The Uniswap Foundation had $85.8 million in total assets at the end of 2025, divided into $49.9 million in cash and stablecoins, 15.1 million UNI tokens and 240 ETH, according to unaudited summary of finances published on Tuesday.
The foundation committed $26 million in new grants through 2025 and disbursed $11 million against previous commitments. In the 4th quarter alone, $5.8 million in new grants were awarded and $2.1 million disbursed. Operating expenses for the full year totaled $9.7 million, excluding employee token rewards of 450,000 UNI.
On the income side, the fund received 20.3 million UNI, worth about $114 million at year-end, from the Uniswap Treasury through the Uniswap Unleashed management proposal. It also earned $1.7 million in interest on fiat holdings.
The figures reflect the fund’s financial position before the UNification proposal, approved by governance on December 26, which restructures the relationship between the fund and the wider Uniswap ecosystem. A new legal entity called DUNI was formed as part of this process.
Of the total funds, $106.2 million was earmarked for grants ($87.5 million to be committed, $18.7 million reserved for previously committed grants awaiting disbursement) and $26.3 million for operations and employee token awards.
The expected runway extended to January 2027, although the fund said the timeline will be updated in its Q1 2026 report to reflect the organizational changes following UNIFATION.
The report coincides with a year of significant protocol milestones, 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 said more than 1,500 developers onboarded v4 over the course of the year.
