 million UNI tokens and 240 ETH were also on hand. Together, these assets represented $85.8 million in total market value at closing rates.

Of the total earmarked funds, $106.2 million was allocated toward grants and incentives. This breaks down into $87.5 million for new grant commitments in the future. An additional $18.7 million was reserved for previously committed grants still awaiting disbursement.

Beyond grants, $26.3 million was set aside for operating expenses and employee token awards. These two budget lines cover the Foundation’s staffing, administration, and token compensation. They reflect planned spending across its core operational functions.

The fiat and stablecoin reserves were designated primarily for grantmaking and day-to-day operations. UNI token reserves, however, were held to support future runway needs. This approach allowed the Uniswap Foundation to retain upside exposure to UNI’s market performance over time.

The projected spend figures are set to be updated in the Q1 2026 financial report. That update will reflect changes following the UNification proposal’s approval on December 26, 2025. Organizational shifts post-passage are expected to revise the foundation’s financial outlook going forward.

FY2025 Grant Activity and Ecosystem Milestones

Throughout FY2025, the Uniswap Foundation committed $26 million in new grants to ecosystem projects. It also disbursed $11 million from previously committed grants across the year. In Q4 2025 alone, $5.8 million in new grants were committed.

Q4 2025 disbursements reached $2.1 million from prior commitments. These funds went toward builders and developers operating across the broader ecosystem. Grant activity remained steady throughout all four quarters of the year.

On the operational side, the Foundation accrued $9.7 million in operating expenses for FY2025. Employee token awards of 0.45 million UNI were excluded from that figure. Interest revenue on fiat holdings contributed an additional $1.7 million to the organization’s income.

The Foundation also received 20.3 million UNI tokens from the Uniswap Treasury via the Uniswap Unleashed Proposal. At year-end prices, this transfer equaled approximately $114 million in market value. This inflow added materially to the Foundation’s overall reserve position during 2025.

Key milestones in 2025 included the launch of Uniswap v4 and Unichain. More than 1,500 builders onboarded to v4 during the calendar year.

These developments supported the organization’s ongoing commitment to expanding decentralized finance infrastructure.

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