Executive Summary
As of November 30:
- ~$428K in cash
- ~$533K in pending receivables
- ~$157K average monthly burn rate
- 6 month runway once all receivables clear
Our primary expense is staff, who often work overtime to push their programs forward and secure the future of crypto.
If you’ve found value from any of our initiatives including SEAL 911, SEAL Frameworks, Safe Harbor, or SEAL Intel, please consider donating so we can continue supporting the entire crypto ecosystem.
Overview
SEAL was founded in late 2022, which makes this the third full year that SEAL has been operating. Since that time, we’ve achieved some truly remarkable accomplishments, from helping so many users and protocols via SEAL 911, to protecting users from some of the most prominent drainers via SEAL Intel, to providing free best practices and other resources via SEAL Frameworks.
SEAL is a non-profit organization, which means we operate solely from donations. Since inception, SEAL has relied on individuals and corporations who believed in our mission to secure the future of crypto, and our vision on how to achieve that. For their trust, we are extremely grateful.
As a non-profit which exists to serve our community, it’s important for our community to see how we are using the funds that have been entrusted to us. After all, crypto operates on transparency and trust.
We hope this transparency report is insightful, and look forward to another great year!
Financial Statement
Assets and Liabilities
SEAL’s balance sheet as of November 30:
| Cash | $50,505 |
| Crypto | $402,922 |
| Liabilities | ($25,373) |
| Total liquid assets | $428,054 |
Income
As of November 30, SEAL received a total of $1,938,019 in donations and grants:
| Corporate & foundation grants | $3,000 |
| Grants from other nonprofits | $50,000 |
| Institutional donors | $1,881,538 |
| Individual community members Facilitated by The Giving Block |
$3,481 |
Operating Expenses
As of November 30, SEAL has incurred a total of $1,731,017 in expenses for 2025 and our average monthly burn is $157,365.
Program-related work (74%):
| Initiative Leads* | ($826,026) |
| Initiative contractors** | ($223,795) |
| Conferences (hosting/travel/lodging) | ($224,888) |
Operational work (26%):
| Administrative | ($26,432) |
| - Software & applications | ($25,017) |
| - Bank & transaction fees | ($902) |
| - Memberships & dues | ($195) |
| - Telephone | ($147) |
| - Gas fees | ($54) |
| - Computers & equipment | ($41) |
| - Interest paid | ($51) |
| - Compliance fees | ($25) |
| Professional Services | ($270,719) |
| - Operational contractors** | ($186,843) |
| - Accounting fees | ($61,175) |
| - Legal fess | ($16,877) |
| - Professional services (graphic design) | ($5,721) |
| - Consulting fees | ($103) |
| W-2 Wages + Payroll Taxes** | ($141,438) |
| Insurance | ($17,719) |
* Initiative leads and select operational positions are eligible for a flat rate of 180,000/yr, prorated for part-time availability. We currently have 2 full-time/4 part-time initiative leads, as well as 3 full-time/1 part-time operational positions. We also work with 2 additional contractors for initiative support at 22/hr.
** samczsun, David, and Shane split their time between program work and administrative work. Discernible Inc primarily supports communications for program work.
Looking Forward
SEAL works tirelessly to secure the future of crypto, and we are excited to continue our work in 2026, but we always need your help. SEAL costs nearly $2M/yr to operate, and a majority of these funds go directly to our initiative programs to ensure their work can remain commercially neutral, open, and accessible as a public good.
Thanks to our generous donors, we are approximately 50% funded for 2026 and need your support to sustain future operations. If you or your organization have benefited from our work, or see the value in the continued existence of SEAL programs, please support our work. We are especially grateful for annually recurring donations.
If you are interested, please donate here or contact us for more information at [email protected].