According to an unaudited financial summary released on Tuesday, the Uniswap Foundation held $85.8 million in total assets at the end of 2025, including $49.9 million in cash and stablecoins, 15.1 million UNI tokens, and 240 ETH.
The foundation has committed $26 million in new grants in 2025 and is disbursing $11 million in previous commitments. In the fourth quarter alone, $5.8 million in new grants were committed and $2.1 million was disbursed. Full-year operating expenses were US$9.7 million, excluding employee token rewards of 450,000 UNI.
In terms of income, the foundation received 20.3 million UNI from the Uniswap Treasury through the Uniswap Unleashed governance proposal, which is worth approximately US$114 million based on year-end prices. It also earned $1.7 million in interest from holding fiat currencies.
These numbers reflect the foundation’s financial position prior to the December 26 governance approval of the UNification proposal, which reorganized the relationship between the foundation and the broader Uniswap ecosystem. As part of this process, a new legal entity called DUNI was formed.
Of the total funding, $106.2 million is earmarked for grants ($87.5 million pending commitments and $18.7 million set aside for previously committed grants pending disbursement) and $26.3 million for operations and employee token awards.
The runway is expected to be extended to January 2027, though the foundation said the timeline will be updated in its first-quarter 2026 report to reflect post-UN organizational changes.
The report coincides with a year of protocol milestones, including the launch of Uniswap v4, which introduced hooks and a programmable architecture for on-chain liquidity, and Unichain, a purpose-built chain for high-performance DeFi applications. The foundation says more than 1,500 developers have joined v4 this year.
