Neo recently released a preview of its 2025 financial report, which is the first time I have seen the financial report for 2012 I am very shocked that this project has been operating continuously for 12 years, but it did not survive by constantly selling coins As of the end of 2025, the total assets of Neo system are approximately 460 million US dollars. Assets include NEO, GAS, cash, BTC, and some investment assets, with high liquidity assets such as cash and BTC exceeding $200 million. The overall financial condition is quite stable I also thought that so much profit was earned by selling coins, but that's not what I see in the financial report From 2020 to 2025, Neo's NEO holdings have only decreased by 2.6%, indicating that the foundation has maintained core NEO reserves in the past few years and has not maintained operations through large-scale token sales Neo has two main sources of funding: The first is the GAS benefits generated by the protocol itself. In the past 12 years, the Neo network has generated over 43 million GAS. If calculated theoretically, even if a portion of GAS is exchanged for NEO, the original creation capital of 49.5 million NEO can be restored, leaving a net surplus of over 25 million GAS The second is the capital outflow brought about by asset allocation. For example, Neo's strategic sale of approximately 35000 ETH in 2025 is expected to bring in nearly $100 million in highly liquid funds, significantly enhancing the financial resilience of the treasury. In addition, the liquidation of NGC Fund in 2022 also recovered $40.2 million They do sell coins, but they don't sell their own coins. They only sell some strategic investment coins I never thought that besides BTC and ETH, there would be other projects that could survive without selling coins and continue to operate for 12 years, earning over 100 million US dollars in cash