We are delighted to share the second quarterly Treasury report of 2026.

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 30 June 2026, including current investments and other financial activities.

Summary

During the past quarter, the Treasury value decreased from $158,283,119 as of 31 March 2026 to $148,570,485 as of 30 June 2026. This represents a decrease of 6.14% compared to the previous quarter. During the same period, Bitcoin was down by 14.01%, while ETH was down by 25.31%. The total crypto market cap, represented by the CCI30 index, saw a decrease of 15.38%. Despite this market-wide downturn, the Treasury’s decline was materially lower, reflecting relative outperformance versus the broader crypto market.

In addition, the current BEAM holdings in the Treasury distributed across Ethereum, Beam Network, BNB Smart Chain, and Avalanche is 8,403,297,145 tokens valued at $11.82m.

Treasury overview

As of 30 June 2026, the Treasury balance is valued at $148,570,485. In addition, the Treasury contains 8,403,297,145 BEAM tokens valued at $11.82m.

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

Beam’s positioning over the past quarter reflects where the market itself has been moving: from infrastructure toward the application layer, with teams increasingly judged on real usage rather than the rails they operate. This played out clearly across the portfolio. Aethir extended beyond raw GPU supply into hosting AI agents on its own cloud, Sophon announced it would sunset its chain to rebuild as a consumer product studio, and SUI Group Holdings shifted from passive holder to active financier while backing purpose-built AI for financial markets.

Rather than anchoring to a single category, Beam’s approach has been to stay flexible and opportunistic, allocating toward emerging technologies where long-term value is being built. The portfolio now carries growing exposure to AI, compute and data infrastructure, while retaining its roots in interactive and consumer-facing applications.

The direction remains consistent with the core strategy: staying in sync with market evolution, and positioning early around the sectors likely to define the next phase of the cycle.

Aethir

This quarter Aethir extended its business beyond raw GPU compute, launching Aethir Claw, an AI agent hosting platform built on its existing GPU cloud.

The move marks Aethir stepping into the application layer rather than only supplying infrastructure to other companies. Aethir Claw lets users deploy AI agents directly on Aethir’s compute, which ties end-user activity back to network usage. Each instance consumes Aethir’s cloud resources, meaning application-level demand now feeds directly into ATH consumption.

Sophon

Sophon made its biggest pivot yet in Q2 2026, announcing that it will sunset the Sophon Chain and reintroduce itself as Soph(+), a consumer product studio building on Base.

The reasoning is straightforward. After evaluating the business, the team concluded that running its own chain no longer justified the cost, with value increasingly shifting to the application layer, where utility, taste, and distribution matter most. Rather than maintaining infrastructure, Soph(+) is redirecting its team and focus toward building consumer applications. A migration guide has been published for Sophon Node holders and anyone holding assets on the chain.

The studio’s first product is Pyre, a daily payments app introducing what Soph(+) calls “entertainment finance.” Pyre turns ordinary transactions into interactive moments, where every payment opens a “bill” that users can either play or let settle. More consumer apps are planned for release throughout the year.

Sunsetting a chain that the team spent years building is no small decision. But the pivot plays to what Soph(+) has always positioned as its strength: creating high-quality consumer experiences with a direct path to users. We will continue to watch how Soph(+) positions itself ahead of its upcoming launch.

Openfort

This quarter, Openfort expanded its embedded infrastructure layer for stablecoin applications, with the goal of enabling developers to ship products in days rather than months. The company reports that more than 50 projects are building on the platform, and it has approximately 37.5K followers.

The quarter’s releases centered on abstracting away chain, token, and gas friction. Universal Wallet Funding allows users to top up with any token on any chain and receive the specific asset an application requires. Gas fees can be paid in stablecoins that users already hold, supported by a Global Deposit Address with background auto-bridging and auto-swapping. On the tooling side, Openfort shipped webhook signing for event verification and searchable Project Logs.

Distribution efforts included a WalletConnect Pay integration, Farao (a Hyperliquid trading app) as the flagship implementation of headless deposits, and a CLI alongside agent-native workflows aimed at autonomous agents as users.

SUI Group Holdings

Sui Group Holdings reports that Q2 2026 marked a deeper role as an institutional capital partner within the Sui ecosystem while leaning into the agentic finance narrative.

Through recent moves, including expanding its lending agreement with Bluefin, SUIG increased its total SUI loan to 6 million and doubled its revenue share to 11%, with the additional capital supporting Bluewater’s acquisition of Suilend. This positions SUIG as an active financier rather than a passive holder. Its treasury also grew to approximately 108.8 million SUI as of May 19, 2026.

On the AI side, SUIG co-led a $15 million funding round for Nof1, an AI research lab training models for financial markets, and invested in Recursive Superintelligence’s $650 million funding round. Both investments reflect the thesis that purpose-built intelligence, rather than general-purpose models, will define the next phase of agentic trading.

Treasury dashboard

We have updated our treasury dashboard with the most recent data as of 30th June 2026.

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

• 0x325629887de3daea7856aff873fc2c160d161cb8

• 0x4a77152c4f85a4ba47b77a6ac7ec5d7ade012a54

• 0xa2d0bd2330dbb1ad73c02846528cb4152b87ebba

• 0xbfb53a2c470cdb4ff32ee4f18a93b98f9f55d0e1

• 0xcb2a8334143176e6eb4863e7ab3ed5f3258ee94b

Binance smart chain

• 0xf92Bc9ee240B82A888c398e6965A7edcBF9399CF

• 0xC4218226A5406Aa721EAEBc2D9dA9564AEdd7777

• 0x74c3aee8b31a753879b48227d751543ba1da20cd

Ethereum

• 0x7e9e4c0876B2102F33A1d82117Cc73B7FddD0032

• 0xC4218226A5406Aa721EAEBc2D9dA9564AEdd7777

• 0xA99F29A2fBdCaFbf057b3D8eFC47cfCEe670Bb43

• 0xB76bC830f183293c368b439B56B40dc58b4E2C7F

• 0xbb1c5e2ad85aa307c433f2e7f30a5daf1cbe7050

• 0x75a3820ee3f245ecd4b77eb9b28fe5f8bff77f15

• 0xF93AA64F7955e7552F07D5bA55acc9593119C715

• 0x3980c8929b0909261efb5b9d0526729ab9eb81d7

• 0x57221ea9e8f4390628906c40809b4a11313aed25

• 0x17e55c4daf782b345747a46ed11dc38af81a2ccc

• 0x203efb4526262988689c0c9e3b5b6b5802be68f8

• 0x07e0d811f266b7f65fd022ba4bdab562ce067420

Solana

• DbtR9eR6AeqkK5Sk1qKCVQhdRHCzb8P9zWSq1x1jp7ZS

• BZKqKZGuU1DrLQdssyXMVcFeGdNVEvNhweN4eLTKTRng

• 6k15t82crcp33y7AiyDyyVNy7HcyPGBpigcnnYSop3jW

Looking forward

As the broader market navigated a challenging quarter, the Treasury demonstrated relative resilience while the portfolio continued to mature across key verticals. Beam remains focused on disciplined capital allocation and supporting ecosystem growth through shifting market conditions.

• All balances and prices are based on calculations made as of June 30th, 2026.

• All investments made after June 30th, 2026. are not included in the Treasury report, unless specifically mentioned.

Legal disclaimer

This report represents the Beam ecosystem treasury (the “Treasury”) as at June 30th, 2026, which includes assets held by Beam Foundation and its subsidiaries (the “Foundation”) for the purpose of furthering the growth of the Beam ecosystem. The assets held by the Foundation and described in this report are not controlled by the Beam tokenholders or held on behalf of them. The BEAM tokenholders can, however, exert certain checks and balances on the Foundation as further specified in the governing documents of the Foundation or by use of certain programmatic smart contract-based features. This report has been prepared by Beam Foundation based upon information from sources believed to be reliable, including market prices, data and other information from such sources, but such information has not independently been verified and this communication makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. Figures presented in this report have been rounded for presentation purposes; totals may therefore not sum exactly.

This report is provided for informational purposes only, and should not be relied upon as legal, business, investment, financial or tax advice. You should consult your own advisers as to those matters. References to any digital assets and the use of finance-related terminology are for illustrative purposes only, and do not constitute any recommendation for any action or an offer to provide investment, financial or other advisory services. This content is not directed at nor intended for use by any potential investors, and may not under any circumstances be relied upon when making a decision to purchase any digital asset referenced herein. There can be no assurance that the investments mentioned herein will be profitable. The digital assets referenced in this report currently face an uncertain regulatory landscape in several jurisdictions. The legal and regulatory risks inherent in referenced digital assets are not the subject of this content.

Charts and graphs provided in this report are for informational purposes only and should not be relied upon when making any decision. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Welcome to the official newsletter from Beam.

In our previous newsletter, we covered the launch of Dreamcash’s Season 1, Tether’s strategic investment in Supreme Liquid Labs, the release of the Dreamcash web app alongside 14 USDT-paired markets, Gameplay Galaxy’s reveal as a multi-game studio with Duels, and a legal briefing on the EU Digital Omnibus.

Since then, Dreamcash has shipped another wave of features and campaigns, and a new treasury report dropped.

Read on for a summary of what’s been happening and what’s to come!

A wide range of developments around Dreamcash

Plenty has shipped since the last update, with more on the way.

What’s new

The XP system has been reworked to better reflect consistent trading activity, and we’ve introduced an XP cap to keep the leaderboard competitive and prevent runaway accumulation.

Hypercore vaults are now available inside Dreamcash, giving users direct access to yield strategies without leaving the app.

We also added a new market: CAR/USDT — expanding the lineup of CASH markets beyond equities and indices.

Recent campaigns

The Beat the Trade campaign went live, letting users go head-to-head against featured trades for rewards.

We also wrapped a trading competition rewarding the best return on investment over the campaign window.

Coming up

Three things are queued up for the coming weeks: Dreamcash merchandise, prediction markets, and copy trading.

Together, we grow

It’s been a packed stretch across the Beam ecosystem. Dreamcash added a new market, reworked its rewards mechanics, ran two community campaigns, and lined up its next set of launches with merchandise, prediction markets, and copy trading all on the horizon. A lot of things are happening behind the scenes, so all you can do is stay tuned.

Together, we’re changing the game!

Our next newsletter will be sent July 2026.

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, financial or tax advice. You should consult your own advisers as to those matters. References to any digital assets and the use of finance-related terminology are for illustrative purposes only, and do not constitute any recommendation for any action or an offer to provide investment, financial or other advisory services. This content may not under any circumstances be relied upon when making a decision to purchase any digital asset referenced herein. There can be no assurance that the investments mentioned herein will be profitable. The digital assets referenced in this report currently face an uncertain regulatory landscape in several jurisdictions. The legal and regulatory risks inherent in referenced digital assets are not the subject of this content. The content speaks only as of the date indicated.

We are delighted to share the first quarterly Treasury report of 2026.

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 2026, including current investments and other financial activities.

Summary

During the past quarter, the Treasury value decreased from $174,679,179 as of December 31st 2025 to $158,283,119 as of March 31st, 2026. This represents a decrease of 9.39% compared to the previous quarter. During the same period, Bitcoin was down by 22.04%, while ETH was down by 29.05%. The total crypto market cap, represented by the CCI30 index, saw a decrease of 31.50%. Despite this market-wide downturn, the Treasury’s decline was materially lower, reflecting relative outperformance versus the broader crypto market.

In addition, the current BEAM holdings in the Treasury distributed across Ethereum, Beam Network, BNB Smart Chain, and Avalanche is 8,893,740,968.42 tokens valued at $14.88m. There were no BEAM tokens burned during Q1 2026.

Treasury overview

As of March 31st 2026, the Treasury balance is valued at $158,283,119. In addition, the Treasury contains 8,893,740,968.42 BEAM tokens valued at $14.88m.

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

Beam’s positioning over the past quarter reflects a broader shift across the market. As narratives evolved, particularly with increased focus on AI and new compute paradigms, capital and attention have started moving beyond pure gaming into adjacent, higher-leverage verticals. Beam has remained aligned with this shift, continuing to stay close to where real innovation is happening.

Rather than anchoring to a single category, Beam’s approach has been to stay flexible and opportunistic, allocating toward emerging technologies where long-term value is being built. This is increasingly reflected in the portfolio, with growing exposure to areas such as AI, data infrastructure and new forms of digital economies, while still maintaining its roots in interactive and consumer-facing applications.

Overall, the direction is consistent with Beam’s core strategy: staying in sync with market evolution, and positioning early around sectors that are likely to define the next phase of the cycle.

Zentry

Zentry entered Q1 2026 with continued iteration on zTerminal, their flagship platform for navigating crypto markets live. Rather than a single upgrade cycle, the product now ships updates almost daily. This includes real-time market flows, narrative tracking and AI-driven interpretation. The cadence matters because it keeps zTerminal responsive to live market conditions, instead of working with static data snapshots.

Throughout the quarter, zTerminal expanded its coverage across ETF flows, treasury movements, token mindshare, and macro narratives, with zAI acting as the interface to interpret these signals in context. The platform surfaced key trends, such as Solana’s rising mindshare in March, and captured major market events including MicroStrategy’s resumed Bitcoin purchases and Base’s pivot to a trading super app. Users can now query why assets are moving, track institutional activity, and monitor shifting narratives directly within the terminal.

Monad

Monad executed its mainnet launch in Q1 2026, crossing $200M in TVL in four months and processing over $250M in cross-chain volume through Mayan alone. This made it one of their fastest-growing destinations.

The team also shipped infrastructure upgrades focused on performance. The MONAD_NINE hard fork introduced reserve balance precompiles for more efficient on-chain accounting, while MIP-8 addressed a fundamental EVM storage bottleneck that’s existed since Ethereum launched. These are architectural improvements that position Monad for high-throughput DeFi applications.

