The Interchain Foundation (ICF) has released its monthly treasury snapshot for March 2025, providing a transparent breakdown of its current financial holdings. This marks the continuation of ICF’s new commitment to regular reporting, a transparency initiative first introduced in its 2023 annual report.
The March snapshot details the ICF’s total assets at $247 million, split across fiat and cryptocurrency reserves. The data reflects values as of March 31, 2025, with prices sourced from CoinMarketCap, except for Penumbra, which uses internal protocol data.
Breakdown of Treasury Holdings
The ICF’s treasury is composed of both fiat currency and a diversified set of crypto assets:
Total Treasury: $247 million
Fiat Holdings: $74 million
44% readily available
56% held in managed investment accounts
Crypto Holdings: $172 million
The crypto portion includes the following major assets:
ATOM: 14.75M ATOM, valued at $65M
BTC: 699 BTC, valued at $58M
ETH: 17,191 ETH, valued at $31M
Celestia (TIA): $18M
IRIS, Osmosis, Penumbra, Others: Combined ~$5M
ATOM remains the largest single holding in the crypto category, accounting for over one-quarter of the total treasury.
Liquidity Strategy and Risk Management
According to the report, the ICF’s asset strategy reflects a diversified and risk-conscious approach. Fiat reserves are distributed across multiple banking institutions to reduce custodial risk, and a portion is allocated to traditional investment vehicles. The crypto portfolio is diversified across core Cosmos ecosystem tokens and select external assets like BTC and ETH.
Some assets, particularly ATOM, are actively delegated through the ICF’s delegation program to support validator activity while contributing to network security and ecosystem growth.
The “Others” category includes tokens that individually represent immaterial amounts but are tracked and will be reported in more detail as they reach reporting thresholds.
Importance of Snapshots
These monthly disclosures are meant to keep the Cosmos community informed about how resources are managed and to provide transparency into the financial state of the foundation that supports the broader interchain ecosystem. The updates are intended to build long-term trust and accountability as Cosmos enters a new phase of expansion and developer onboarding.
It's important to bear in mind that pricing fluctuations and operational expenses will continue to influence month-to-month changes in treasury size and composition.
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