#49 - Treasury Report Q1, 2025
Breakdown of the Beam ecosystem treasury (the “Treasury”) as of March 31st 2025
We are delighted to share the first quarterly Treasury report of 2025.
As always, this report is intended to provide a transparent overview of the Treasury’s financial status. In the report, we share a breakdown of the Treasury as of March 31st 2025, including current investments and other financial activities.
Summary
During the past quarter, the Treasury value decreased from $238,678,709 as at December 31st 2024 to $186,681,934 as at March 31st 2025. This represents a decrease of 19.7% compared to the previous quarter. During the same period, Bitcoin was down by 11.8%, while ETH was down by 45.3%. The total crypto market cap, represented by the CCI30 index, saw a decrease of 28.7%
In addition, the current BEAM holdings in the Treasury distributed across Ethereum, Beam Network, BNB Smart Chain, and Avalanche is 13,520,575,930.46 tokens. There were 200,421,263 BEAM tokens burned during Q1 2025.
Treasury overview
As of March 31st 2025, the Treasury balance is $186,681,934. In addition, the Treasury contains 13,520,575,930.46 BEAM.
The Treasury also holds some very small positions, airdrop dust, residual tokens or gas fee money, with values lower than 0.001% of the total Treasury, these balances are not recorded unless they become more significant in value.
We will break down the Treasury in three categories; liquid crypto assets, NFTs and venture investments.
Liquid assets
NFTs
Tokens & equity
*Other
The recent version of the Treasury dashboard includes a section for “Other Investments”, split across the three categories of liquid crypto assets, NFTs and venture investments. Since the start of the year and during the last quarter, some of the portfolio projects have been underperforming and have seen a significant loss of value. The Other Investments line item aggregates the costs and current realizable value of those projects that have underperformed and thus will usually reflect a significant loss relative to the cost amount.
We feel it is important to be transparent with the community while maintaining the quality of the Treasury reports, thus positions which have negligible value or are written off can be tracked as “Others”, removing the need to provide each one with its own line.
Portfolio update
We firmly believe that providing thorough and meaningful Treasury reports is paramount to our mission of transparency and accountability. It is with this commitment in mind that we're excited to present a more comprehensive overview of the state of the investment portfolio.
In this update, we provide insights into the specifics of some of the largest or most exciting investment positions. This includes new investments or important updates to current portfolio projects.
Aethir
Aethir closed Q1 2025 with continued dominance in decentralized GPU infrastructure, expanding across AI, gaming, and DePIN sectors. The team introduced Aethir 2.0 in January, integrating EigenLayer restaking, LayerZero omnichain architecture, and new utilities for Checker Nodes, all while surpassing $91M in ARR and onboarding 25+ AI agent projects.
In February, Aethir launched on Solana and introduced Aethir Forge, a global ambassador program driving grassroots growth. The network welcomed ecosystem partners like Lyn (AI video infra), SACHI (Web3 F2P), and AGIXBT (autonomous AI corp). AUSD, Aethir’s stablecoin, also went live to streamline transactions across its DePIN stack.
March capped the quarter with the onboarding of NVIDIA’s GB200 and B200 chips, plus strong case studies with SuperScale showing +143% user preference for Aethir-powered instant play. Coinbase listed $ATH, and top partners like Ocean Protocol, Futureverse, and Reality+ joined the network.
With 400,000+ GPU containers and 100+ partners onboarded, Aethir continues to define the DePIN-AI convergence.
Inevitable Games Fund
Beam’s position in the Inevitable Games Fund is already showing strong upside. Backed by Immutable, King River Capital, and Polygon Labs, the fund has achieved a 2.8x multiple on capital just nine months in, outperforming Bitcoin’s 1.36x return over the same period.
Since our $2.5 million called commitment, IGF has expanded to multiple investments including Pixelmon, Metalcore, Guild of Guardians, and My Pet Hooligan. It’s also anchored by Alpha Wave Ventures and backed by Chimera Capital and the Abu Dhabi Royal Group.
This investment gives us passive exposure to the fastest-growing segment of web3 gaming while keeping us connected to top-of-funnel opportunities across the broader space.
Berachain
Berachain officially launched its mainnet and conducted its token generation event (TGE) in February 2025, introducing a new Layer 1 blockchain built on a Proof-of-Liquidity consensus model and tri-token architecture.
We deployed $750,000 into the Berachain ecosystem, which is reflected in the Treasury at a fair market value of $6.13 million.
A major highlight of the quarter was Boyco, a liquidity onboarding platform developed with Enso and LayerZero, which attracted over $3.1 billion in deposits across 100+ markets. This initiative allowed Berachain-native applications to secure deep liquidity on day one and helped position the chain as a top 10 ecosystem by TVL at launch.
