Uniswap Foundation: Summary Q2’2025 Financials

Assets on Hand and Projected Funds Usage

On June 30, 2025 we had $49.8 million in USD and stables on hand, UNI 15.4 million (in UNI) and 241 ETH or $110.1 million market value in tokens in USD terms at June 30, 2025 closing rate. Another 5M UNI was held externally as collateral, with a $29M loan to the Foundation against the collateral. The loan was structured against a financial instrument that allowed the Foundation to access immediate fiat (USD) liquidity while minimizing market impact and providing downside protection and additional upside on the collateral. The fiat (USD) cash and stables on hand were to be used for grantmaking and operating activities with significant UNI reserves held for future runway needs, allowing for additional upside exposure. The expected runway was through January 2027 and was earmarked as follows.

For grant commitments and incentives, a total of $110.2 million was allocated towards grants: $93.3 million to be committed in 2025 and 2026 and $16.9 million was reserved for grants committed previously, to be disbursed. $35.5 million was to be used to fund operations expenses and employee token awards through January 2027.

Q2’2025 Grants Committed and Disbursed

In Q2’2025, the Foundation committed $6.5 million in new grants and disbursed $4.9 million in committed grants. In Q2’2025 YTD the Foundation committed $18.9 million in new grants and disbursed $7 million in committed grants.

Q2’2025 Commitments:

Q2’2025 Disbursements:

Q2’2025 Summary of Activities

In Q2’2025, the Foundation accrued $1.8 million in operating expenses, excluding 0.1 million employee token awards in UNI. The Foundation also realized $0.5 million in Revenue: Dividends and Interest in Q2’2025. YTD Q2’2025, the Foundation accrued $3.7 million in operating expenses, excluding 0.2 million employee token awards in UNI. The Foundation also realized $140.7 million in Revenue: Donations, Dividends and Interest through Q2’2025 YTD.

Payroll expenses included salaries, benefits and taxes. Contract & professional fees included legal, accounting, technical audit, and consultant expenses. Office expenses included internal team events, such as offsites, software, transaction fees and other G&A. External events included conference and external event travel and attendance. Advertising & marketing included web design, agency fees, TLDR event hosting. Insurance: includes directors and officers insurance.

In the following financial update post, we will continue with Q3’2025 results, including grants commitments and disbursements, operating expenses and summary of financial position. Q1’2025 financials, including grant commitments and disbursements, and operating expenditures are available to view here.