No crypto foundation in the space is profitable or sustainable. Token appreciation and returns from staking, or market mingling (which the CF would never do) has carried them since their inceptions. Thats it. Revenue should be generated by community projects - not by their organisational entities. How fucked would that be if non-profits designed to support an ecosystem, like CF, would take contracts of projects that devshops on Cardano could handle?
On that point.. We are slowly seeing the first ones run out of funds already. NEM shut down in 2019, Harmony closed shop in 2024, and Algorand had to kick nearly half the staff just recently, all because of overspending.
I joined CF because they are not jumping on hypes or sponsoring formula 1 teams, but always spent frugally and responsibly (sure. people will find counter examples and bash me for saying what i say, as everything that comes from anyone at CF, but its generally true. have a look at other organisations that throw money at every second thing and pay to play on every hype unsustainably). CF has the mission to grow Cardano - ideally to a level where it doesnt need a supporting foundation anymore - like Bitcoin is - or alternatively to scale down to a maintenance function for brand, repo mgmt, whatnot. That timeframe was aimed at being around 10 years, but has always been a function of time vs burnrate. Current, past and future market conditions change the runway number of course, but the mission doesnt change - at least since I joined 3y ago. (Lets get over the troubled age of the early days. I dont know anything about it and it doesnt matter anymore either.)
Look at balance sheets of literally any other crypto foundation. its a calculated loss everywhere.
Generally, Id argue that economics are much like the ones of blockchains themselves.. Bitcoin's mining subsidy is designed to incentivise adoption early and transition into a self-sustaining model with onchain fees. POS models arent any different - including Cardano. In extension.. Each chains "main organisation" similarly cant forever support all the efforts they are subsidizing as money doesnt appear magically from nothing. These expensive costs range from intransparent annual license costs for "ecosystem infra" like to keep supporting their chain on custodians or trading venues, to tooling development and maintenance, devex support, and whatever else needs funding. None of that is vanity or party or big salaries. I dont mean this as brag, apologies if it sounds like it, but i could earn much more elsewhere, which is true for most in CF.
On the summit though: I 100% get the point of miscommunicating 1.2m vs 2.5m, that has been an indubitably shit process from CF (time being the main reason for that btw - plan was to sound this proposal much earlier, but oh well..), but whats weird to me here is that people got angry about CF not participating in crazy spends in the past and were called out to be stingy swiss fucks that block everything, because its controlled by the swiss government, but here a lot of the arguments are overspending.
On your questions re financial statements:
An AMA with our CFO might be interesting. Ill suggest it.
Im not our finance department, but how i read this is: BTC, ADA and fiat-ish are roughly on page 28 in usd, the screenshot you sent states the units of tokens as per EOY, and loans to 3rd parties means we get yield on btc.
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....please prove me wrong of not having made a mistake by sending all this and expressing myself (not CF).