The Uniswap Foundation held $85.8 million in total assets at the end of 2025, split between $49.9 million in cash and stablecoins, 15.1 million UNI tokens, and 240 ETH, according to unaudited summary financial statements released Tuesday.
The foundation has committed $26 million in new grants in 2025 and has disbursed $11 million over previous commitments. In the fourth quarter alone, $5.8 million in new grants were obligated and $2.1 million disbursed. Operating expenses for the full year were $9.7 million, excluding token employee awards of 450,000 UNI.
On the revenue side, the foundation received 20.3 million UNI, worth approximately $114 million at year-end prices, from the Uniswap Treasury via the Uniswap Unleashed Governance Proposal. He also earned $1.7 million in interest on trust assets.
The figures reflect the foundation’s financial situation before the unification proposal, approved by governance on December 26, which restructures the relationship between the foundation and the broader Uniswap ecosystem. A new legal entity called DUNI was created as part of this process.
Of the total funds, $106.2 million was earmarked for grants ($87.5 million to be obligated, $18.7 million earmarked for already obligated grants awaiting disbursement) and $26.3 million for operations and token employee awards.
The projected track extended to January 2027, although the foundation indicated that this timeline will be updated in its first quarter 2026 report to reflect post-unification organizational changes.
The report coincides with a year of significant protocol milestones, including the launch of Uniswap v4, which introduced hooks and programmable architecture for on-chain liquidity, and Unichain, a chain dedicated to high-performance DeFi applications. The foundation said more than 1,500 developers integrated v4 during the year.