Major integrations validated the network’s readiness for real use. Ledger enabled native MON swaps in their wallet app. OKX listed spot trading with $34M in trade incentives. Morpho, a lending protocol, surpassed $200M in deposits, showing that sophisticated DeFi is already migrating over. On the payments side, WalletConnect Pay and Rise Pay went live, and Monad joined the Blockchain Payments Consortium alongside Mastercard.

Developer momentum is also building. Over 1,000 teams applied to the Nitro accelerator, and the team distributed Wave 3 of Monad Cards to 1,250 community members as part of ongoing ecosystem engagement.

OpenEden

OpenEden’s progress through the period remains consistent with its positioning at the intersection of stablecoins and traditional finance.

At the core is USDO, a stablecoin fully backed 1:1 by tokenized U.S. Treasuries, alongside its underlying T-Bill fund carrying an AA+ rating from S&P. Rather than competing on narrative, the focus remains on reliability, yield generation, and institutional alignment.

The broader product suite continues to expand. This includes HYBOND, offering tokenized access to BNY Investments’ Global Short Duration High Yield Bond Fund, as well as newer structured products like PRISM, managed in collaboration with FalconX, one of the more established institutional brokerages in crypto.

On the institutional side, activity is surfacing more visibly. Galaxy Digital and DeFiance Capital executed an OTC transaction using USDO, signaling early adoption in real capital flows rather than purely onchain experimentation.

Team alignment has also been extended, with an additional 9-month lockup announced for advisors and core contributors, reinforcing longer-term commitment to the platform.

Overall, OpenEden remains relatively straightforward in its approach. It is not a high-volatility or narrative-driven asset, but a steadily developing layer of tokenized real-world yield.

For Beam, this reflects exposure to credible, institutional-grade financial primitives in areas like stablecoins and T-Bill-backed products.

Dreamcash

Dreamcash spent Q1 2026 doing one thing consistently, which is shipping and scaling usage around its CASH markets on Hyperliquid.

The quarter was marked by a strategic investment from Tether in Supreme Liquid Labs, the operating entity behind Dreamcash. This milestone reinforces Dreamcash’s mission to bring Hyperliquid’s products, including RWA perpetuals, to millions of traders worldwide.

Since launching USDT-collateralized markets earlier this year, Dreamcash has quickly established a foothold in the HIP-3 ecosystem. USDT pairs went from effectively zero presence to ~7.8% of total HIP-3 volume within a few months, signaling meaningful early adoption of its market structure.

Product velocity remained high throughout the quarter. New markets across equities and commodities such as WTI, silver, and major equities were introduced, while existing pairs saw repeated increases in open interest caps, in some cases scaling up to $50M, reflecting growing demand rather than purely speculative launches.

On the product side, Dreamcash continued refining the trading experience. Updates included full position management, cross-margin support on web, improved charting, and a more integrated interface across mobile, web, and desktop. Social and discovery features, including real-time chat and trade discovery, were also introduced, pointing toward a more interactive trading environment rather than a purely execution-focused one.

The platform also leaned into incentive design through Season 1, distributing $200K in weekly rewards tied to real activity such as open interest and volume, while introducing caps to limit exploitative behavior like wash trading.

In aggregate, CASH markets have already processed close to $10B in volume, indicating that the product is not just being tested, but actively used.

Overall, Dreamcash is still early, but Q1 shows clear signs of product-market fit within a fast-growing segment of onchain derivatives. The focus now shifts to whether this momentum can sustain as competition across perp DEX infrastructure continues to intensify.

Trial Extreme / Gameplay Galaxy

Gameplay Galaxy continued its transition from a single-title studio into a broader multi-game platform during Q1 2026.

Its flagship title, Trial Xtreme Freedom, is already showing early traction in limited release, surpassing 2M downloads and 40M races completed. Engagement metrics like tens of millions of in-game actions point to a player base actively interacting with the core gameplay loop, not just installing and dropping off.

Rather than leaning into Web3 narratives, the team has remained focused on mobile-first game quality. Messaging across the quarter consistently emphasized polish, competitive gameplay, and long-term retention over short-term hype.

At the same time, the scope is expanding. Gameplay Galaxy has formally positioned itself as a multi-game studio, with new titles such as Duels introduced as part of a growing portfolio. The direction suggests an interconnected ecosystem where each game contributes to a shared player base and progression layer, rather than operating as isolated releases.

Overall, Gameplay Galaxy is still early in its rollout, but the approach is becoming clearer. The focus is on building a foundation of games that can sustain engagement first, with broader ecosystem mechanics layered in over time.

Treasury dashboard

We have updated our treasury dashboard with the most recent data as of March 31st, 2026.

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

• 0x325629887de3daea7856aff873fc2c160d161cb8

• 0x4a77152c4f85a4ba47b77a6ac7ec5d7ade012a54

• 0xa2d0bd2330dbb1ad73c02846528cb4152b87ebba

• 0xbfb53a2c470cdb4ff32ee4f18a93b98f9f55d0e1

• 0xcb2a8334143176e6eb4863e7ab3ed5f3258ee94b

Binance smart chain

• 0xf92Bc9ee240B82A888c398e6965A7edcBF9399CF

• 0xC4218226A5406Aa721EAEBc2D9dA9564AEdd7777

• 0x74c3aee8b31a753879b48227d751543ba1da20cd

Ethereum

• 0x7e9e4c0876B2102F33A1d82117Cc73B7FddD0032

• 0xC4218226A5406Aa721EAEBc2D9dA9564AEdd7777

• 0xA99F29A2fBdCaFbf057b3D8eFC47cfCEe670Bb43

• 0xB76bC830f183293c368b439B56B40dc58b4E2C7F

• 0xbb1c5e2ad85aa307c433f2e7f30a5daf1cbe7050

• 0x75a3820ee3f245ecd4b77eb9b28fe5f8bff77f15

• 0xF93AA64F7955e7552F07D5bA55acc9593119C715

• 0x3980c8929b0909261efb5b9d0526729ab9eb81d7

• 0x57221ea9e8f4390628906c40809b4a11313aed25

• 0x17e55c4daf782b345747a46ed11dc38af81a2ccc

• 0x203efb4526262988689c0c9e3b5b6b5802be68f8

• 0x07e0d811f266b7f65fd022ba4bdab562ce067420

Ronin

• Ronin:3b9fa4f077c068f8c0019c3a149155c8bd91046b

Solana

• DbtR9eR6AeqkK5Sk1qKCVQhdRHCzb8P9zWSq1x1jp7ZS

• BZKqKZGuU1DrLQdssyXMVcFeGdNVEvNhweN4eLTKTRng

• 6k15t82crcp33y7AiyDyyVNy7HcyPGBpigcnnYSop3jW

Looking forward

As the broader market navigated a challenging quarter, the Treasury demonstrated relative resilience while the portfolio continued to mature across key verticals. Beam remains focused on disciplined capital allocation and supporting ecosystem growth through shifting market conditions.

• All balances and prices are based on calculations made as of March 31st, 2026.

• All investments made after March 31st, 2026 are not included in the Treasury report, unless specifically mentioned.

Legal disclaimer

This report represents the Beam ecosystem treasury (the “Treasury”) as at March 31st 2025, which includes assets held by Beam Foundation and its subsidiaries (the “Foundation”) for the purpose of furthering the growth of the Beam ecosystem. The assets held by the Foundation and described in this report are not controlled by the Beam tokenholders or held on behalf of them. The BEAM tokenholders can, however, exert certain checks and balances on the Foundation as further specified in the governing documents of the Foundation or by use of certain programmatic smart contract-based features. This report has been prepared by Beam Foundation based upon information from sources believed to be reliable, including market prices, data and other information from such sources, but such information has not independently been verified and this communication makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.

This report is provided for informational purposes only, and should not be relied upon as legal, business, investment, financial or tax advice. You should consult your own advisers as to those matters. References to any digital assets and the use of finance-related terminology are for illustrative purposes only, and do not constitute any recommendation for any action or an offer to provide investment, financial or other advisory services. This content is not directed at nor intended for use by any potential investors, and may not under any circumstances be relied upon when making a decision to purchase any digital asset referenced herein. There can be no assurance that the investments mentioned herein will be profitable. The digital assets referenced in this report currently face an uncertain regulatory landscape in several jurisdictions. The legal and regulatory risks inherent in referenced digital assets are not the subject of this content.

Charts and graphs provided in this report are for informational purposes only and should not be relied upon when making any decision. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Welcome to the official newsletter from Beam.

In our previous newsletter, we introduced CASH markets, looked back at everything we accomplished in 2025, and looked forward to 2026 — plus a legal briefing on the EU AI Act. Since then, Dreamcash has shipped a wide range of updates, Gameplay Galaxy has become a multi-game studio, and we have another legal briefing to share.

Read on for a summary of what’s been happening and what’s to come!

Dreamcash Season 1 is in full effect

Dreamcash has processed significant volume since launch, and the interest from the trading community has been clear. Now, Season 1 is officially underway. Dreamcash’s first incentive season, rewarding users for their activity on the platform. The current season is still running for another couple of weeks, so there’s plenty of time to get involved. Read all about the details, including how XP works, rewards, and how to participate in the article below.

Tether Invests in Dreamcash to Bring USDT Quoted RWA Perpetuals to Millions of Traders

We’re excited to share that Tether, the largest company in the digital asset industry, has made a strategic investment in Supreme Liquid Labs, the operating entity behind Dreamcash. This is a significant milestone for Dreamcash’s mission to bring Hyperliquid’s products, including RWA perpetuals, to millions of traders worldwide. Read the full announcement for more details.

Dreamcash releases its web application and 14 USDT paired markets

Dreamcash is now available on the web. Traders are no longer limited to mobile — the full Dreamcash experience can now be accessed through the web application as well. Alongside this release, 14 USDT-paired markets have gone live, available on both web and mobile. The full list:

• USA500-USDT

• TSLA-USDT

• NVDA-USDT

• GOOGL-USDT

• META-USDT

• MSFT-USDT

• HOOD-USDT

• AMZN-USDT

• INTC-USDT

• GOLD-USDT

• SILVER-USDT

• WTI-USDT

• EWY-USDT

• KWEB-USDT

Gameplay Galaxy is officially a multi-gaming studio

Gameplay Galaxy, the studio behind Trial Xtreme, a game that has reached millions of downloads, has officially revealed its second title: Duels. This confirms that Gameplay Galaxy’s ambitions extend well beyond a single game, with more titles in the pipeline. We’re excited to follow their evolution into a true multi-game studio.

The EU Digital Omnibus: What “Simplification” Means In Practice

This briefing is based on the European Commission’s Digital Omnibus initiative and its stated objective of simplifying and streamlining the EU digital regulatory framework, particularly across the GDPR, DSA, DMA, and the AI Act, as well as the related European Commission’s Factsheet and Q&A.

Read the full briefing here.

Together, we grow

From the launch of Season 1 and Tether’s strategic investment, to the expansion of Dreamcash onto the web with new USDT-paired markets, and Gameplay Galaxy stepping into multi-game territory, it’s been a packed few weeks across the Beam ecosystem. As always, we’ll keep building, shipping, and keeping you informed.

Together, we’re changing the game!

Our next newsletter will be sent May 2026.

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, financial or tax advice. You should consult your own advisers as to those matters. References to any digital assets and the use of finance-related terminology are for illustrative purposes only, and do not constitute any recommendation for any action or an offer to provide investment, financial or other advisory services. This content may not under any circumstances be relied upon when making a decision to purchase any digital asset referenced herein. There can be no assurance that the investments mentioned herein will be profitable. The digital assets referenced in this report currently face an uncertain regulatory landscape in several jurisdictions. The legal and regulatory risks inherent in referenced digital assets are not the subject of this content. The content speaks only as of the date indicated.

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 December 31st 2025, including current investments and other financial activities.

Summary

During the past quarter, the Treasury value decreased from $197,709,847 as of September 30th 2025 to $174,679,179 as of December 31st, 2025. This represents an decrease of 11.65% compared to the previous quarter. During the same period, Bitcoin was down by 23.24%, while ETH was down by 28.41%. The total crypto market cap, represented by the CCI30 index, saw a decrease of 33.62%. Despite this market-wide downturn, the Treasury’s decline was materially lower, reflecting relative outperformance versus the broader crypto market.

In addition, the current BEAM holdings in the Treasury distributed across Ethereum, Beam Network, BNB Smart Chain, and Avalanche is 9,926,852,982.50 tokens valued at $26.86m. There were 40,339,617 BEAM tokens burned during Q4 2025.

Treasury overview

As of December 31st 2025, the Treasury balance is valued at $174,679,179. In addition, the Treasury contains 9,926,852,982.50 BEAM tokens valued at $26.86m.

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.

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.

Zentry

Zentry closed December 2025 with meaningful upgrades across infrastructure, product, and AI integration.

Their flagship zTerminal product also entered a new phase. With YouTube integration, real-time social sentiment, and AI-powered querying, it evolved into a full agentic console for crypto intelligence, offering users a personalized, execution-ready interface across market narratives, creator feeds, and protocol data.

By year-end, Zentry surpassed 150,000 users and had processed over 100 billion data signals. Its ecosystem now fronts analytics, social and market news evolving from its gaming background, with further integrations planned under its platform.

Aethir

Aethir closed 2025 with major technical upgrades, ecosystem integrations, and signs of deeper institutional interest. The team finalized its GPU-as-a-service rollout on Solana, extending access to over 430,000 GPU containers across decentralized AI and gaming workloads. This follows prior deployments on Avalanche, Polygon, and Ronin.

Aethir also completed a key infrastructure milestone: cross-chain asset mobility via Chainlink CCIP. Over $390M in ATH has now moved securely between Ethereum and Ronin without relying on centralized bridges — a move aligned with Aethir’s decentralization-first model.

Meanwhile, commercial partner Axe Compute (AGPU) completed its NASDAQ restructuring listing, formalizing institutional access to GPU revenue powered by Aethir nodes. Enterprise momentum also continues to build off the $344M Strategic Compute Reserve seeded by Predictive Oncology earlier this year. Alongside Aethir ended the year with over $100m+ in ARR and 1.4 billion compute hours delivered.

Monad

Shortly after Q3 2025, Monad officially launched its mainnet and kicked off one of the year’s most anticipated L1 rollouts. Built around a parallelized EVM capable of processing up to 10,000 transactions per second, Monad attracted immediate traction with over $110M in total value locked within 48 hours of launch.

DeFi activity ramped up in December, anchored by the integration of Orbs’ Perpetual Hub Ultra into Atlantis — a protocol built natively on Monad. This unlocked CEX-style leverage trading within a decentralized environment, bolstered by Monad’s high throughput and composability.

The network’s broader roadmap remains focused on scalability, high-frequency DeFi, and smart contract interoperability. Recent debates sparked by Vitalik Buterin’s critique of “corposlop” platforms have placed additional attention on Monad’s decentralization commitments heading into 2026.

We continue to monitor developer traction and ecosystem incentives ahead of broader liquidity events.

Power Protocol and the Pixion Games Ecosystem

Power Protocol in partnership with Pixion games officially launched the $POWER token on December 5, 2025, aligning with Fableborne Season 4. The token powers a unified Web3 entertainment protocol spanning gameplay, infrastructure, and incubation. At launch, $POWER featured immediate in-game utility, allowing players to stake NFTs, unlock premium events, and earn ecosystem rewards, while long-term expansion loops include SDKs, cross-game reputation, and third-party developer integrations.

Season 4 introduced core staking mechanics through the Kingdom NFT collection, with 1.66M $POWER allocated to player rewards. Meanwhile, Pixion confirmed a forthcoming partnership with a publicly listed digital entertainment company ($600M+ user spend) to extend $POWER adoption beyond Fableborne and into broader consumer ecosystems.

This launch marks the protocol’s shift from single-game tokenization to programmable engagement infrastructure across Web3 games and apps.

Dreamcash

Dreamcash closed Q4 with one of the fastest early trajectories in recent DeFi memory. Initially spun out as a mobile-first frontend for Hyperliquid, Dreamcash processed over 100,000 waitlist signups around October and to-date has processed over $2.7 billion trading volume and $900,000 in fees

Built as a frictionless crypto wealth platform, Dreamcash combines AI-driven trade analytics, automated yield strategies, and native support for decentralized perps. It removes onboarding friction through mobile-first design and no-KYC entry, while offering delta-neutral yield vaults that aim to democratize access to advanced trading strategies.

Beyond product traction, Dreamcash also reflects Beam’s evolution.anchoring Beam’s long-term ambitions to build in close proximity to institutional capital, trading and emerging market infrastructure..

Dreamcash is marked in the Beam treasury report at $49,000,000.

Treasury dashboard

We have updated our treasury dashboard with the most recent data as of December 31st, 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

• 0x325629887de3daea7856aff873fc2c160d161cb8

• 0x4a77152c4f85a4ba47b77a6ac7ec5d7ade012a54

• 0xa2d0bd2330dbb1ad73c02846528cb4152b87ebba

• 0xbfb53a2c470cdb4ff32ee4f18a93b98f9f55d0e1

• 0xcb2a8334143176e6eb4863e7ab3ed5f3258ee94b

Binance smart chain

• 0xf92Bc9ee240B82A888c398e6965A7edcBF9399CF

• 0xC4218226A5406Aa721EAEBc2D9dA9564AEdd7777

• 0x74c3aee8b31a753879b48227d751543ba1da20cd

Ethereum

• 0x7e9e4c0876B2102F33A1d82117Cc73B7FddD0032

• 0xC4218226A5406Aa721EAEBc2D9dA9564AEdd7777

• 0xA99F29A2fBdCaFbf057b3D8eFC47cfCEe670Bb43

• 0xB76bC830f183293c368b439B56B40dc58b4E2C7F

• 0xbb1c5e2ad85aa307c433f2e7f30a5daf1cbe7050

• 0x75a3820ee3f245ecd4b77eb9b28fe5f8bff77f15

• 0xF93AA64F7955e7552F07D5bA55acc9593119C715

• 0x3980c8929b0909261efb5b9d0526729ab9eb81d7

• 0x57221ea9e8f4390628906c40809b4a11313aed25

• 0x17e55c4daf782b345747a46ed11dc38af81a2ccc

• 0x203efb4526262988689c0c9e3b5b6b5802be68f8

• 0x07e0d811f266b7f65fd022ba4bdab562ce067420

Ronin

• Ronin:3b9fa4f077c068f8c0019c3a149155c8bd91046b

Solana

• DbtR9eR6AeqkK5Sk1qKCVQhdRHCzb8P9zWSq1x1jp7ZS

• BZKqKZGuU1DrLQdssyXMVcFeGdNVEvNhweN4eLTKTRng

• 6k15t82crcp33y7AiyDyyVNy7HcyPGBpigcnnYSop3jW

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 December 31st, 2025.

• All investments made after December 31st, 2025 are not included in the Treasury report, unless specifically mentioned.

Legal disclaimer

This report represents the Beam ecosystem treasury (the “Treasury”) as at December 31st 2025, which includes assets held by Beam Foundation and its subsidiaries (the “Foundation”) for the purpose of furthering the growth of the Beam ecosystem. The assets held by the Foundation and described in this report are not controlled by the Beam tokenholders or held on behalf of them. The BEAM tokenholders can, however, exert certain checks and balances on the Foundation as further specified in the governing documents of the Foundation or by use of certain programmatic smart contract-based features. This report has been prepared by Beam Foundation based upon information from sources believed to be reliable, including market prices, data and other information from such sources, but such information has not independently been verified and this communication makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.

This report is provided for informational purposes only, and should not be relied upon as legal, business, investment, financial or tax advice. You should consult your own advisers as to those matters. References to any digital assets and the use of finance-related terminology are for illustrative purposes only, and do not constitute any recommendation for any action or an offer to provide investment, financial or other advisory services. This content is not directed at nor intended for use by any potential investors, and may not under any circumstances be relied upon when making a decision to purchase any digital asset referenced herein. There can be no assurance that the investments mentioned herein will be profitable. The digital assets referenced in this report currently face an uncertain regulatory landscape in several jurisdictions. The legal and regulatory risks inherent in referenced digital assets are not the subject of this content.

Charts and graphs provided in this report are for informational purposes only and should not be relied upon when making any decision. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Welcome to the official newsletter from Beam.

In our previous newsletter, we published another treasury report, showed you our fresh new dashboard for the Beam Nodes, and an update around Beam Tactile. Since then, Dreamcash has done a number of exciting announcements and we share our recap of 2025, and our outlook for 2026.

Read on for a summary of what’s been happening and what’s to come!

Dreamcash is now widely available including CASH: RWA Perpetuals

Dreamcash has officially opened its doors to a wide audience, with over 110,000 users now on the platform. Since launch, the app has processed more than $2 billion in trading volume, with thousands of traders actively using it daily.

The team has also partnered with Selini Capital and Tether to bring CASH RWA perpetual markets to the Hyperliquid ecosystem, available natively within the Dreamcash app and on Hyperliquid. This collaboration marks a significant step in bridging traditional assets with DeFi infrastructure.

Looking ahead, a webapp is on the horizon alongside an incentive program designed to reward active traders.

Looking back at 2025

In our tradition of looking back at our previous year, it’s often hard not to get a little nostalgic. That feeling isn’t there when you’re only just starting out, and everyone is just getting to know who you are. But today, we’re in a position where everyone knows who Beam is. We’ve done so much and worked with so many people, we can already look back at incredible achievements.

Read the full recap here.

Looking forward into 2026

Fellow enjoyers of the frontier, welcome back. We’re once again looking forward to the upcoming year, and it’s a year that we shall not forget soon. We’ve laid out the groundwork in the last year for the next twelve months to become nothing but spectacular. Through various catalysts like Beam Ventures, Dreamcash and [redacted] we aim to establish the Beam brand even firmer.

Let’s zoom in.

The Genius Act: What it means for stablecoins

Following our last legal briefing on the EU AI Act and its contractual implications, we now turn to another major regulatory development, this time from the United States. The recently enacted GENIUS Act (Public Law 119–27) introduces the first comprehensive federal framework for stablecoins, setting the tone for how digital assets will be governed in the world’s largest financial market.

If you issue, list, custody, trade, or use stablecoins in or into the U.S., here’s what you need to know.

Together, we grow

Another action-packed couple of months in the books. Dreamcash crossing 110,000 users and $2 billion in volume is just the beginning, with RWA perpetuals now live, a webapp on the way, and an incentive program in the works, there’s plenty more to come.

Add Beam Ventures and a few surprises we’re not quite ready to share, and 2026 is shaping up to be our biggest year yet.

Together, we’re changing the game!

Our next newsletter will be sent March 2026.

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, financial or tax advice. You should consult your own advisers as to those matters. References to any digital assets and the use of finance-related terminology are for illustrative purposes only, and do not constitute any recommendation for any action or an offer to provide investment, financial or other advisory services. This content may not under any circumstances be relied upon when making a decision to purchase any digital asset referenced herein. There can be no assurance that the investments mentioned herein will be profitable. The digital assets referenced in this report currently face an uncertain regulatory landscape in several jurisdictions. The legal and regulatory risks inherent in referenced digital assets are not the subject of this content. The content speaks only as of the date indicated.

Welcome to the official newsletter from Beam.

In our previous newsletter, we looked back at four years of Beam and all that has happened. How the ecosystem grew into a variety of verticals and where we are now. Since then, we saw Dreamcash’ waitlist reach more than 100,000 signups, we dropped another Tactile package and released an all-new Beam Nodes dashboard.

Read on for a summary of what’s been happening and what’s to come!

An all new Beam Nodes dashboard

We gladly welcome you to an all new dashboard for everything Beam Nodes. Easily manage your validators, mint a Node Tokens, stake your $BEAM or your Node Tokens. You can do everything you want, in one clear overview. Simple as that.

Visit the Beam Nodes dashboard now

Beam Tactile drop #3 sold out

On the 22nd of October, we released another set of exclusive Beam-themed merchandise through the vehicle we created, Beam Tactile. Within 24 hours the third drop sold out, sending out hundreds of packages to our loyal community. The only way to participate? Hold either BEAM tokens or Node Tokens.

Missed the last drop? Don’t worry. Another one is coming!

Predictive Oncology (NASDAQ: POAI) has launched a $344 million Aethir (ATH) Digital Asset Treasury

We’re excited to see that one of the projects we’re closely affiliated with, Aethir, recently made that announcement that Predictive Oncology has announced the launch of the Aethir (ATH) Digital Asset Treasury (DAT) with a private investment of $344 million in ATH.

This is a big movement for Aethir, as it positions them among some of the most respected names out there, that set up similar vehicles previously. We can’t wait to see how the future plays out.

AI Act: The new rules of AI Procurement

Welcome to the first in a new series of briefings from Beam Foundation where we unpack the regulatory changes that are reshaping the tech world. From new rules on artificial intelligence to financial services, digital assets, and data protection, regulation is becoming a central factor in how companies grow and operate. Our goal is to make these developments easier to navigate and show what they mean in practice for founders, investors, and partners.

In the months ahead, we’ll cover topics ranging from the EU AI Act and MiCA to upcoming frameworks on DeFi and data, helping you stay ahead of the curve. First on the menu: the AI Act.

The state of AI - Q3, 2025 🧠

Welcome to another Beam quarterly roundup, where we’ll cover the top news from the third quarter of 2025. From now on, we’re shifting the lens to AI only, so this edition zeroes in on models, compute, safety, and policy. Q3 brought real movement: Models leveled up, data centers expanded, and guardrails took center stage.

Read the full article here.

A community-led $BEAM group has been opened on Flaunch

The frontier of Web3 continues to evolve at breakneck speed, and at Beam, we’re always looking for innovative ways to expand our ecosystem and create new opportunities for our community. A little while ago, we saw a community-led Group has been opened on Flaunch, marking $BEAM’s expansion to Base and opening up exciting new possibilities for $BEAM holders.

Read the full article here.

Together, we grow

We look back at another exciting two months with a lot of activity, not just within our own world, but especially within the Beam ecosystem. As we head into the end of the year, it’s time to put our foot on the gas once again and accelerate. Are you ready?

Together, we’re changing the game!

Our next newsletter will be sent January 2026.

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, financial or tax advice. You should consult your own advisers as to those matters. References to any digital assets and the use of finance-related terminology are for illustrative purposes only, and do not constitute any recommendation for any action or an offer to provide investment, financial or other advisory services. This content may not under any circumstances be relied upon when making a decision to purchase any digital asset referenced herein. There can be no assurance that the investments mentioned herein will be profitable. The digital assets referenced in this report currently face an uncertain regulatory landscape in several jurisdictions. The legal and regulatory risks inherent in referenced digital assets are not the subject of this content. The content speaks only as of the date indicated.

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

• 0x325629887de3daea7856aff873fc2c160d161cb8

• 0x4a77152c4f85a4ba47b77a6ac7ec5d7ade012a54

• 0xa2d0bd2330dbb1ad73c02846528cb4152b87ebba

• 0xbfb53a2c470cdb4ff32ee4f18a93b98f9f55d0e1

• 0xcb2a8334143176e6eb4863e7ab3ed5f3258ee94b

Binance smart chain

• 0xf92Bc9ee240B82A888c398e6965A7edcBF9399CF

• 0xC4218226A5406Aa721EAEBc2D9dA9564AEdd7777

• 0x74c3aee8b31a753879b48227d751543ba1da20cd

Ethereum

• 0x7e9e4c0876B2102F33A1d82117Cc73B7FddD0032

• 0xC4218226A5406Aa721EAEBc2D9dA9564AEdd7777

• 0xA99F29A2fBdCaFbf057b3D8eFC47cfCEe670Bb43

• 0xB76bC830f183293c368b439B56B40dc58b4E2C7F

• 0xbb1c5e2ad85aa307c433f2e7f30a5daf1cbe7050

• 0x75a3820ee3f245ecd4b77eb9b28fe5f8bff77f15

• 0xF93AA64F7955e7552F07D5bA55acc9593119C715

• 0x3980c8929b0909261efb5b9d0526729ab9eb81d7

• 0x57221ea9e8f4390628906c40809b4a11313aed25

• 0x17e55c4daf782b345747a46ed11dc38af81a2ccc

• 0x203efb4526262988689c0c9e3b5b6b5802be68f8

• 0x07e0d811f266b7f65fd022ba4bdab562ce067420

Ronin

• Ronin:3b9fa4f077c068f8c0019c3a149155c8bd91046b

Solana

• DbtR9eR6AeqkK5Sk1qKCVQhdRHCzb8P9zWSq1x1jp7ZS

• BZKqKZGuU1DrLQdssyXMVcFeGdNVEvNhweN4eLTKTRng

• 6k15t82crcp33y7AiyDyyVNy7HcyPGBpigcnnYSop3jW

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.

Legal disclaimer

This report represents the Beam ecosystem treasury (the “Treasury”) as of September 30th, 2025, which includes assets held by Beam Foundation and its subsidiaries (the “Foundation”) for the purpose of furthering the growth of the Beam ecosystem. The assets held by the Foundation and described in this report are not controlled by the Beam tokenholders or held on behalf of them. The BEAM tokenholders can, however, exert certain checks and balances on the Foundation as further specified in the governing documents of the Foundation or by use of certain programmatic smart contract-based features. This report has been prepared by Beam Foundation based upon information from sources believed to be reliable, including market prices, data and other information from such sources, but such information has not independently been verified and this communication makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.

This report is provided for informational purposes only, and should not be relied upon as legal, business, investment, financial or tax advice. You should consult your own advisers as to those matters. References to any digital assets and the use of finance-related terminology are for illustrative purposes only, and do not constitute any recommendation for any action or an offer to provide investment, financial or other advisory services. This content is not directed at nor intended for use by any potential investors, and may not under any circumstances be relied upon when making a decision to purchase any digital asset referenced herein. There can be no assurance that the investments mentioned herein will be profitable. The digital assets referenced in this report currently face an uncertain regulatory landscape in several jurisdictions. The legal and regulatory risks inherent in referenced digital assets are not the subject of this content.

Charts and graphs provided in this report are for informational purposes only and should not be relied upon when making any decision. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Welcome to the official newsletter from Beam.

In our previous newsletter, we introduced our new north star, introduced the Beam App, shared a new treasury report and much more. Since then, we celebrated four years of Beam, took time to introduce our new verticals and have one very exciting application available for you.

Read on for a summary of what’s been happening and what’s to come!

Four years of Beam

It feels repetitive, but it remains true every single year; what a ride it has been. Every single year we take this day to reflect on our journey so far, and how we’ve matured as an organization. It’s been a grind non-stop, that’s something that never changes but we have realized that this is not a sprint, it’s a marathon.

Let’s explore how we’re building for the next decade to come, and what’s coming up next

Introducing Dreamcash

A little over a month ago, Dreamcash was first introduced. This new application, that’s part of the Beam Trading vertical, is shining a new light on trading. What felt clunky at first can now be an experience so good, it feels like a dream.

If you sign up today, you can earn points. Those points could bring you sweet dreams in the future. Sign up today.

Beam and Avalanche went Gamescom

Want to see a little recap of the event we hosted in Cologne on the 20th of August? Check out the video. We were joined by no less than Pixelmon, Avalanche, Off The Grid, Forgotten Playland, TrialXtreme, Lightning Forged Games and hundreds of enthusiastic gamers, builders, investors and anything in between. On to many more!

How we’re shaping the investment and accelerator landscape in Abu Dhabi with Beam Ventures

Last December, we introduced Beam Ventures to the world. Six months in, it’s time we give an update on everything that’s been happening. To the public, we may seem to have been quiet, but behind the scenes we have been running non-stop to create a clear path forward once we get the official license in place.

Join us as we guide you through the developments of the last couple of months.

Beam Finance: building and maintaining a resilient web3 treasury

The Beam ecosystem treasury is an industry-leading crypto-native treasury. How have we achieved this, and how do we keep it in such a healthy state?

Beam Foundation’s finance team took time out from their real-time dashboards to give us the lowdown

How Dreamcash kickstarts the trading division for Beam

Earlier this year, we introduced six new divisions that collectively make up Beam. Ranging from AI, Ventures, Finance to RWA all the way to gaming, there’s a lot of ground we cover. While the interpretation of others may be evident, the trading division for Beam missed its flagship product.

That’s until we came in touch with Dreamcash, a seamless, highly-polished user experience layer built directly on top of Hyperliquid.

Together, we grow

It’s been another busy couple of months as we prepare for the final quarter of the year. And honestly, that’s usually our favorite period of the year. Everyone’s excited, energetic and everything you build up throughout the year comes to fruition. We are getting ready, we hope you are too.

Together, we’re changing the game!

Our next newsletter will be sent November 2025.

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, financial or tax advice. You should consult your own advisers as to those matters. References to any digital assets and the use of finance-related terminology are for illustrative purposes only, and do not constitute any recommendation for any action or an offer to provide investment, financial or other advisory services. This content may not under any circumstances be relied upon when making a decision to purchase any digital asset referenced herein. There can be no assurance that the investments mentioned herein will be profitable. The digital assets referenced in this report currently face an uncertain regulatory landscape in several jurisdictions. The legal and regulatory risks inherent in referenced digital assets are not the subject of this content. The content speaks only as of the date indicated.

Welcome to the official newsletter from Beam.

In our previous newsletter, we spoke about our first Beam Nodes’ rewards season, our community event and updates to Forgotten Playland. Since then, we wrapped up our community event and announced a new event at Gamescom, saw Sophon launch their token and we made an important change to our brand.

Read on for a summary of what’s been happening and what’s to come!

New look. New, bold North star. Same Beam.

What started as gaming has grown beyond our imagination. Today, we’re announcing that Beam is expanding far past our gaming origins to focus on a bold new North Star: to build, invest in, and accelerate frontier technologies.

• Check out the video here.

• Check out our new website.

BEAMFEST 2025 has been nothing but amazing.🗼

Saturday, May 17th, we gathered in Amsterdam to celebrate Beam and show you what’s coming up. We can’t state it enough, but a big thank you all for attending! We had so much fun seeing hundreds of passionate $BEAM supporters together once again. Missed the event? Presentations are available here.

https://x.com/BeamFDN/status/1923987260875198474

Introducing the Beam App

We’re proud to share that we released the Beam App, one place to handle everything you need in the Beam Ecosystem. Send, swap, buy and bridge crypto assets on the Beam Network. Try it out for yourself

• app.onbeam.com

Sophon launches token SOPH token

SOPH is more than just a token, it's the foundation for an ecosystem dedicated to onboarding the next generation of crypto users through everyday useful products that monetize and reward the data we all naturally produce.

Want to learn all about it and know how you can claim your airdrop if you participated in the farming? Read the full article here.

Forgotten Playland changes its tokenomics

With over 250,000 downloads worldwide and a rapidly growing community, Forgotten Playland isn’t just gaining traction, it’s entering the next chapter. With full Beam Network integration installed now, it was time to take some decisive action to strengthen the foundation of our tokenomics.

Read the full update here.

Treasury report, Q2 2025 🏦

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.

Read the full report below.

Beam and Avalanche go Gamescom

Beam and Avalanche are joining forces and come to Gamescom! Join us on August 20th, 2025 at the stunning Rheinloft Cologne for an unforgettable gathering. We’re hosting a selection of the hottest games both on Avalanche and the Beam Network. Whether you're a developer, gamer, investor, or marketer, this is your chance to connect, collaborate, and celebrate the creativity and innovation shaping the future of gaming.

• Get your tickets now.

Together, we grow

It's been an exciting couple of months. With growing momentum across multiple sectors and increased attention on emerging technologies, we're thrilled to embark on this new journey expanding into every frontier technology. Join us as we explore the worlds of RWA, AI, and much more in the coming period.

Together, we’re changing the game!

Our next newsletter will be sent September 2025.

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, financial or tax advice. You should consult your own advisers as to those matters. References to any digital assets and the use of finance-related terminology are for illustrative purposes only, and do not constitute any recommendation for any action or an offer to provide investment, financial or other advisory services. This content may not under any circumstances be relied upon when making a decision to purchase any digital asset referenced herein. There can be no assurance that the investments mentioned herein will be profitable. The digital assets referenced in this report currently face an uncertain regulatory landscape in several jurisdictions. The legal and regulatory risks inherent in referenced digital assets are not the subject of this content. The content speaks only as of the date indicated.

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

• 0x7e9e4c0876B2102F33A1d82117Cc73B7FddD0032

• 0xC4218226A5406Aa721EAEBc2D9dA9564AEdd7777

• 0xA99F29A2fBdCaFbf057b3D8eFC47cfCEe670Bb43

• 0xB76bC830f183293c368b439B56B40dc58b4E2C7F

• 0xbb1c5e2ad85aa307c433f2e7f30a5daf1cbe7050

• 0x75a3820ee3f245ecd4b77eb9b28fe5f8bff77f15

• 0xF93AA64F7955e7552F07D5bA55acc9593119C715

• 0x3980c8929b0909261efb5b9d0526729ab9eb81d7

• 0x57221ea9e8f4390628906c40809b4a11313aed25

• 0x17e55c4daf782b345747a46ed11dc38af81a2ccc

Beam

• 0x325629887de3daea7856aff873fc2c160d161cb8

• 0x4a77152c4f85a4ba47b77a6ac7ec5d7ade012a54

• 0xa2d0bd2330dbb1ad73c02846528cb4152b87ebba

• 0xbfb53a2c470cdb4ff32ee4f18a93b98f9f55d0e1

• 0xcb2a8334143176e6eb4863e7ab3ed5f3258ee94b

Binance smart chain

• 0xf92Bc9ee240B82A888c398e6965A7edcBF9399CF

• 0xC4218226A5406Aa721EAEBc2D9dA9564AEdd7777

• 0x74c3aee8b31a753879b48227d751543ba1da20cd

Solana

• DbtR9eR6AeqkK5Sk1qKCVQhdRHCzb8P9zWSq1x1jp7ZS

• BZKqKZGuU1DrLQdssyXMVcFeGdNVEvNhweN4eLTKTRng

• 6k15t82crcp33y7AiyDyyVNy7HcyPGBpigcnnYSop3jW

Ronin

• Ronin:3b9fa4f077c068f8c0019c3a149155c8bd91046b

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.

Legal disclaimer

This report represents the Beam ecosystem treasury (the “Treasury”) as of June 30th, 2025, which includes assets held by Beam Foundation and its subsidiaries (the “Foundation”) for the purpose of furthering the growth of the Beam ecosystem. The assets held by the Foundation and described in this report are not controlled by the Beam tokenholders or held on behalf of them. The BEAM tokenholders can, however, exert certain checks and balances on the Foundation as further specified in the governing documents of the Foundation or by use of certain programmatic smart contract-based features. This report has been prepared by Beam Foundation based upon information from sources believed to be reliable, including market prices, data and other information from such sources, but such information has not independently been verified and this communication makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.

This report is provided for informational purposes only, and should not be relied upon as legal, business, investment, financial or tax advice. You should consult your own advisers as to those matters. References to any digital assets and the use of finance-related terminology are for illustrative purposes only, and do not constitute any recommendation for any action or an offer to provide investment, financial or other advisory services. This content is not directed at nor intended for use by any potential investors, and may not under any circumstances be relied upon when making a decision to purchase any digital asset referenced herein. There can be no assurance that the investments mentioned herein will be profitable. The digital assets referenced in this report currently face an uncertain regulatory landscape in several jurisdictions. The legal and regulatory risks inherent in referenced digital assets are not the subject of this content.

Charts and graphs provided in this report are for informational purposes only and should not be relied upon when making any decision. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Welcome to the official newsletter from Beam.

In our previous newsletter, we went live with Beam Nodes, shared a new treasury report and invited you all to our annual community event in Amsterdam. Since then, Beam Nodes’ first season has concluded and the rewards are available to claim, Forgotten Playland launched and we’re only a couple of days away from our community event!

Read on for a summary of what’s been happening and what’s to come!

Water Toren 3.0 - BEAMFEST 2025 – Happening this Saturday 17th of May🗼

This Saturday, May 17th, we're gathering in Amsterdam (14:00-23:00) to celebrate Beam and show you what’s coming up. There will be plenty of games to play, presentations to watch, drinks to drink and food to eat! Oh and, there will be some merchandise present! With perfect weather forecasts and hundreds already confirmed, you can still RSVP to join our annual community celebration!

First season of Beam Nodes successfully concluded

The first season of Beam Nodes has been wrapped up. Ranging from the 1st of April to the 1st of May, it’s been fascinating to see thousands of people show up and start spinning up validators, delegating their Node Tokens and BEAM tokens. After a seven-day period where the rewards were verified, the first rewards have been claimed.

Ready for the next season? It’s in full swing!

• Want to understand the rewards better? Check out this article: Explaining rewards

• Claim your Node Tokens: nodes.onbeam.com/claim

• Delegation dashboard: nodes.onbeam.com

• Documentation: docs.onbeam.com

• Discord: discord.gg/beamgamers

Please be cautious with links from anything outside the above claiming to be official.

Beam Tactile is now live – Beam Merchandise is here

After a long time waiting, we’re proud to present a new edition of the Beam Merchandise. We worked together with Tactile once again, but this time we shook things up a bit. In a variety of drops, a total of 12 items will be made available. All items can be claimed by those who meet the requirements in the taken snapshot. For the first drop, that was holding BEAM tokens. The more you hold, the higher your Tier and the more available items.

All items are free, only pay for shipping. Want to cop some yourself? Check out the available items on the website right here.

Forgotten Playland has launched on the Epic Games store

It’s been a wild ride for Forgotten Playland, the social party game that’s been in development for quite some time now. After proudly showing their game at our last community event, the game’s been growing in size and popularity for sure. Over 200,000 people have downloaded the game and the daily player count has been steadily increasing.

Want to try it out for yourself? Download the game on the Epic Games store today!

Treasury report Q1, 2025 🏦

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.

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.

• Read the full report here.

New game(s) building on Beam

We’re thrilled to continuously have a large influx of exciting games joining the Beam network. Following names such as TrialXtreme, Forgotten Playland, Castle of Blackwater, Edenhorde and many others, we have recently added just one game publicly. The rest is still cooking up behind the scenes and will be announced in due course.

• Revenge

How to build a game on Beam series

We recently released a five-part series on how to build a game on the Beam Network. The series delves into various subjects, including the functionalities available on Beam and a hypothetical scenario of World of Warcraft being on-chain.

For those interested in the first article, it can be found here.

Together, we grow

We are thrilled that the first Beam Nodes season is behind us, and the next one’s already well under way. The system that we dreamt of is now happening, and we couldn’t be more proud of everyone involved. On top of that, we have a community event right around the corner, where we hope to see many smiling faces wearing their fresh Beam Tactile.

Together, we’re changing the game!

Our next newsletter will be sent July 2025.

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, financial or tax advice. You should consult your own advisers as to those matters. References to any digital assets and the use of finance-related terminology are for illustrative purposes only, and do not constitute any recommendation for any action or an offer to provide investment, financial or other advisory services. This content may not under any circumstances be relied upon when making a decision to purchase any digital asset referenced herein. There can be no assurance that the investments mentioned herein will be profitable. The digital assets referenced in this report currently face an uncertain regulatory landscape in several jurisdictions. The legal and regulatory risks inherent in referenced digital assets are not the subject of this content. The content speaks only as of the date indicated.

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

• 0x7e9e4c0876B2102F33A1d82117Cc73B7FddD0032

• 0xC4218226A5406Aa721EAEBc2D9dA9564AEdd7777

• 0xA99F29A2fBdCaFbf057b3D8eFC47cfCEe670Bb43

• 0xB76bC830f183293c368b439B56B40dc58b4E2C7F

• 0xbb1c5e2ad85aa307c433f2e7f30a5daf1cbe7050

• 0x75a3820ee3f245ecd4b77eb9b28fe5f8bff77f15

• 0xF93AA64F7955e7552F07D5bA55acc9593119C715

• 0x3980c8929b0909261efb5b9d0526729ab9eb81d7

• 0x57221ea9e8f4390628906c40809b4a11313aed25

• 0x17e55c4daf782b345747a46ed11dc38af81a2ccc

Beam

• 0x325629887de3daea7856aff873fc2c160d161cb8

• 0x4a77152c4f85a4ba47b77a6ac7ec5d7ade012a54

• 0xa2d0bd2330dbb1ad73c02846528cb4152b87ebba

• 0xbfb53a2c470cdb4ff32ee4f18a93b98f9f55d0e1

• 0xcb2a8334143176e6eb4863e7ab3ed5f3258ee94b

Binance smart chain

• 0xf92Bc9ee240B82A888c398e6965A7edcBF9399CF

• 0xC4218226A5406Aa721EAEBc2D9dA9564AEdd7777

• 0x74c3aee8b31a753879b48227d751543ba1da20cd

Solana

• DbtR9eR6AeqkK5Sk1qKCVQhdRHCzb8P9zWSq1x1jp7ZS

• BZKqKZGuU1DrLQdssyXMVcFeGdNVEvNhweN4eLTKTRng

• 6k15t82crcp33y7AiyDyyVNy7HcyPGBpigcnnYSop3jW

Ronin

• Ronin:3b9fa4f077c068f8c0019c3a149155c8bd91046b

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.

Legal disclaimer

This report represents the Beam ecosystem treasury (the “Treasury”) as of March 31st 2025, which includes assets held by Beam Foundation and its subsidiaries (the “Foundation”) for the purpose of furthering the growth of the Beam ecosystem. The assets held by the Foundation and described in this report are not controlled by the Beam tokenholders or held on behalf of them. The BEAM tokenholders can, however, exert certain checks and balances on the Foundation as further specified in the governing documents of the Foundation or by use of certain programmatic smart contract-based features. This report has been prepared by Beam Foundation based upon information from sources believed to be reliable, including market prices, data and other information from such sources, but such information has not independently been verified and this communication makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.

This report is provided for informational purposes only, and should not be relied upon as legal, business, investment, financial or tax advice. You should consult your own advisers as to those matters. References to any digital assets and the use of finance-related terminology are for illustrative purposes only, and do not constitute any recommendation for any action or an offer to provide investment, financial or other advisory services. This content is not directed at nor intended for use by any potential investors, and may not under any circumstances be relied upon when making a decision to purchase any digital asset referenced herein. There can be no assurance that the investments mentioned herein will be profitable. The digital assets referenced in this report currently face an uncertain regulatory landscape in several jurisdictions. The legal and regulatory risks inherent in referenced digital assets are not the subject of this content.

Charts and graphs provided in this report are for informational purposes only and should not be relied upon when making any decision. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Welcome to the official newsletter from Beam.

In our previous newsletter, we introduced the new horizon with four grand updates in Abu Dhabi, BeamAI, BeamL1, and lastly, the Beam Nodes. We looked back at the previous year, and looked ahead at everything that’s coming up. Since then, the Beam Nodes have arrived, and so did a new treasury report and a new community event!

Read on for a summary of what’s been happening and what’s to come.

Beam Nodes are live

We’re excited to share that the Beam Nodes are now live! This means that everyone can start claiming their Node Tokens, setting up their validator nodes and/or stake their $BEAM and/or Node Tokens to start earning rewards. Below you can find a list of places to visit to learn more.

• Claim your Node Tokens: nodes.onbeam.com/claim

• Delegation dashboard: delegation.onbeam.com

• Documentation: docs.onbeam.com

• Discord: discord.gg/beamgamers

• Telegram: t.me/buildonbeam

Please be cautious with links from anything outside the above claiming to be official.

Treasury report Q4, 2024 🏦

During the past quarter, the Treasury increased from $228,461,294 as of September 30th 2024 to $238,678,709 as of December 31st 2024.

This represents an increase of 4.47% compared to the previous quarter. During the same period, Bitcoin was up by 47.14%, while ETH was up by 28.06%. The total crypto market cap, represented by the CCI30 index, saw a rise of 54.38%

There were 14,458,266 BEAM tokens purchased and burned during Q4 2024.

• Read the full report here.

Two big launches: Forgotten Playland and Castle of Blackwater launching end of March

March is a special month. We have two games that are closely related to the Beam ecosystem going live, Castle of Blackwater and Forgotten Playland. One thing they both have in common? They’re highly social games and they’re launching in a major game stores. Wishlist today, and be the first one to play!

• Forgotten Playland launching March 27th on Epic Games Store

• Castle of Blackwater launching March 25th on Steam

Water Toren 3.0 - BEAMFEST 2025 🗼

We’ve been very fortunate with a dedicated group of supporters ever since we started out more than three years ago now. Once a year, we all get together in Amsterdam to celebrate Beam and share our plans for the foreseeable future. This year again, we meet up in Amsterdam. Mark down the date, the 17th of May, 14:00-23:00. RSVP soon.

New games building on Beam

We’re thrilled to continuously have a large influx of exciting games joining the Beam network. Following names such as TrialXtreme, Forgotten Playland, Castle of Blackwater, Edenhorde and many others we have recently added a variety of new games.

• Oxya Origin

• Meme Alliance

• Bitsport

• Dante Games

• Crystale

• Battle Rise

• Mad Squad

• Zip Clash

The official launch of Flaunch – The next-gen memecoin launchpad

A few months back, we helped with the merger of NFTx and FloorDAO into the new protocol Flayer. After months of heads-down working, they have now launched their first product: Flaunch, a memecoin launchpad. It uses the novel contracts from Uniswap v4 to bring fair launches to a new level.

• Check out Flaunch

• Read an interview we did with the founder, Caps.

BeamAI podcast

As part of our new AI vertical, we’ve launched a report on the implications of AI within the gaming world. This report may be somewhat too academic for some, and therefore we decided to use the wonders of AI and turn it into a podcast. There’s currently two episodes out on Spotify and all other platforms, with 4 more to come!

• Listen to the first episode here.

Together, we grow

It’s been a fun two months once again. We’ve seen the launch of Beam Nodes, two major game releases on the horizon, and the Beam family just keeps growing. Stay tuned as we head towards May, and the upcoming BEAMFEST 2025!

Together, we’re changing the game!

Our next newsletter will be sent May 2025.

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, financial or tax advice. You should consult your own advisers as to those matters. References to any digital assets and the use of finance-related terminology are for illustrative purposes only, and do not constitute any recommendation for any action or an offer to provide investment, financial or other advisory services. This content may not under any circumstances be relied upon when making a decision to purchase any digital asset referenced herein. There can be no assurance that the investments mentioned herein will be profitable. The digital assets referenced in this report currently face an uncertain regulatory landscape in several jurisdictions. The legal and regulatory risks inherent in referenced digital assets are not the subject of this content. The content speaks only as of the date indicated.

We are delighted to share the fourth quarterly Treasury report of 2024.

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 December 31st 2024, including current investments and other financial activities.

Summary

During the past quarter, the Treasury increased from $228,461,294 as of September 30th 2024 to $238,678,709 as of December 31st 2024. This represents an increase of 4.47% compared to the previous quarter. During the same period, Bitcoin was up by 47.14%, while ETH was up by 28.06%. The total crypto market cap, represented by the CCI30 index, saw a rise of 54.38%

There were 14,458,266 BEAM tokens purchased and burned during Q4 2024.

As we look back at 2024, we can see that the entire market, as measured by the CCI30 index, has almost doubled in 2024. Thus, it’s safe to say that 2024 was a good year for the entire industry, with Bitcoin showing new all-time highs over and over, and retail showing their interest once again. We’ve seen new trends emerge from memecoins to AI, AI agents to DEPIN and many others. Gaming and NFTs on the other hand have struggled relatively throughout the year.

When we look at the Treasury versus the market, it outperformed drastically, more than doubling over the year. This gain has been realized whilst managing the downside risk by keeping a diversified mix of assets, including a lot of stablecoins, and while gaming somewhat underperformed as a category.

Treasury overview

The Treasury balance as of December 31st 2024 is $238,678,709

When calculating the Treasury’s balance, we only include non-native assets. This means we do not count the balance of BEAM tokens towards the total balance of the Treasury since it might paint a diluted picture of the reality.

BEAM tokens used for providing liquidity in AMM protocols are included together with their paired tokens, with the total value of each LP pool disclosed on the dashboard.

Please refer to the wallet overview below for an overview of the current balance of BEAM tokens.

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 assets, NFTs and tokens & equity. 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.

Notable changes this quarter

• Virtual protocol saw tremendous growth during Q4 2024, with their VIRTUAL token substantially growing with 76x over Q4 2024. This has been very positive for our Treasury, with VIRTUAL token now comprising just over 8% of our portfolio.

• Zentry, one of the large positions in the Treasury has seen some solid recovery, with a price growth of 47.7% for the ZENT token during the past quarter.

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.

Virtuals

Virtuals Protocol concluded Q4 2024 with strong momentum following their launch on Base network. The platform's Initial Agent Offering platform and Luna, their flagship autonomous agent, achieved a ton of traction with over 17,500 unique agent token holders and $250 million in trading volume in the first three weeks post-launch.

Q4 saw the introduction of Agentstarter, a dedicated launchpad providing resources and development support for AI agent creators. The protocol enhanced its ecosystem by deploying the G.A.M.E. framework and reducing graduation requirements for agents to foster broader participation.

With over 1,000 unique agents created and 15 million $VIRTUAL locked in Agent LPs by year's end, Virtuals Protocol established itself as the go-to party when it comes to the AI Agent narrative.

Saga

Saga continues to work hard at improving their protocol, and securing partnerships, as seen in Q4 2024 with the launch of their Mainnet 2.0 and an exciting partnership with Uniswap. The platform made history by hosting Uniswap v3's first-ever appchain deployment, enabling gasless trading and demonstrating Saga's innovative economic model.

Q4 also saw the introduction of simNGMI, the first Layer 1 blockchain dedicated exclusively to AI agents. This novel infrastructure allows autonomous agents to interact and evolve without network congestion, positioning Saga at the forefront of AI-blockchain integration.

The platform is set to launch its Liquidity Integration Layer (LIL) in Q1 2025, aiming to unify liquidity across blockchain ecosystems. With strategic partnerships including Evmos for EVM runtime and Squid Router for token swapping, Saga continues to advance its vision of seamless, multichain operations.

Sophon

Sophon concluded the year 2024 with the successful launch of their mainnet, supported by over $450M in Total Value Locked (TVL) and more than 120,000 node tokens purchased by 5,800 unique participants. The platform introduced Phase 2 of their farming program on mainnet, featuring improved rewards mechanisms and zero transaction fees.

The quarter saw Sophon forge strategic partnerships with established players, including Rivalry's billion-dollar betting platform, Mirai Labs with 27M+ onboarded wallets, and OPEN Ticketing powering 7M+ tickets globally. Additionally, collaborations with Aethir for distributed computing and various gaming studios have strengthened their entertainment ecosystem.

With node rewards that are currently distributing and a growing network of strategic partners, Sophon continues to establish itself as a leading infrastructure provider for mainstream blockchain adoption.

Aethir

As one of the leaders when it comes to cloud computing, AI and anything to do with compute power, Aethir’s been in the picture lately. The platform partnered with GAIB and GMI Cloud to launch the first decentralized AI compute network powered by NVIDIA's H200 Tensor Core GPUs, aiming to democratize high-performance computing access.

The platform expanded its infrastructure to over 43,000 gaming GPUs, 3,000+ NVIDIA H100s, and 32,000 globally distributed Edge computing devices. Strategic collaborations with LayerZero and Injective enhanced Aethir's cross-chain capabilities and introduced a tokenized marketplace for GPU compute resources.

The best of all is the fact that Aethir is making actual revenue. As seen on Depin Ninja, the current annual recurring revenue is set at $98M, impressive numbers. Last but not least, they recently announced a $100M collaboration with Avalanche to support AI innovation on the network.

The Bazaar

The Bazaar, one of our equity traditional gaming investments, has demonstrated impressive initial growth since launching its Closed Beta in Q4 2024. The free-to-play Hero-Builder game has rapidly built a substantial user base, attracting over 120,000 unique players who have completed more than 4 million runs in just three weeks of operation.

The platform's multi-tiered Founder's Pack system, ranging from $33 to $99, has shown strong market reception, leading to an extension of the Closed Beta period to accommodate growing demand and ensure infrastructure stability. This strategic decision showcases the team's commitment to building a robust foundation for long-term growth.

With planned mobile expansion in 2025 and a dedicated focus on exclusive seasonal content, The Bazaar is positioning itself as a significant player in the digital card game landscape through traditional gaming mechanisms rather than Web3 features. We remain excited about the project's potential to revolutionize the genre with its innovative hero-building mechanics.

Qooverse

Beam has participated in the pre-seed round of Qooverse, a Web3 game studio, alongside leading investors including Paper Ventures and Animoca Brands. Founded by veterans from Tencent and Goldman Sachs, Qooverse develops mid-core and casual social games for social platforms like Telegram.

Their flagship game Qoomon Fuse, featuring Oriental-style creatures in fast-paced PvP battles, has attracted several hundred thousand players organically within its first month. The studio plans to expand distribution across Line and Discord platforms while enhancing crypto onboarding features.

With a Token Generation Event planned for early 2025 and a game center launch on the horizon, Qooverse aims to redefine social gaming experiences through blockchain integration and deep social platform embedment.

Tactical Compute

Beam Foundation has invested in Tactical Compute (TACOM), a $40 million initiative alongside Aethir and Permian Labs (founding team of MetaStreet), focusing on the intersection of AI compute and blockchain technology. This strategic venture aims to address the growing scarcity of computing power through innovative financing solutions and infrastructure development.

TACOM has already demonstrated early success with a pioneering $3.3 million mobile chip contract, marking the first on-chain financing deal for DePIN assets. Through MetaStreet's DePIN Financing Pool on Arbitrum, the project introduces novel approaches to hardware financing and yield opportunities in the compute sector.

With support from strategic partners including Sophon Foundation, TACOM is positioned to transform how compute resources are valued and distributed in the evolving AI and blockchain landscape.

Live treasury dashboard

We have updated our dashboard with the most recent data as of December 31st, 2024.

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

• 0x7e9e4c0876B2102F33A1d82117Cc73B7FddD0032

• 0xC4218226A5406Aa721EAEBc2D9dA9564AEdd7777

• 0xA99F29A2fBdCaFbf057b3D8eFC47cfCEe670Bb43

• 0xB76bC830f183293c368b439B56B40dc58b4E2C7F

• 0xbb1c5e2ad85aa307c433f2e7f30a5daf1cbe7050

• 0x75a3820ee3f245ecd4b77eb9b28fe5f8bff77f15

• 0xF93AA64F7955e7552F07D5bA55acc9593119C715

• 0x3980c8929b0909261efb5b9d0526729ab9eb81d7

• 0x57221ea9e8f4390628906c40809b4a11313aed25

• 0x17e55c4daf782b345747a46ed11dc38af81a2ccc

Binance smart chain

• 0xf92Bc9ee240B82A888c398e6965A7edcBF9399CF

• 0xC4218226A5406Aa721EAEBc2D9dA9564AEdd7777

• 0x74c3aee8b31a753879b48227d751543ba1da20cd

Solana

• DbtR9eR6AeqkK5Sk1qKCVQhdRHCzb8P9zWSq1x1jp7ZS

• BZKqKZGuU1DrLQdssyXMVcFeGdNVEvNhweN4eLTKTRng

• 6k15t82crcp33y7AiyDyyVNy7HcyPGBpigcnnYSop3jW

Ronin

• Ronin:3b9fa4f077c068f8c0019c3a149155c8bd91046b

Beam

• 0x325629887de3daea7856aff873fc2c160d161cb8

• 0x4a77152c4f85a4ba47b77a6ac7ec5d7ade012a54

• 0xa2d0bd2330dbb1ad73c02846528cb4152b87ebba

• 0xbfb53a2c470cdb4ff32ee4f18a93b98f9f55d0e1

• 0xcb2a8334143176e6eb4863e7ab3ed5f3258ee94b

Looking forward

As we reflect on the past year, we're filled with pride in our achievements and optimism for what lies ahead. Our current position creates a strong foundation for future growth, particularly with the launch of Beam Ventures and Beam Nodes. These additions to our ecosystem are set to create significant impact across all levels throughout the year, including our Treasury.

Notes

• All balances and prices are based on calculations made on December 31st 2024.

• All investments made after December 31st 2024 are not included in the Treasury report unless specifically mentioned.

Legal disclaimer

This report represents the Beam ecosystem treasury (the “Treasury”) as of September 30th 2024, which includes assets held by Beam Foundation and its subsidiaries (the “Foundation”) for the purpose of furthering the growth of the Beam ecosystem. The assets held by the Foundation and described in this report are not controlled by the Beam tokenholders or held on behalf of them. The BEAM tokenholders can, however, exert certain checks and balances on the Foundation as further specified in the governing documents of the Foundation or by use of certain programmatic smart contract-based features. This report has been prepared by Beam Foundation based upon information from sources believed to be reliable, including market prices, data and other information from such sources, but such information has not independently been verified and this communication makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. 

This report is provided for informational purposes only, and should not be relied upon as legal, business, investment, financial or tax advice. You should consult your own advisers as to those matters. References to any digital assets and the use of finance-related terminology are for illustrative purposes only, and do not constitute any recommendation for any action or an offer to provide investment, financial or other advisory services. This content is not directed at nor intended for use by any potential investors, and may not under any circumstances be relied upon when making a decision to purchase any digital asset referenced herein. There can be no assurance that the investments mentioned herein will be profitable. The digital assets referenced in this report currently face an uncertain regulatory landscape in several jurisdictions. The legal and regulatory risks inherent in referenced digital assets are not the subject of this content.  

Charts and graphs provided in this report are for informational purposes only and should not be relied upon when making any decision. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

In our previous newsletter, we spoke about the end of an era, shared a new treasury report, looked back at the $BEAM token migration, and introduced Sophon, new articles along with updates on Edenhorde and Flayer, plus a range of new games built on Beam. Since then, a whole lot has changed. You can say, a new wind is blowing.

Read on for a summary of what’s been happening and what’s to come

A new horizon

The 11th of December can be earmarked as the start of a new chapter in the book of Beam unveiling four groundbreaking initiatives that are reshaping its ecosystem:

1. Beam Ventures – We're establishing the first gaming-focused fund and accelerator in Abu Dhabi, operating at the intersection of gaming and AI. While licensing through ADGM extends into 2025, this positions us to foster next-generation gaming innovation in the region.
   

2. BeamAI – Our new research division, led by an Oxford-trained AI specialist, focuses on integrating artificial intelligence into gaming. Read the very first BeamAI report today on our website, or on ArXiv.
   

3. Beam Layer 1 Evolution Thanks to Avalanche's Avax9000 upgrade, the Beam Network is evolving toward full independence. Our Horizon upgrade, scheduled for late January 2025, will implement these improvements and introduce our new node system.
   

4. Beam Nodes – To support our decentralized future, Beam introduced its Nodes structure. This all started with the Node Tokens with remarkable early adoption:

   1. 57,983 Node Tokens for a total worth of $73M

   2. Over 1.7B BEAM tokens burned

   3. Full node functionality coming with the Horizon upgrade

It’s safe to say that the Beam ecosystem is undergoing its most significant transformation to date.

Beam Foundation, Aethir and MetaStreet Unite To Launch Tactical Compute, a $40M AI Compute Initiative

In a joint venture between Aethir, Beam Foundation (through its wholly-owned subsidiary, Beam Investments) and MetaStreet (through its development company Permian Labs), we’re excited to announce the launch of Tactical Compute (TACOM), an industry-specific AI compute initiative, aimed at targeted exposure for projects building at the intersection between crypto and AI.

The Beam Foundation intends to participate with a $5m investment into Tactical Compute alongside many reputable names such as the Sophon Foundation. Read the full announcement here.

Looking back at 2024

It’s becoming a cliche but, once again, we’ve enjoyed twelve months full of growth, success and focus. 2024 was the year we put all of our focus on Beam, and set an even more ambitious outlook for 2025. Join us as we look back at everything that happened in 2024, including what we wanted to achieve and how successfully we met those goals.

Read the full 2024 recap here.

Looking forward into 2025

When you round off the previous year with a bang, you start to build up this special feeling — the feeling that there are big things on the brink of taking place, and it’s on you to actually make it a reality. With the most ambitious goals we’ve ever set for ourselves, it’s full steam ahead for 2025.

Read on as we dive into what you can expect from the Beam ecosystem in the upcoming year.

New games building on Beam

We’re thrilled to continuously have a large influx of exciting games joining the Beam network. Following names such as TrialXtreme, Forgotten Playland, Castle of Blackwater, Edenhorde and many others we have recently added a variety of new games.

• Cryptalia

• Blade of God

• The Last Monarchy

• Mokens League

• CounterFire

• Nanospace

• Cobox

• Nemesis Downfall

• Conkis

• Skate Nation

• DCG

Sophon launching mainnet and Sophon Guardians

We're thrilled to celebrate the launch of Sophon mainnet, our close ecosystem friend. With over $450M TVL and 120,000 node licenses claimed by 5,800+ participants, Sophon is making waves. The SOPH token launches today with free transactions, node rewards begin January 1st, and full trading opens in Q1 2025. A big congratulations to the Sophon team on this one.

Read the full announcement here.

Together, we grow

The new year kicks off with multiple milestones ahead: Beam Nodes launching this January, our new ventures in Abu Dhabi taking shape, and BeamAI's research advancing blockchain gaming. With over $73M raised and nearly 2B BEAM tokens burned through Node Tokens minted, plus Sophon's successful mainnet launch as our ecosystem partner, we're catalyzing a new era of decentralized gaming. Thank you for being part of this transformation.

Together, we’re changing the game!

Our next newsletter will be sent early March 2025.

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, financial or tax advice. You should consult your own advisers as to those matters. References to any digital assets and the use of finance-related terminology are for illustrative purposes only, and do not constitute any recommendation for any action or an offer to provide investment, financial or other advisory services. This content may not under any circumstances be relied upon when making a decision to purchase any digital asset referenced herein. There can be no assurance that the investments mentioned herein will be profitable. The digital assets referenced in this report currently face an uncertain regulatory landscape in several jurisdictions. The legal and regulatory risks inherent in referenced digital assets are not the subject of this content. The content speaks only as of the date indicated.

Welcome to the official newsletter from Beam.

In our previous newsletter, we shared a new treasury report, looked back at our event at Gamescom, and introduced new articles along with a range of new games built on Beam. Since then, a pivotal new proposal has been accepted, the $MC to $BEAM migration has concluded, and we have another treasury report to share.

Read on for a summary of what’s been happening and what’s to come… 

The end of an era

Sometimes it still feels like just yesterday that Merit Circle was introduced to the world. Within a matter of weeks of its launch, Merit Circle landed amidst some of the greatest names out there, and established itself as a market leader in the web3 gaming space over the course of the following years. In 2023, Merit Circle hit a pivotal moment with the introduction of Beam. Today marks the moment we start to embrace this turning point, and say farewell to the name that started it all.

https://x.com/MeritCircle_IO/status/1838946193327398946

This also comes with a new governance environment:

• Governance forum

• Snapshot

A new Treasury report for Q3, 2024

During the past quarter, the Treasury decreased from $235,350,991 as of June 30th 2024 to $228,461,294 as of September 30th 2024. This represents a decrease of 2.93% compared to the previous quarter. 

Read the full report here

An end to the $MC to $BEAM token migration 

The $MC to $BEAM token migration officially concluded on October 26, 2024. For 365 days, all token holders had the opportunity to migrate their $MC tokens to $BEAM and join us on this next step forward. Here are some post-migration statistics you may find interesting:

• Total beam migrated: 61,592,397,482

• Percentage of $MC migrated: 97,8%

• Unique wallets to migrate: 6,797

• Max possible $BEAM supply: 62,339,506,391

• $BEAM current supply: 61,148,853,857

• $MC current supply: 11,906,525 MC

This means that effectively, there will be 11,906,525 $MC or 1,190,652,500 $BEAM (1.8%) taken out of circulation bringing the max $BEAM supply to 62,339,506,391.

New games building on Beam

We’re thrilled to continuously have a large influx of exciting games joining the Beam network. Following names such as TrialXtreme, Forgotten Playland, Castle of Blackwater, Edenhorde and many others we have recently added a variety of new games. 

• Arcadia Games

• Radiant Arena

• Lizard Labs

• Meta Clash

• Pano Verse

• Eternis

• UFO

• Battle Bears

The future of online experiences is here, meet Sophon

There comes a time when the world demands something new—a shift in how we connect, create, and thrive online. Sophon was created to answer that call.

After months of anticipation, Sophon has released a series of announcements and blog posts detailing what the network entails. Below is an overview of the recent announcements

• Welcome to Sophon

• Binance Labs invests in Sophon

• The Road to Mainnet

• Curation, Not collection

AI in gaming – A twofold of articles

With AI the hottest topic in tech right now, we’re taking a two-part dive into its application to gaming. Part I looked at the history of AI in gaming and the current state of play. 

• AI In Gaming Part 1

• AI in gaming Part 2

Flayer launches its token $FLAY and beta of its first product Flaunch

We’re thrilled to announce that Flayer, one of our studio projects, has officially launched the $FLAY token, marking the first step in rolling out their full product suite. In anticipation of the Univ4 launch, Flayer has also introduced Flaunch, a platform for launching memes. All eyes are on Uniswap’s latest update, as Flayer is set to go full speed ahead once it’s released.

Edenhorde launches its new narrative arc and its card-game Eclipse of Edenhorde 

Throughout October, leading up to this past week, Edenhorde released nine chapters of their second narrative arc. Through an exciting adventure, we explore the world of Edenhorde, culminating in an epic battle. With the fifth episode, Eclipse of Edenhorde, the card game has officially launched.

To celebrate this launch, we’re hosting a tournament this Sunday. You can sign up here.

Together, we grow

Realizing this is the last newsletter of the year makes us reflect on everything that has happened. It’s been a lot, but we’re also very aware of the two months still ahead. Much preparation has gone into what will soon be announced, all of it previously behind the scenes. It’s about time to lift the curtain.

Again, thanks everyone for your support. 

Together, we’re changing the game!

Our next newsletter will be sent early January 2025.

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, financial or tax advice. You should consult your own advisers as to those matters. References to any digital assets and the use of finance-related terminology are for illustrative purposes only, and do not constitute any recommendation for any action or an offer to provide investment, financial or other advisory services. This content may not under any circumstances be relied upon when making a decision to purchase any digital asset referenced herein. There can be no assurance that the investments mentioned herein will be profitable. The digital assets referenced in this report currently face an uncertain regulatory landscape in several jurisdictions. The legal and regulatory risks inherent in referenced digital assets are not the subject of this content. The content speaks only as of the date indicated.

We are delighted to share the third quarterly Treasury report of 2024. 

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 2024, including current investments and other financial activities.

Summary

During the past quarter, the Treasury decreased from $235,350,991 as of June 30th 2024 to $228,461,294 as of September 30th 2024. This represents a decrease of 2.93% compared to the previous quarter. During the same period, Bitcoin was up by 1%, while Ethereum was down by 24.2%. The total crypto market cap, represented by the CCI30 index, saw a fall of 6.32% 

There were no BEAM tokens purchased and burned during Q3 2024.

Treasury overview

The Treasury balance as of September 30th 2024 is $228,461,294.

When calculating the Treasury’s balance, we only include non-native assets. This means we do not count the balance of BEAM tokens towards the total balance of the Treasury since it might paint a diluted picture of the reality. 

BEAM tokens used for providing liquidity in AMM protocols are included together with their paired tokens, with the total value of each LP pool disclosed on the dashboard. 

Since BEAM tokens will not be utilized for investment purposes, they will not be included in the Treasury’s balance sheet. Please refer to the wallet overview below for an overview of the current balance of BEAM tokens.

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 assets, NFTs and tokens & equity. 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.

Notable changes this quarter

Flayer

Through a collaboration with Flayer, a sizable $1.5M position in Flayer has been established. Flayer is building a solution for providing fungible liquidity to non-fungible token (NFT) collections. 

Moonlayer

A $100K position in Moonfrost has been added. MoonLayer is a layer 3 Rollup with EVM integration on Polkadot, a layer 2 rollup with EVM integration built on top of Moonbeam.

Qoomon

A small 250K position in Qoomon has been added. Qoomon Quest is a fast-paced mobile trading card game (TCG) where players collect and form teams of Qoomons to compete in quick 3-minute matches. The game uses a "win-to-earn" model, allowing players to earn tokens through victories.

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.

Pixelmon

Pixelmon continues to make a name for itself in gaming. Q3 saw the launch of Monster Tycoon on Immutable, a free-to-play dungeon crawler featuring Pixelmon characters. LiquidX, the development studio behind Pixelmon's revival, rebranded to MON Co., unifying their ecosystem under one brand.

Their flagship title, Warden's Ascent, is in closed Beta with a 2025 release target. MON Co. showcased three games at gamescom 2024 to over 335,000 visitors. With the successful $MON token launch and plans for Asian market expansion, Pixelmon is solidifying its position in Web3 gaming. We're excited to see MON Co.'s vision of blockchain-based entertainment for mainstream audiences unfold.

Tatsumeeko

Tatsumeeko has made a significant move by joining the Ronin ecosystem. This free-to-play life simulation game combines turn-based combat with cozy housing gameplay in an immersive 2.5D universe.

The Tatsumeeko suite of products is expanding with Lumina Hunt, a Telegram-based game launching soon, and Lumina Fates, the main game entering beta phase in Q4 2024. With over 80 collectible Lumins and a unique blend of RPG and life simulation elements, Tatsumeeko is positioned to attract a diverse player base.

We're excited to see Tatsumeeko's growth and its potential impact on the broader Web3 gaming landscape. This strategic move demonstrates the project's adaptability and ambition in the evolving blockchain gaming market.

Fableborne

Fableborne continues to demonstrate impressive growth and player engagement in the Web3 gaming space. The successful launch of "Fableborne Adventures Season 2" introduced new features including an additional hero, PvP and Survival Siege events, and 50 new Campaign levels.

The game's Play-to-Airdrop event saw over 103,700 players competing for Gold Essence rewards, showcasing strong user acquisition and retention. Fableborne's innovative gameplay, blending PvP and PvE elements, has resulted in significant organic growth. In just two weeks, the game generated over 15,000 pieces of user-created content, including 1,781 gameplay videos, and achieved over $2 million in earned media value without paid user acquisition.

With plans for major updates to raiding and kingdom-building mechanics, Fableborne is poised for continued success. We remain excited about Pixion Games' progress and the potential for Fableborne to become a standout title in the blockchain gaming landscape

Zentry

Zentry, formerly known as GuildFi, has fully transitioned from a gaming guild to a comprehensive "Play Ecosystem", marking this shift with the closure of the GuildFi platform on August 31, 2024.

The ecosystem now features NEXUS, a gamified staking hub, and is preparing for the launch of "Project R," a highly anticipated addition to the Zentry Universe. Zentry has also expanded its portfolio by investing in Smolbound, a Life Sim RPG in the growing "Cozy games" genre, demonstrating its commitment to diverse gaming experiences.

Partnerships with SAWorld and other projects are enhancing ZENT token utility, offering holders exclusive benefits and boosted earnings. With the upcoming Season 1 and teased developments, Zentry is positioning itself as a key player in uniting gamers across digital and physical platforms, aligning well with our investment thesis in the evolving Web3 gaming landscape.

Monad

Monad Labs, the Ethereum-compatible Layer 1 blockchain has maintained strong momentum following its $225 million funding round led by Paradigm.

Key developments include the launch of Monad Madness, a $1M pitch competition attracting over 60 VCs with $60M+ in expressed investment interest. The project has also kicked off Mach-1, a 4-week accelerator program for ambitious builders.

Monad's ecosystem is expanding rapidly, with recent fundraises totaling $16M for various projects. The team continues to focus on scaling EVM performance through innovative parallelization techniques, aiming to achieve 10,000 transactions per second.

With testnet rumors circulating and growing community initiatives like Houses of Monad, the project is positioning itself as a potential game-changer in blockchain scalability and adoption.

Sophon

The entertainment-focused ecosystem, built as a modular rollup utilizing zkSync's technology, previously launched its farming portal. Since opening, the farm has attracted significant interest, with over USD 200M worth in BEAM tokens deposited.

This strong user engagement, coupled with Sophon's previous achievements of raising $10 million and selling 123,554 nodes, underscores the project's growing influence in high-throughput applications for AI and gaming.

Moreover, Sophon has recently announced collaborations with;

• Binance

• Mirai

• Carv

Moreover, Sophon has announced the release of their mainnet in November 2024.

TrialXtreme

TrialXtreme recently closed an impressive $24 million seed round. This substantial investment demonstrates strong confidence in their vision and execution.

The game's soft launch in India and the Philippines has seen remarkable success, achieving over 300,000 downloads with practically zero marketing spend. The development team continues to refine the game based on community feedback, introducing new features and improvements.

With plans for expansion into more countries, Trial Xtreme is positioning itself as a potential leader in competitive racing within the Web3 gaming ecosystem. We remain excited about their progress and potential for revolutionizing blockchain gaming experiences.

Pixelverse

Pixelverse successfully launched its $PIXFI token, now trading on major centralized exchanges including Bybit, HTX, Gate, Bitget, and MEXC.

The Pixelverse Early NFT collection, now transferable and tradable on TON, has become the largest PFP NFT collection on the network with over 253,000 minted. These NFTs offer various in-game utilities and exclusive benefits.

Pixeltap, Pixelverse's tap title, entered Phase 3, introducing a new card game where players can earn TON directly. The platform also launched a revenue-sharing referral program and introduced Gems as a valuable in-game currency.

With these developments and the anticipation of new NFT characters, Pixelverse is solidifying its position as an innovative leader in the Web3 gaming ecosystem.

Live treasury dashboard

We have updated our dashboard with the most recent data as of September 30th, 2024.

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 Merit Circle currently utilizes. 

Ethereum

• 0x7e9e4c0876B2102F33A1d82117Cc73B7FddD0032 

• 0x73F7261cF493105202F8dcbB11C126a65703dA55 

• 0xC4218226A5406Aa721EAEBc2D9dA9564AEdd7777 

• 0xA99F29A2fBdCaFbf057b3D8eFC47cfCEe670Bb43

• 0xB76bC830f183293c368b439B56B40dc58b4E2C7F

• 0xaeacfaae1e084a952f1e6036f13bfe873f428f78

• 0x07e0d811f266b7f65fd022ba4bdab562ce067420

• 0x4f2e21062db87d1023e6E5941c5E8C2de32B44a2

• 0x172FFFc69ED471B7fF2465aE97504985F7071593

• 0x75a3820ee3f245ecd4b77eb9b28fe5f8bff77f15

Binance smart chain

• 0xf92Bc9ee240B82A888c398e6965A7edcBF9399CF

• 0xC4218226A5406Aa721EAEBc2D9dA9564AEdd7777 

Solana

• DbtR9eR6AeqkK5Sk1qKCVQhdRHCzb8P9zWSq1x1jp7ZS

Ronin

• Ronin:3b9fa4f077c068f8c0019c3a149155c8bd91046b

Looking forward

As we move into Q3, the investment arm will continue to focus on what it does best: contribute to the growth of the Beam ecosystem. This will include supporting Beam-related infrastructure products and identifying and backing the top teams working on advancing the Beam ecosystem, along with those in adjacent spaces. While market fluctuations will naturally impact short-term Treasury valuations, our focus remains on the long-term. We are committed to building a resilient ecosystem whose value is derived from solid, market-independent foundations.

Notes

• All balances and prices are based on calculations made on September 30th, 2024.

• All investments made after September 30th, 2024 are not included in the Treasury report unless specifically mentioned.

Legal disclaimer

This report represents the Beam ecosystem treasury (the “Treasury”) as of September 30th 2024, which includes assets held by Beam Foundation and its subsidiaries (the “Foundation”) for the purpose of furthering the growth of the Beam ecosystem. The assets held by the Foundation and described in this report are not controlled by the Beam tokenholders or held on behalf of them. The BEAM tokenholders can, however, exert certain checks and balances on the Foundation as further specified in the governing documents of the Foundation or by use of certain programmatic smart contract-based features. This report has been prepared by Beam Foundation based upon information from sources believed to be reliable, including market prices, data and other information from such sources, but such information has not independently been verified and this communication makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. 

This report is provided for informational purposes only, and should not be relied upon as legal, business, investment, financial or tax advice. You should consult your own advisers as to those matters. References to any digital assets and the use of finance-related terminology are for illustrative purposes only, and do not constitute any recommendation for any action or an offer to provide investment, financial or other advisory services. This content is not directed at nor intended for use by any potential investors, and may not under any circumstances be relied upon when making a decision to purchase any digital asset referenced herein. There can be no assurance that the investments mentioned herein will be profitable. The digital assets referenced in this report currently face an uncertain regulatory landscape in several jurisdictions. The legal and regulatory risks inherent in referenced digital assets are not the subject of this content.  

Charts and graphs provided in this report are for informational purposes only and should not be relied upon when making any decision. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Welcome to the official newsletter from Merit Circle.

In our previous newsletter, we brought you Sophon farming, announced our event at Gamescom, a wide range of new games building on Beam and more updates from our studio projects such as Forgotten Playland and Flayer. Since then, we have more games committed to Beam, we look back at Gamescom and have a new treasury report to show you.

Important: the $MC token is migrating to $BEAM – This requires all holders to migrate their tokens on meritcircle.io/migrate – Full article here.

Read on for a summary of what’s been happening and what’s to come…  

Three years of Merit Circle

How time flies. It’s remarkable to think that it was only 1095 days ago that the name “Merit Circle” first appeared in the digital arena. To say that a lot has happened and changed since then is an understatement — we’ve grown tremendously, brought you Beam through our keynote and positioned ourselves firmly within the gaming industry. While we’re proud of what we’ve achieved so far, we’ve only scratched the surface and our ambitions are far from realized.

Let’s take a moment to reflect on the three years so far, and look at what’s coming up in the future of Merit Circle & Beam.

Beam Goes Gamescom was a blast

At Gamescom, we hosted a side-event where we invited a wide range of Beam games to show their latest builds. During the night, we’ve had the honor of welcoming hundreds of gamers, game developers, infrastructure partners and investors. It’s been nothing short of wonderful, inspiration for future events!