Berachain's launch was among the most anticipated of the cycle, supported by a highly engaged community and early infrastructure primitives like BeraSwap. With momentum across its app layer, Berachain continues to be one of our strongest performers this quarter.
Forgotten Playland
Forgotten Playland, one of our studio projects, launched on the Epic Games Store on March 27. The free-to-play party game features fast-paced mini-games, customizable plush characters, and a vibrant, toy-themed world.
In its first week, the game crossed 150,000 downloads and reached 21,000 active players, landing in Epic’s most-played charts ahead of several major titles. Launch excitement was driven by consistent community engagement, creator support, and strong interest from both Web2 and Web3 audiences.
LATAM streamers and gaming groups also played a key role in early adoption. With over 20 mini-games live and more content in the pipeline, the game is off to a strong start with promising early engagement.
We’re continuing to monitor player retention and growth as the project scales post-launch.
Monad
We previously committed $100,000 to Monad Labs, the team building a high-performance, Ethereum-compatible Layer 1. In Q1 2025, Monad made tangible progress with the launch of its public testnet, showcasing low-latency execution, EVM compatibility, and a custom BFT consensus.
Early testnet activity was strong, with over 8.8 million addresses requesting tokens and 334 million RPC requests handled in under an hour. Several Ethereum-native NFT projects like Uniswap have already deployed on the testnet, demonstrating high-throughput minting capabilities.
The testnet also attracted the first entertainment deployment through Fantasy Top, a title that stress-tested the network's performance for rapid, low-cost interactions.
Community traction has grown meaningfully, with over 500,000 Discord members and rising developer interest. With mainnet still ahead, we’re closely tracking ecosystem momentum as Monad continues to position itself as a contender in the high-performance L1 race.
Pixelmon
Pixelmon, one of our portfolio investments, continued building momentum through Q1 2025 with active ecosystem growth and new product milestones under the MON Protocol.
In February, the team launched the long-awaited E3 Evolution, enabling holders to evolve their Pixelmon NFTs to their final form using E3 Serum. Evolution required NFT staking and directly tied into MON token incentives, with a deadline set for February 26. This capped a multi-phase roadmap that has driven ongoing engagement through their Hunting Seasons program.
On the content side, Pixelmon expanded its worldbuilding with new character lore for Nova Thera and community-facing video shorts. Founder Giulio Xiloyannis and the team were active at events like WolvesDAO’s WolvesDEN, where they showcased live playtests and pitched Pixelmon’s IP vision to gaming-native audiences.
With new ecosystem features going live and growing community participation, Pixelmon continues to reframe itself as a serious Web3 IP platform rather than a one-off NFT drop.
Fableborne
Fableborne kicked off Q1 2025 with strong momentum, closing a $12.4 million strategic round led by Delphi Ventures with support from Sky Mavis, Animoca Brands, and others. The raise will support the rollout of the $POWER token, expansion of the Power Protocol liveops platform, and continued development of its mobile-first action strategy game.
In March, a closed playtest saw standout metrics: over 2,000 days of total playtime in just 3 days, 75% Day 1 retention, and an average daily playtime of 4 hours and 42 minutes — the highest in the project’s history. The team also introduced new gameplay systems like Ability Tomes and debuted the Sorceress unit in its “Sorcery Unfolds” update.
With its Kingdoms mint live on Ronin and deep engagement across its core loop, Fableborne is showing early signs of sticky gameplay and a mobile-native audience. We’re tracking upcoming content drops and token launch milestones closely.
Live treasury dashboard
We have updated our dashboard with the most recent data as of March 31st, 2025.
The Treasury dashboard is under continuous development to increase the transparency and accountability towards the community. It’s important to share correct information and provide anyone contributing to the Beam ecosystem with a clear overview of the Treasury’s current status. This is sought to be accomplished through the Treasury dashboard.
With its development continuing and always changing, we are more than happy to receive feedback through any of the social channels. Without further ado, we invite you to dive in and see the current Treasury status on our dashboard.
Visit the dashboard here - treasury.onbeam.com
Wallet overview
To operate completely transparently, we would like to provide a full list of wallet addresses the Treasury currently utilizes.
Ethereum
Beam
Binance smart chain
Solana
Ronin
Looking forward
It's been an exciting quarter with the rollout of the Beam Nodes, and the wider community enthusiastically embracing the delegation dashboard. Thousands of Node Tokens and millions of Beam tokens have been staked, truly wonderful progress. We've seen our in-house game Forgotten Playland go live, and we look forward to welcoming each of you at our annual community event.
Notes
All balances and prices are based on calculations made as of March 31st 2025.
All investments made after March 31st 2025 are not included in the Treasury report, unless specifically mentioned.