The $10 billion charity no one has heard of | The SDG Impact Fund grew from $238 million in 2020 to $10 billion in 2021... which seems to have been fueled by cryptocurrencies and digital art assets

The fund reported more than $9.8 billion in noncash donations in 2021, which could include NFTs and cryptocurrency as well as nondigital artwork and equity and stock holdings.

But on the form’s Schedule M, where nonprofits list noncash donations, the fund itemized less than $2 billion, meaning that donations of nearly $8 billion that year were not accounted for in the filing, according to Mittendorf.

In 2021, the first year the SDG Impact Fund reported its $10 billion asset figure, the fund made $4.3 million in grants, according to its 990 form.

The following year, it reported $8.5 million in grants from its 146 donor-advised fund accounts, meaning less than one-tenth of a percent of its asset base went to charitable causes.