Vitalik Buterin, the inventor of Ethereum has today released the financial position of the group in a blog post. Ethereum raised $18.4 million during its crowdsale phase making it the most successful token crowdsale in history. However Buterin mentions the foundation now faces budget constraints due to the decline in Bitcoin prices.
“First of all, it is indeed true that the foundation’s finances are limited, and a large part of this was the result of our failure to sell nearly as much of our BTC holdings as we were planning to before the price dropped to $220; as a result, we suffered roughly $9m in lost potential capital , and a hiring schedule that was meant to last over three years ended up lasting a little under two (although bolstered by a “second wind” from our ETH holdings).”
While Buterin goes on to say that the foundation does not have the resources to complete the initial vision, the community has stepped up to offer assistance and support, in the form of funding and a number of side projects listed in the blog post.