Uniswap Foundation Ends 2025 With $85.8M in Assets, Awards $26M in Grants

The Uniswap Foundation reported holding $85.8 million in total assets at the end of 2025, with $49.9 million in cash and stablecoins, 15.1 million UNI tokens, and 240 ETH, according to unaudited financials released on Tuesday. The foundation committed $26 million in new grants during the year and disbursed $11 million against prior commitments, with $5.8 million in new grants and $2.1 million in disbursements recorded in the fourth quarter alone. Operating expenses for the full year amounted to $9.7 million, excluding 450,000 UNI tokens awarded to employees. The foundation received 20.3 million UNI tokens, valued at approximately $114 million at year-end prices, from the Uniswap Treasury through the Uniswap Unleashed governance proposal. Additionally, it earned $1.7 million in interest on its fiat holdings. These figures were reported before the implementation of the UNIfication proposal, approved by governance on December 26, which restructured the foundation's relationship with the broader Uniswap ecosystem. A new legal entity, DUNI, was established as part of this restructuring. Of the total funds, $106.2 million was allocated for grants, with $87.5 million earmarked for new commitments and $18.7 million reserved for previously committed grants awaiting disbursement. $26.3 million was designated for operations and employee token awards, with the projected financial runway extending through January 2027, though this timeline will be revised in the Q1 2026 report to reflect post-UNIfication changes. The report coincides with a year of significant protocol advancements, including the launch of Uniswap v4, which introduced hooks and a programmable architecture for on-chain liquidity, and Unichain, a dedicated chain for high-performance DeFi applications. The foundation noted that over 1,500 developers had onboarded to v4 during the year.