Grant Thornton’s Cardano Audit Attestation Makes 2025 Financials Publicly Verifiable

Cardano Foundation has renewed attention on the on-chain attestation attached to its 2025 financial reporting. Grant Thornton Switzerland conducted the statutory audit, while Reeve was used to create a blockchain-verifiable record connected to the published financial statements.

Grant Thornton Attests the Audit Outcome on Cardano

Grant Thornton Ltd audited the Cardano Foundation’s financial statements for the year ending December 31, 2025, covering the balance sheet, income statement and accompanying financial notes.

The auditor’s report, dated March 25, 2026, states that the financial statements comply with Swiss law and the Foundation’s deed. The audit was conducted under Swiss law and the Swiss Standards on Auditing, with Pascal Furger listed as auditor in charge alongside Fabian Mafé.

Cardano Foundation published its 2025 Activity and Financial Insights Report on April 2. In addition to the conventional statutory audit, Grant Thornton’s audit attestation was connected to Cardano through Reeve, creating a public record that can be independently checked against the blockchain.

According to the Cardano Foundation, the implementation marked the first time a major auditor had attested financial reporting for a crypto organization directly through a public blockchain.

Reeve Links Financial Reporting to Cardano

Reeve is an open-source financial reporting platform developed by the Cardano Foundation to connect existing accounting and enterprise systems with verifiable records on Cardano.

Rather than replacing accounting software or storing entire financial datasets publicly on-chain, Reeve creates a cryptographic link between the underlying records and Cardano. The financial data can remain off-chain, while its integrity can be checked against the blockchain record.

The Grant Thornton implementation also incorporates verified legal identity information. Reeve can connect attestations with Legal Entity Identifiers, allowing auditors and third parties to verify which organization is associated with a particular reporting record.

This gives the audit trail an identity layer alongside the cryptographic proof, without requiring conventional financial reporting processes to be replaced.

Cardano Becomes Part of the Financial Audit Trail

Cardano Foundation reported CHF 287.5 million in assets at the end of 2025. Of that total, 51.6% was held in ADA and 25.5% in BTC, with the remainder held across cash, cash equivalents and other financial assets. The Foundation also reported allocating CHF 23.6 million across technology, governance and adoption during the year.

Those figures were reviewed through the statutory audit process. The additional Reeve layer gives third parties another way to verify the integrity of the published record after the audit has been completed.

The model is also relevant beyond the Foundation’s own reporting. Reeve is designed for organizations that already use conventional ERP and accounting systems but want selected financial records or audit evidence to carry a tamper-resistant blockchain reference.

For the Cardano Foundation’s 2025 reporting cycle, that means Grant Thornton’s audit opinion is no longer available only as a document issued and hosted through traditional channels. Its attestation can also be checked against a public Cardano record, giving external parties a separate verification path without relying solely on the publisher’s copy.