Neo publishes first financial report in over five years, discloses $461M in total assets

Neo Global Development has released Neo’s Financial Report & Insights for Fiscal Year 2025, the project’s first comprehensive public financial disclosure since the 2019 financial report published in April 2020. The report covers consolidated treasury assets of US $460.8 million, a full expenditure breakdown, investment portfolio status, and a restructuring roadmap targeting four major transitions by the end of 2026.

The release fulfills a commitment Da Hongfei made earlier this year following public disagreements with co-founder Erik Zhang over treasury oversight and governance. After the two met in Hong Kong in January without reaching reconciliation, Da committed to publishing financial reports starting in Q1 2026, and in February, announced the scope would be expanded beyond financial data to include custody structures, asset allocation, and a governance restructuring plan.

Treasury composition

According to the report, as of Dec. 31, 2025, the Neo Foundation holds $224.7 million (49%) and NGD holds $236.1 million (51%) of the consolidated $460.8 million in assets.

The treasury breaks down as follows:

• $NEO: 31.3% ($144.3 million) – 41,166,968 $NEO held across both entities.
• Cash and equivalents: 25.7% ($118.6 million) – held by NGD in banks and exchanges.
• $BTC: 22.6% ($104.3 million) – 1,112 $BTC held by NGD in exchanges.
• $GAS: 17.7% ($81.3 million) – 40,083,324 $GAS held across both entities.
• Investment portfolio: 2.4% ($11.3 million book value).
• Other tokens: 0.2% – ($1 million) – held across both entities.

The report notes that the treasury can fully restore the original 49.5 million $NEO genesis principal, with a net surplus of 25.7 million $GAS after restoration. Compared to 2020 figures, $NEO holdings declined only 2.6%, while $GAS holdings grew 885% and non-Neo assets grew 346%.

Neo Financial Report & Insights, page 4

Expenditures and revenue sources

In 2025, total expenditures across Neo were $18 million. Core operations, including salaries (36.6%), operational expenses, marketing and events, and maintenance, accounted for 55.5%. Community and ecosystem spending, covering developer grants (28.4%), Neo Bond rewards, and partnerships, represented 39%. The remaining 5.5% went toward investments. The report states there were no exceptional items, executive distributions, or unplanned capital deployments during the year.

Cumulative treasury funding sources include 43.4 million $GAS from protocol revenue, $40.2 million from the 2022 NGC Fund 1 liquidation, and $100 million from the sale of 35,000 ETH acquired in 2018.

Investment portfolio and Binance disclosure

The report acknowledges that approximately $53.3 million has been invested historically, with $45.1 million deployed during the NGC period from 2017 to 2019. The current portfolio carries a book value of $11.3 million, predominantly in illiquid positions spanning fund-of-funds allocations, equities in firms including Cobo, Fiat24, and The Block, and vested token positions. The report states that 85% of investments made during 2017-2019 suffered severe impairments during bear markets and regulatory changes.

Among the disclosures is a previously unconfirmed investment in Binance made around the exchange’s launch. Despite the exchange’s subsequent growth, Neo has received no financial returns or non-financial benefits – no dividends, BNB tokens, favorable listing terms, or business opportunities. Previous negotiations failed to reach a valuation agreement. NGD intends to actively pursue liquidation and redeploy any proceeds for the Neo ecosystem.

Custody and transparency commitments

The report discloses 25 single-signature and 17 multi-signature wallet addresses. Currently, 86% of Neo Foundation assets are held in single-signature wallets, with the remaining 14% in multi-signature custody. NGD assets are diversified across exchanges, corporate bank accounts, and investment holdings. A commitment to transition all assets to multi-signature custody by the end of 2026 is included in the restructuring plan.

Da Hongfei’s message

In a letter accompanying the report, Da offered a candid assessment of Neo’s trajectory. He acknowledged that years following the project’s early success brought “major setbacks”, including the burst of the ICO bubble, China’s stance on crypto, and significant delays to the Neo N3 upgrade, resulting in lost developers, missed market cycles, and diminished momentum.

On his own role, Da stated: “I should have acted decisively to drive governance reform, business expansion, technical upgrades, and leadership inspiration.”

He framed the treasury’s resilience as a foundation for recovery, noting it remains “largely intact” and “self-sustaining through protocol yield, returns on investments, and conservative management.” Going forward, Neo will primarily operate from its Hong Kong base with NGD as the core execution team.

Restructuring roadmap

The report outlines four transitions targeted for completion by the end of 2026:

• Moving to multi-signature custody with a transparent distribution plan.
• Advancing a community-driven framework with structured voting and clear accountability.
• Establishing annual reporting, independent audits, and public treasury addresses.
• Empowering the community, creating structured proposal processes, community consultation, and pathways for talent.

Neo Financial Report & Insights, page 8

The report is marked as a preview, with figures described as provisional and subject to audit and due diligence. In a post on X, Da stated: “Moving forward, clarity and execution are key to breaking through.”

The full report can be found at the link below: