Cardano Foundation keeps 1,090 BTC under wraps, a well-known debt investor demands disclosure of fund flows

Crypto bankruptcy creditors discover that the Cardano Foundation acquired about 1,090 BTC during its 2015 ICO; as the fund was dissolved at the end of last year, the whereabouts of this BTC remain a mystery.
(Background: Cardano founder announces “I’m taking a break,” ADA plunges to a five-year low of $0.19)
(Additional context: The Cardano ecosystem takes another hit! After five senior executives left TapTools, they announced the closure of operations)

Table of Contents

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• Where did the 1,090 BTC come from?
• Where did the BTC go after the fund was dissolved?
• Cardano’s recent string of setbacks

Crypto bankruptcy creditor Thomas Braziel posted on Monday, stating that, according to Isle of Man company registration records and information from Cardano’s official website, the predecessor of the Cardano Foundation acquired about 1,090 bitcoins when it was established during the 2015 ICO. However, with the fund dissolved in December 2025, the destination of this BTC remains unclear to date.

Currently, the Cardano ecosystem has recently been hit with a series of bad messages: on June 7, Cardano founder Charles Hoskinson announced “I’m taking a break,” and then the ADA price crashed to $0.19, hitting a new five-year low.

Where did the 1,090 BTC come from?

The Isle of Man registration records cited by Braziel show that the Cardano Foundation was established during the 2015 ICO period, with Charles Hoskinson serving as supervisor. The bitcoins raised during this phase were about 1,090 BTC—based on roughly $250 per coin at the time—meaning this BTC has now appreciated to nearly $290,000.

Where did the BTC go after the fund was dissolved?

Information on Cardano’s official website indicates that this bitcoin was stored under the foundation’s name. But since the foundation dissolved in December 2025, Braziel has requested the release of related governance documents and the flow of BTC, emphasizing, “This is not an accusation of any improper conduct—rather, it’s a request for more disclosure and transparency.”

Cardano’s recent string of setbacks

This BTC is not only a chapter in Cardano’s history—it was also a source of capital in Cardano’s early days. Looking back, this year the Cardano ecosystem has experienced the following events in succession:

• May: After five executives left TapTools (a leading DeFi protocol in the Cardano ecosystem), it announced the closure of operations
• June: Founder Hoskinson posted “I’m taking a break,” and ADA promptly fell below the $0.2 level
• June 8: Braziel uncovered records showing the destination of 1,090 BTC is unknown

As of the time of publication, Cardano’s official response has not been received.