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The 
Uniswap Foundation (UF) has released an unaudited financial summary for the year ending December 31, 2025, which reports $85.8M in total assets and estimates that operational runway will cease beginning January 2027.
What's the Scoop?
- State of the Treasury: According to recently published financials, the Uniswap Foundation held $49.9M of dollar assets (primarily in non-stablecoins), 15.1M UNI tokens, and 240 ETH. These reserves was valued at approximately $85.8M at year-end 2025.
- Limited Runway: Against its $85.8M in total assets, UF reports $106.2M in future liabilities for grants and incentives programs, with $26.3 million is earmarked for operating costs and employee token awards. Without change, these reserves are expected to fund operations only through January 2027.
- UNIfication Hopes: The Uniswap Foundation claims these numbers are subject to change, noting that projected spend for its Q1 2026 will be updated to account for the "UNIfication proposal passing and subsequent organizational changes."
- Governance Ramification: The UNIfication proposal was passed on December 25 and executed two days later; it burned 100M UNI from the UF treasury prior to year-end, making the omission of the proposal's impact on UF’s forward budget notable. UNIfication transitioned the majority of UF operations to Uniswap Labs, and made continued UF funding contingent on Uniswap Labs.
Uniswap Foundation: Summary FY’2025 Financials
Continuing with our series of financial transparency updates to the community, the Uniswap Foundation is pleased to publish the unaudited summary financials for the year ended December 31, 2025. This report reflects the Foundation’s financial position prior to the changes post approval of the UNIfication governance proposal on December 26, 2025, which represents an important structural evolution for the Uniswap ecosystem. 2025 marked a defining year for the Uniswap ecosystem, with major protoc…
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