#54 - Treasury Report Q3, 2025
Breakdown of the Beam ecosystem treasury (the “Treasury”) as of September 30th 2025
We are delighted to share the third 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 September 30th 2025, including current investments and other financial activities.
Summary
During the past quarter, the Treasury value increased from $175,860,544 as of June 30th 2025 to $197,709,847 as of September 30th, 2025. This represents an increase of 12.4% compared to the previous quarter. During the same period, Bitcoin was up by 6.43%, while ETH was up by 66.56%. The total crypto market cap, represented by the CCI30 index, saw a rise of 23.34%. Among assets with notable changes, FLAY climbed 115.45%, ATH gained 65.84%, and BERA rose 52.27%, contributing to the overall positive movement in the Treasury’s value.
In addition, the current BEAM holdings in the Treasury distributed across Ethereum, Beam Network, BNB Smart Chain, and Avalanche is 10,798,489,036.06 tokens valued at $87.54m. There were 572,020,002 BEAM tokens burned during Q3 2025.
Treasury overview
As of September 30th 2025, the Treasury balance is valued at $197,709,847. In addition, the Treasury contains 10,798,489,036.06 BEAM tokens valued at $87.54m.
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 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 Q3 2025 with a major leap in institutional credibility. On September 29, Nasdaq-listed Predictive Oncology (POAI) announced the launch of a $344M Digital Asset Treasury (DAT) built entirely around Aethir’s ATH token.
The move was structured with DNA Fund and BTIG, marking the first time a U.S. public company is actively managing a DePIN-native token on its balance sheet. Through two concurrent PIPEs, Predictive Oncology gained direct exposure to Aethir’s infrastructure layer.
At the heart of this treasury is a Strategic Compute Reserve: a real-world asset pool designed to monetize GPU workloads across AI, gaming, and enterprise sectors. ATH isn’t just a token here, it acts as both collateral and payment for compute, embedding itself deeply into the reserve’s financial and operational model.
Aethir now powers over 435,000 GPU containers across 93 countries, with strong integration into Nvidia’s ecosystem. Following the announcement, ATH trading volume jumped 300%, while POAI stock surged over 70%, signaling strong market validation from both sides of the aisle.
With this, Aethir didn’t just prove the DePIN thesis, it became the first project to convert public equity capital into active token exposure, setting a precedent for on-chain infrastructure at institutional scale.
Oh Baby Games
Shortly after Q3 2025, Oh Baby Games launched its first NFT: the Oh Baby Pass. It’s a utility-first asset integrated across the studio’s live game catalog. The 1,250-supply mint went live on October 8 via OpenSea and fully sold out across three phases: Treasury, Community Whitelist, and Public.
The NFT is designed as a game-integrated asset; it levels up through in-game activity across Oh Baby Kart, Shogun Curse, Bam Bam Boom, and Pawker.
Through it, players can earn retroactive rewards, stack achievements on-chain, and accumulate daily XP if they hold multiple passes. All progression stays tied to the NFT permanently.
Founded by Pasteur Tran, Oh Baby Games spent four years building and shipping games before introducing any Web3 elements, which they believe is a great display of a “games first, assets second” philosophy that the team considers rare in this space. The studio raised $6M in 2023 and now has four more titles in development.
The Oh Baby Pass minted out with over $1.1 million USD in secondary volume within days of its launch; this marks a potentially strong debut for the studio’s on-chain identity system and lays the groundwork for future tokenized economies across their catalog.
Monad
Monad ended Q3 2025 with confirmation of its long-awaited token airdrop. The team announced that the claims portal for $MON would open on October 14, marking a major milestone ahead of mainnet launch.
While the specific airdrop criteria, distribution amounts, and vesting terms remain undisclosed, early pricing activity began immediately. Decentralized derivatives platform Hyperliquid listed MON-USD perpetuals the same week, with pricing near $0.12, implying a fully diluted valuation of $12B and a circulating supply projection of 100 billion tokens.
This early listing allowed market participants to take directional positions on $MON, making Monad one of the few L1s to have pre-token price discovery at scale before airdrop activation. Interest was further fueled by Monad’s positioning as a high-throughput, EVM-compatible L1 focused on parallel execution and low-latency performance.
With the portal now confirmed and speculative markets already active, Monad’s entry into the Layer 1 landscape is shaping up as one of the most anticipated token events of the cycle.
SUI Group holdings
Q3 2025 marked Beam’s entry into equity exposure for the Sui ecosystem through an investment in SUI Group Holdings (NASDAQ: SUIG), the first publicly listed company to execute a digital asset treasury strategy centered on the Sui blockchain.
In August, the firm formerly named Mill City Ventures, rebranded to SUI Group Holdings and shifted its mandate toward long-term SUI accumulation and staking, supported by an official relationship with Sui Foundation.
Backed by Galaxy Asset Management and institutional investors including Pantera, Electric, Arrington, and ParaFi, SUIG raised $450M in July to initiate the strategy, allocating 98% of proceeds towards SUI token acquisitions.
As of September 2, SUIG held 101.8 million SUI, valued at approximately $332M based on a $3.26 spot price. The company’s average staking yield sits at 2.2%, generating around $20,000 in daily rewards, with substantially all SUI assets staked.
SUIG now reports 1.14 SUI per share, up from 0.92 in August, signaling its intent to continue accumulating discounted, locked SUI via follow-on raises.
Treasury dashboard
We have updated our treasury dashboard with the most recent data as of September 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.
Beam
Binance smart chain
Ethereum
Ronin
Solana
Looking forward
As we head into the last quarter of the year, we’re more motivated than ever to continue pushing the Beam narrative forward. Through pushing the frontier technology narrative, excitement is growing as more and more of our endeavours unravel itself. A new treasury report will be released in the new year.
Notes
All balances and prices are based on calculations made as of September 30th, 2025.
All investments made after September 30th, 2025 are not included in the Treasury report, unless specifically mentioned.