Today, the Syndicate Network Collective (SNC) published its Q4 and Year-End 2025 financial statements, providing a detailed, accrual-basis view into the DUNA’s treasury, expenses, and tax position.

Prepared by Cowrie – Administrator Services LLC, these financials reflect a decentralized network operating with the same reporting rigor expected of traditional organizations under U.S. law.

This level of disclosure isn’t new to traditional finance—but it remains rare in crypto. The goal here is simple: clear, repeatable financial transparency.

Key Takeaways

Full accrual-basis financials published for a decentralized network operating as a Wyoming DUNA
Financials prepared using fair-value accounting to reflect real economic activity
As of December 31, 2025, SNC held 267,080,517 SYND and $182,045 in cash
Lean operating model, with total annual operating expenses of approximately $43k
Q4 net loss was fully non-cash and unrealized, driven by short-term SYND price movements
Minimal current tax exposure, with approximately $78k in current income taxes owed

From Onchain Visibility to Financial Accountability

Crypto has always promised transparency. Wallets are public. Transactions are verifiable. Treasury balances are visible onchain.

But visibility alone isn’t the same as accountability.

Without standardized accounting, tax treatment, or reporting discipline, many onchain treasuries still operate as black boxes—especially when activity crosses into offchain services, vendors, or legal obligations.

The DUNA framework allows the Syndicate Network Collective to close that gap.

By pairing onchain transparency with U.S.-compliant financial reporting, SNC provides a complete picture of its economic activity—both onchain and offchain—in a form that can be consistently understood, reviewed, and repeated.

The Framework: How the DUNA Reports

Syndicate Network Collective operates as a Wyoming Decentralized Unincorporated Nonprofit Association (DUNA).

Governance authority comes from active participation, not passive token holding. Members vote, delegate, and submit proposals that determine how the SYND treasury is used.

For tax purposes, the DUNA elected to be treated as a U.S. C Corporation, establishing clear reporting obligations under existing law.

Financial and tax reporting use accrual accounting and fair-value measurement, meaning:

Income is recognized when earned, not when cash moves
SYND holdings are marked to observable market prices each period
Unrealized gains and losses are reflected transparently
Deferred tax liabilities are recorded for future realization events

Financial Overview: Q4 2025

As of December 31, 2025, the DUNA’s financial position was as follows:

Category	Summary
SYND Treasury Holdings	267,080,517 SYND
Fair Market Value (as of Dec 31, 2025)	Approximately $14.4 million at period end
Accounting Basis	Accrual method for both financial and tax reporting
Tax Classification	U.S. C Corporation (21% federal rate)
Deferred Tax Liability	Recognized for unrealized gains on SYND holdings
Expense Areas	General & Administrative

Read the full Syndicate Network Collective Q4 Financials →

As of December 31, 2025, the DUNA held 267,080,517 SYND tokens and $182,045 cash on hand.

While Q4 reflected a significant unrealized loss due to SYND price movement, this loss was entirely non-cash and had no impact on operational capacity, liquidity, or treasury runway.

Intentional, Disciplined Treasury Management

All SYND disbursements are approved through governance and treated with full accounting and tax rigor.

Combined with limited fixed obligations and prepaid services already secured, this structure gives the DUNA high strategic flexibility to scale grants, programs, and ecosystem investment over time—without introducing unnecessary overhead.

The Syndicate Network Collective’s approach demonstrates that decentralized governance can coexist with clear financial accountability—without sacrificing openness, flexibility, or operational efficiency.

Read the full Syndicate Network Collective Q4 Financials to learn more.

Syndicate Network Collective Publishes Q4 2025 Financials