Treasury report Q2, 2024 shows a 16,94% increase

We are delighted to share the second quarterly Treasury report of 2024. 

During the past quarter, the Treasury increased from $201,252,368 as of March 31st 2024 to $235,350,991 as of June 30th 2024. This represents an increase of 16.94% compared to the previous quarter.

In Q2 2024, a total of 122,979,152 BEAM tokens were purchased and burned, at a value of $1,901,013.

Read the full report here

$MC to $BEAM token migration

We’re getting closer to the October deadline with only a few percentages of $MC that has yet to migrate over to $BEAM. As of today, 97.2% of all tokens have been migrated over, and only 15,967,0205 $MC remain untouched.

Still have your $MC? Migrate today at meritcircle.io/migrate.

New games building on Beam

We’re thrilled to continuously have a large influx of exciting games joining the Beam network. Following names such as TrialXtreme, Forgotten Playland, Castle of Blackwater, Edenhorde and many others we have recently added a variety of new games. 

• WAGMI

• Morra Games

• Egoverse

• Balliesverse

Conversation pieces with Pixelverse and Castle of Blackwater

We speak to one of Pixelverse’s principal figures to hear exactly how they’re executing this groundbreaking long-term vision.

• Read the full article here.

Meet Jojo Meylaerts and Remo Vloet, the founders of Castle of Blackwater.

• Read the full article here.

TrialXtreme raises $24M as they launch in India and the Philippines

TrialXtreme has successfully raised a total of $24M in their seed round, with an additional $11M extension led by @blockchaincap and @MeritCircle_IO. It comes together with the news that they have released the game in both India and the Philippines in a controlled way, already amassing more than 100,000 downloads.

Want to play yourself? Start today!

Together, we grow

As we wrap up the summer time, it’s been another two eventful months. It’s always motivating meeting dozens of passionate builders during in-person events, and using those moments to create plans for everything to come. As always, there’s a ton to come, and we can’t wait to share everything in the upcoming period.

Again, thanks everyone for your support. Together, we’re changing the game!

Our next newsletter will be sent early November 2024.

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, financial or tax advice. You should consult your own advisers as to those matters. References to any digital assets and the use of finance-related terminology are for illustrative purposes only, and do not constitute any recommendation for any action or an offer to provide investment, financial or other advisory services. This content may not under any circumstances be relied upon when making a decision to purchase any digital asset referenced herein. There can be no assurance that the investments mentioned herein will be profitable. The digital assets referenced in this report currently face an uncertain regulatory landscape in several jurisdictions. The legal and regulatory risks inherent in referenced digital assets are not the subject of this content. The content speaks only as of the date indicated.

We are delighted to share the second quarterly Treasury report of 2024. 

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 2024, including current investments and other financial activities.

Summary

During the past quarter, the Treasury increased from $201,252,368 as of March 31st 2024 to $235,350,991 as of June 30th 2024. This represents an increase of 16.94% compared to the previous quarter.

In Q2 2024, a total of 122,979,152 BEAM tokens were purchased and burned, at a value of $1,901,013.

After the crypto market ended Q1 on a high in April, the second quarter has been much rougher. Bitcoin and Ethereum held up relatively well, closing around 63K and 3.4K respectively (and since have dropped a bit further since the start of Q3). Bitcoin did a bit worse, losing a little under 15%, while ETH only lost 5%. However, both are still up 80-120% from levels a year prior.  The broader stock market has been stubbornly going up, although it’s still mostly a few tech giants carrying the indexes, while most individual stocks are not really moving anywhere. 

The Treasury has held up relatively well. Gaming as a category experienced rather challenging weather this quarter, and many of the Treasury’s liquid cryptos prices suffered a pretty significant decline, in line with the markets. However, at the same time we’ve been able to unlock a lot of new value through various deals that we’ve been working on - and investing into - for a while, that came to market this quarter.

A primary example is Aethir, a GPU compute on-demand network that we have acquired significant ownership in and are very excited about. With the advent of accelerating computing demand (fueled by growth markets like AI and Gaming), combined with a top-notch team that has already attracted a multitude of 8-figure contracts to the network, we feel like this is a very solid compute infrastructure play. One we take an active role in and one that can also benefit a lot of our gaming partners. These kinds of win-win collaborations that have both massive financial potential upside, as well as operational upside are the type of collaborations that the Treasury can really benefit from. It also makes the Treasury more robust, since it adds to the bucket of assets that are not strictly correlated with gaming.

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.

Kokodi

A new investment comes in the form of Kokodi, an innovative third-person fantasy extraction shooter that transports players to a unique world without adults. This free-to-play game combines engaging PvP and PvE elements with a vibrant, anime-inspired art style. The game is built by an experienced team that’s passionate and offers a diverse range of game modes and a rich, immersive universe for players to explore. 

We're excited to support Kokodi's growth as they build on Beam, leveraging the Beam ecosystem to enhance their gameplay and economic model. With its fresh concept and exciting gameplay, we look forward to the upcoming launch. Incubated by Seedify, Kokodi’s already gaining serious traction within the industry.

Fableborne

We continue to support Pixion Games and their innovative title, Fableborne. The game recently launched "Fableborne Adventures Season 1" and their Play-to-Airdrop event at the end of last quarter that’s been very well received so far.

Fableborne blends PvP and PvE gameplay with Kingdom Conquest raids and Race Against Time challenges. The upcoming event's prize pool of nearly 5 million Gold Essence showcases strong potential for player engagement and activity.

GuildFi → Zentry

GuildFi has evolved into Zentry, an ambitious Metagame Layer aiming to unite 3 billion gamers across digital and physical platforms. Zentry has transitioned from a gaming guild to a comprehensive “Play Ecosystem”, featuring applications like NEXUS (a gamified staking hub), RADIANT (a cross-metagame platform), and ZIGMA (an anime-inspired NFT collection). 

The project's token has migrated from $GF to $ZENT, reflecting this significant shift. We're excited to see how Zentry's innovative approach to creating an MMORPG-like experience in real life unfolds. Following their migration and rebranding, we’ve forged a strong collaboration to collectively further the gaming industry.

Param Labs

We have invested in the strategic funding round for Param Labs as they are developing a modular, interconnected web3 gaming ecosystem focused on creating value for users and empowering developers. Their vision encompasses five key pillars: experiences, infrastructure, Param blockchain, governance, and the PARAM token.

By leveraging AI and blockchain technologies, Param Labs aims to revolutionize gaming experiences, enable true digital property rights, and solve scalability issues in the gaming industry. This investment marks another example of our investments not only in games, but also in the infrastructure making those games a reality. 

Bluefin

Bluefin is a decentralized orderbook-based exchange designed for both professional and novice traders. Bluefin focuses on security, transparency, and redefining the user experience of on-chain trading platforms. Backed by industry leaders like Polychain and Brevan Howard Digital, Bluefin aims to enable users to onboard and trade within seconds by Q3 2024.

We have invested a small ticket of $50,000 to once again expand its exposure to more than solely gaming.

Sophon

We have invested in and contributed to the incubation of Sophon, an innovative entertainment-focused ecosystem built as a Modular Rollup utilizing zkSync's technology. Sophon aims to provide the necessary logistics for any high-throughput applications, examples of which include artificial intelligence and gaming.

Sophon has raised $10 million from notable investors and partners, demonstrating strong industry support. Additionally, Sophon has sold 123,554 nodes amassing over 20,000 in ETH. Concluding the node sale, Sophon has opened the farming portal. This allows anyone to deposit a wide variety of assets to earn SP (Sophon Points). To this date, over 220M in TVL has been committed.

Inevitable Games Fund

The Inevitable Games Fund (IGF), a $100 million initiative backed by King River Capital, Immutable, and Polygon Labs. We have committed a $5,000,000 position in IGF, of which half has been called, as it aims to nurture early-stage web3 gaming startups, providing a unique entry point into this burgeoning sector. IGF has already secured seven early-stage investments, including notable projects like Pixelmon, Metalcore, Guild of Guardians, and My Pet Hooligan. 

This investment allows us to gain additional exposure to the market, and to speak to all of the games out there, even those outside of our current scope.

Pixelverse

We have invested $350,000 in Pixelverse, an emerging entertainment studio and game ecosystem that has raised $5.5 million in a funding round led by tier-1 VC funds. Pixelverse has shown remarkable growth, attracting over 75 million registered users and millions daily active users in less than a month of operation.

It’s exciting to witness Pixelverse pioneering the tap-to-earn narrative, blending gaming and social elements. As of today, Pixelverse has already converted 10% of all Telegram users, and is en route to make that percentage a lot higher. In anticipation of the token launching later this year, we’re seeing the anticipation grow.

Monad Labs

Monad Labs is the developer behind the Ethereum-compatible Layer 1 blockchain Monad that recently raised $225 million in a funding round led by Paradigm, with participation from notable investors including Coinbase Ventures and Electric Capital.

Monad aims to scale EVM performance by building a new kind of Ethereum Virtual Machine from the ground up, implementing parallelization for more efficient processing. In testing, Monad has reached 10,000 transactions per second, positioning it for potential mainstream adoption in consumer and B2B payments.

ARIA

As the lead investor in the seed round financing of Aria, we have invested $1.5 million, into the upcoming RPG blockchain game. The round also included notable investors such as Folius Ventures, Spartan Group, Galaxy Interactive, and Animoca Brands.

Aria aims to bring the immersive experience of RPG gaming to the blockchain, offering new opportunities for player ownership and in-game economies. One of their first acts of war is QioLabs, an attempt at bringing blockchain to the Apple Vision Pro.

Treasury overview

The Treasury balance as of June 30th 2024 is $235,350,991.

When calculating the Treasury’s balance, we only include non-native assets. This means we do not count the balance of BEAM tokens towards the total balance of the Treasury since it might paint a diluted picture of the reality. 

BEAM tokens used for providing liquidity in AMM protocols are included together with their paired tokens, with the total value of each LP pool disclosed on the dashboard. 

Since BEAM tokens will not be utilized for investment purposes, they will not be included in the Treasury’s balance sheet. Please refer to the wallet overview below for an overview of the current balance of BEAM tokens.

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 tokens, NFTs and venture investments. As discussed above, 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.

Notable changes this quarter

Additions

In the previous quarter, we have added a variety of new investments such as Param Gaming, Infairy, TKO, Pixelverse, Sweep, Monad Labs and Kokodi.

Live treasury dashboard

We have updated our dashboard with the most recent data as of June 30th, 2024.

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 all 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.meritcircle.io

Wallet overview

To operate completely transparently, we would like to provide a full list of wallet addresses Merit Circle currently utilizes. 

Ethereum

• 0x7e9e4c0876B2102F33A1d82117Cc73B7FddD0032 

• 0x73F7261cF493105202F8dcbB11C126a65703dA55 

• 0xC4218226A5406Aa721EAEBc2D9dA9564AEdd7777 

• 0xA99F29A2fBdCaFbf057b3D8eFC47cfCEe670Bb43

• 0xB76bC830f183293c368b439B56B40dc58b4E2C7F

• 0xaeacfaae1e084a952f1e6036f13bfe873f428f78

• 0x07e0d811f266b7f65fd022ba4bdab562ce067420

• 0x4f2e21062db87d1023e6E5941c5E8C2de32B44a2

• 0x172FFFc69ED471B7fF2465aE97504985F7071593

• 0x75a3820ee3f245ecd4b77eb9b28fe5f8bff77f15

Binance smart chain

• 0xf92Bc9ee240B82A888c398e6965A7edcBF9399CF

• 0xC4218226A5406Aa721EAEBc2D9dA9564AEdd7777 

Solana

• DbtR9eR6AeqkK5Sk1qKCVQhdRHCzb8P9zWSq1x1jp7ZS

Ronin

• Ronin:3b9fa4f077c068f8c0019c3a149155c8bd91046b

Looking forward

As always, the investment arm will stay laser-focused on the things it can control: contributing to building out the Beam ecosystem, Beam related infrastructure products and otherwise backing the best teams working on bringing the Beam ecosystem and adjacent ecosystems forward. The markets are an interesting component and will always affect portions of the Treasury, but they mostly dictate short-term Treasury values. The long-term Treasury value will be built upon a robust ecosystem that is not market-dependent.

Notes

• All balances and prices are based on calculations made on June 30th, 2024.

• All investments made after June 30th, 2024 are not included in the Treasury report unless specifically mentioned.

Legal disclaimer

This report represents the ecosystem treasury (the “Treasury”) as of June 30th 2024, which includes assets held by the DAO and for the purpose of furthering the growth of the Beam ecosystem, by the Ecosystem Purpose Trust (the “Trust”). The assets held by the Trust and described in this report are not controlled by the DAO or held on behalf of it. The DAO can, however, exert certain checks and balances on the Trust, and the Trust has a mission and purpose that is aligned with the DAO’s, including to accelerate the growth and development of the Beam ecosystem. This report has been prepared by Orange Pill Ltd., for and on behalf of the Trust, based upon information from sources believed to be reliable, including market prices, data and other information from such sources, but such information has not independently been verified and this communication makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. This report is provided for informational purposes only, and should not be relied upon as legal, business, investment, financial or tax advice. You should consult your own advisers as to those matters. References to any digital assets and the use of finance-related terminology are for illustrative purposes only, and do not constitute any recommendation for any action or an offer to provide investment, financial or other advisory services. This content is not directed at nor intended for use by any potential investors, and may not under any circumstances be relied upon when making a decision to purchase any digital asset referenced herein. There can be no assurance that the investments mentioned herein will be profitable. The digital assets referenced in this report currently face an uncertain regulatory landscape in several jurisdictions. The legal and regulatory risks inherent in referenced digital assets are not the subject of this content.  

Charts and graphs provided in this report are for informational purposes only and should not be relied upon when making any decision. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.