Crypto bankruptcy creditor Thomas Braziel posted Monday that, according to Isle of Man corporate registry filings and Cardano's website, the Cardano Foundation predecessor obtained approximately 1,090 BTC during its 2015 ICO. The foundation was dissolved in December 2025, and the BTC's current status remains undisclosed.
Source and Appreciation of 1,090 BTC
Braziel cited Isle of Man filings showing the Cardano Foundation was established during the 2015 ICO, with Charles Hoskinson as supervisor. The ICO raised roughly 1,090 BTC at around $250 per BTC—now worth nearly $29 million at current prices.
BTC Whereabouts After Foundation Dissolution
Cardano's website once indicated the Bitcoin was held under the foundation. But the foundation dissolved in December 2025. Braziel calls for release of governance documents and BTC flow records, stressing he is “not alleging any misconduct, but requesting more disclosure and transparency.”
Recent Setbacks for Cardano Ecosystem
The BTC is not just a footnote—it was Cardano's early capital source. This year, the ecosystem suffered multiple blows:
- May: TapTools (Cardano's top DeFi protocol) shut down after five executives left.
- June: Founder Hoskinson posted “I'm going to rest,” sending ADA below $0.20, a five-year low.
- June 8: Braziel uncovered the 1,090 BTC disappearance record.
Cardano officials had not responded by press time.