#51 - Treasury Report Q2, 2025
Breakdown of the Beam ecosystem treasury (the “Treasury”) as of June 30th 2025
We are delighted to share the second 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 June 30th 2025, including current investments and other financial activities.
Summary
During the past quarter, the Treasury value decreased from $186,681,934 as at March 31st 2025 to $175,860,544 as at June 30th, 2025. This represents a decrease of 5.7% compared to the previous quarter.
This decline occurred despite strong market performance during the same period, with Bitcoin (BTC) increasing by 23%, Ethereum (ETH) by 27%, and the total crypto market cap, as represented by the CCI30 index, rising 14.3%. The primary reason for the drop in Treasury value was the revaluation of specific assets within the portfolio. Most notably, the Aethir node valuation fell by 38%, and the BERA token declined by 74%, offsetting the positive performance of BTC, ETH, and other CCI-aligned holdings.
In addition, the current BEAM holdings in the Treasury distributed across Ethereum, Beam Network, BNB Smart Chain, and Avalanche is 11,434,499,605 tokens. There were 113,957,240 BEAM tokens burned during Q2 2025.
Treasury overview
As of June 30th 2025, the Treasury balance is $175,860,544. In addition, the Treasury contains 11,434,499,605 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 wrapped Q2 2025 with strong execution across both infrastructure scale and ecosystem alignment. Two major initiatives defined the quarter: the Checker Node Buyback Program and Cloud Drop Season 2.0.
Launched in May, the buyback gave early node contributors the option to return their Checker Node NFTs to the Aethir Foundation in exchange for a fixed eATH amount. This provided flexible liquidity without impacting accrued rewards, while helping manage node supply and maintain performance across Aethir’s 91,000+ node network.
June marked the rollout of Cloud Drop Season 2.0, which delivered eATH to core network participants, from ATH stakers to Checker Node operators and Cloud Hosts. With over 430,000 GPU containers online, the drop reflected Aethir’s ongoing commitment to rewarding those who support its infrastructure from the ground up.
Virtuals
Virtuals Protocol achieved a significant milestone in Q2 2025 with the launch of I.R.I.S., a fully autonomous Ethereum-native agent developed with Nethermind. I.R.I.S. combines real-time code analysis with social listening to identify vulnerabilities, earning recognition from Ethereum.org as a rare L1-native AI agent integration.
The Genesis Launch introduced an innovative no-team, no-investor allocation model. 50% of IRIS supply was distributed to the Ethereum community through a point-based pledge system, with remaining tokens allocated to development incentives and treasury via smart contract vesting. This approach eliminated traditional investor overhang while ensuring sustainable development funding.
Virtuals also activated its Referral System, rewarding ecosystem growth through a 1% fee structure on agent/$VIRTUAL pools. Users earn 20% of trade tax from direct referrals and 5% from second-degree referrals, creating sustainable incentive alignment across the network.
With autonomous agents now live on mainnet and clear monetization pathways established, Virtuals continues positioning itself at the forefront of AI-blockchain convergence.
Sophon
Sophon launched its native token $SOPH in Q2 2025 through a well-received airdrop and mainnet rollout, distributing 900M tokens (9% of supply) to early users. OKX and Binance supported the launch, OKX users received a 5% bonus on SOPH allocations, while Binance listed SOPH on May 28 for both spot and futures trading via its Alpha Points campaign.
The launch gained significant traction in Asia, particularly Korea. Upbit hosted an education event pre-launch that saw 100,000 users complete onboarding in just 24 minutes, an early signal of retail interest and geographic momentum in the region.
SOPH serves as the network gas token, but Sophon’s native paymaster system enables apps to cover fees on behalf of users, reducing friction and aligning with broader Web2-to-Web3 transition efforts. Staking also went live at TGE: while currently operated by the Sophon Foundation, it will progressively decentralize via NFT-based delegation to full node operators. Rewards compound every ~15 minutes.
Overall, Sophon’s token launch stood out for its clean execution, user-aligned mechanics, and early signs of strong regional adoption.
TON Foundation
Q2 2025 marked TON’s acceleration into mainstream crypto infrastructure, anchored by ecosystem-wide integration with Telegram and rapid traction across DeFi, RWAs, and user-facing apps. In April, the TON Foundation appointed Max Crown (ex-MoonPay COO/CFO) as CEO, setting the tone for global scale and regulatory alignment.
Weeks later, TON unveiled crypto’s largest real-world asset tokenization to date: a $500M Telegram Bond Fund via Libre, fully embedded within Telegram Mini Apps. Ethena’s USDe—now over $6B in TVL—followed with native support across Tonkeeper, TON Space, and Telegram’s Wallet, offering up to 18% APY via tsUSDe.
Infra matured alongside adoption. Broxus launched TON Factory for TVM scaling, Tonkeeper added on-chain 2FA, and Tact’s $20K smart contract challenge drew over 59K submissions. In payments, Vietnam’s Aliniex processed $2.4M+ via its TON Mini App, and MoonPay unlocked direct Toncoin purchases for U.S. users.
From tokenized bonds to Telegram-native gold and yield-bearing stablecoins, TON is shaping up as the default backend for Web3 inside Telegram’s billion-user surface.
Avalon
Beam participated as a seed investor in AVALON's earlier funding rounds, and Q2 2025 saw the project close a significant $10M Series A co-led by BITKRAFT and Hashed, with backing from Coinbase Ventures, Spartan Capital, and other notable investors. This follows their previous $13M round in 2023, bringing total funding to $23M.
Founded by EverQuest veteran Jeffrey Butler alongside Sean Pinnock and Zack Karlsson, AVALON brings AAA pedigree with talent from Call of Duty, Elden Ring, Assassin's Creed, and Diablo. The studio's flagship title is an AI-enhanced MMORPG built in Unreal Engine 5, featuring avatar NFTs, a no-code UGC system, and AI-powered NPCs through partnerships with Didimo and Inworld AI.
AVALON's model centers on modular, player-generated worlds tied together through interoperable progression and shared economies. Early footage and gameplay previews suggest high fidelity and deep tooling, optimized for both Web2 and Web3 users.
With closed early access slated for later this year, AVALON continues building toward one of Web3 gaming's most ambitious MMO launches, positioning itself as a potential category-defining title in blockchain gaming.
Live treasury dashboard
We have updated our dashboard with the most recent data as of June 30th, 2025.
Following numerous community requests, we've added exciting new features to the treasury dashboard, with the most important being the ability to display our complete treasury balance, including our BEAM holdings. While we're proud of our substantial non-native treasury, we also want to present the full picture.
As development continues to evolve, we welcome feedback through any of our social channels. Without further ado, we invite you to explore the current treasury status on our updated 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
As we wrap up this treasury report, we want to extend our heartfelt gratitude to everyone who supported us at the May event. Knowing we have such a passionate and dedicated community behind us, combined with the market's continued confidence in our vision, fuels our determination to accelerate progress on the projects we've been discussing for quite some time now. The wheels are in motion, and we're working tirelessly to bring these long-awaited initiatives to life. Your support means everything.
Notes
All balances and prices are based on calculations made as of June 30th, 2025.
All investments made after June 30th, 2025 are not included in the Treasury report, unless specifically mentioned.