In line with the last report, we would like to present an updated overview of the assets and use of funds for the Nimiq project, as well as updated details of the distribution of NIM tokens and the circulating supply. The period covered since the last report is August 1, 2024 through July 31, 2025. The report indicates a slightly increased burn-rate in-line with expectations, as well as a fair increase in net assets due to favorable crypto market value developments and diversification.
Assets and use of funds
Assets
The Nimiq Project continues to hold a variety of liquid and non-liquid assets. German TEN31 (WEG) Bank AG drew down on a pre-approved equity capital increase which reduced the relative Nimiq holdings to 7.17%. The new shares were issued at par value resulting in no change in expected value of shares held by Nimiq. Similarly, the real estate holdings were unchanged based on current market value estimates. As of publication of the report the Nimiq Project had the following assets:
- 89.5 BTC ~ US$ 9.93 Mio
- 929.36 ETH ~ US$ 4.08 Mio
- 132.0 Mio NIM (besides genesis NIM) ~ US$ 92K
- EUR, USD & USDC ~ US$ 1.31 Mio
- Stake in TEN31 (WEG) Bank ~ US$ 2.20 Mio (unchanged from 2024)
- Real Estate ~ US$ 2.00 Mio (unchanged from 2024)
- Loan to ImpactX Foundation: ~ US$ 33.8K
- Reserves (see "Use of funds") ~ US$ (-0.1 Mio)
Total Net Assets: ~US$ 19.54 Mio
Use of funds
The use of funds from the end of July 2024 up to the end of July 2025 breaks down as follows:
Product Development Contracting, Compensations: This includes all research, design, implementation and maintenance work regarding the Nimiq protocol and its switch from Proof-of-work to Proof-of-stake, Cryptopayment Link, Crypto Map, the iOS and Android Nimiq Pay Apps, the Nimiq Wallet and other related apps and systems. The report indicates a modest US$ 6.8K per contractor per month, reflecting a relative small increase in contracting expenses mostly due to inflation adjustments. The achievement of the development goal (release of Proof of Stake for Nimiq in November 2024) unlocked the pending dues from delayed compensations, which were paid out from the reserves carried forward since 2020 (~US$ 260K) with a net-zero effect for this reporting period.
- ~US$ 2’190.3K (fiat + crypto equivalent at time of expense)
- ~52.6% of total (~60.5% of non-extraordinary)
Marketing, Content, Community: This category covers expenses related to educational content production (video, written, and visual), branding initiatives, sponsorships, merchandise, user research, community project grants, rewards-based campaigns, social media management, and participation in industry conferences. It also includes support for regional adoption initiatives such as the European Kryptostadt, Latin American Criptociudad and Gambian Cryptocity programs, which fall under the broader "Cryptocity" adoption campaigns aimed at facilitating partnerships and driving network effects that promote real-world use of NIM. Ongoing community engagement and security initiatives are also accounted for, including the Bug Bounty Program, with a reserve of US$ 100K allocated for the next 12 months.
- ~US$ 759.4K (fiat + crypto equivalent at time of expense)
- ~18.2% of total (~21.0% of non-extraordinary)
Legal, Administration, Taxes: This includes legal, tax and administrative expenses regarding corporate maintenance, contract review, accounting, professional support from Lara Legal Corp, Mathys & Squire, Annerton Rechtsanwälte, and additional task specific international legal counsel i.e. for pursuing required licenses, trademarking, terms of services, privacy policies, legal memorandums, etc. The increased cost reflects the trademark efforts around protecting NIM, Nimiq and Cryptocity immaterial assets in various languages and jurisdictions, as well as legal opinions for and reviews of the many requirements for the Bluecode and Naka collaborations.
- ~US$ 252.4K (fiat + crypto equivalent at time of expense)
- ~6.1% of total (~7.0% of non-extraordinary)
Digital Operations, Equipment: This includes expenses related to hosting, hardware, software, licensing, communications, domains, and other development tools and platforms. The decrease in this position is mainly due to lower hosting costs resulting from the switch of Proof-of-Work to the Proof-of-Stake consensus mechanism of the Nimiq Protocol.
- ~US$ 146.2K (fiat + crypto equivalent at time of expense)
- ~3.5% of total (~4.0% of non-extraordinary)
Travel, F&B: This includes expenses related to transportation, hotel, food/beverage, and hackathons. These expenses have held steady but can be expected to increase moderately based on general inflation of costs of travel and accommodation and plans to expand team presence at industry events.
- ~US$ 148.9K (fiat + crypto equivalent at time of expense)
- ~3.6% of total (~4.1% of non-extraordinary)
Physical Operations, Rent: This includes expenses related to workspace, operational security, hackathon accommodation, and maintenance. Expenses in this category decreased noticeably due to cost efficiencies in the operating and maintenance of the workspaces and hackathon locations.
- ~US$ 124.5K (fiat + crypto equivalent at time of expense)
- ~3.0% of total (~3.4% of non-extraordinary)
Extraordinary: This includes fees for integrations on MEXC, Lunu, Coinify and stakingrewards.com, as well as market liquidity provision and funds for the PoS prestaking campaign.
- ~US$ 545.2K (fiat + crypto equivalent at time of expense)
- ~13.1% of total
Total Use of Funds: ~US$ 4’167.1K (US$ 3’621.9K non-extraordinary)
The monthly burn-rate average comes in at ~US$ 302K (excluding extraordinary expenses). The increase is mostly attributable to more average monthly spending on Marketing, Content, Community associated with the release of the Proof-of-Stake upgrade and the communication and campaign efforts around it. The project continued to support the growth of open efforts such as the European “Kryptostadt”, Latin American “Criptociudad” and “Cryptocity” efforts in Gambia. Efforts included creating awareness around the native Nimiq Pay iOS and Android apps that support paying with NIM wherever Bitcoin Lightning is accepted, to this day, an industry breakthrough. With increasing activities targeting the adoption of the “NIM <> BTC <> USD Stable Coin Trinity” in the payment acceptance and crypto holding process, as well as the staking of NIM, we expect a continued significant effort in that expense category going forward. As expected, total expenses related to Product Development Contracting, Compensations only increased slightly. Last year's report projected that the long-standing team has reached a level of quality and capacity such that no significant further hires were anticipated. Expenses related to Legal, Administration, Taxes, increased slightly as trademark efforts around Cryptocity and the legal umbrella for the merchant payment scheme partnerships are being pursued. The slight decrease in Digital Operations, Equipment is attributable to lower hosting costs. Travel, F&B and Physical Operations, Rent have held steady or decreased. The outlook for the former may point towards an increase here as the project will look to attend more industry events for positioning and visibility.
NIM supply and distribution
This second part describes the distribution of NIM tokens, showing details of accounts and vesting contracts as well as the circulating and total supply as of the end of July.
Quick view
Live summary of NIM supply: http://nim.sh/stats/supply.txt
The total final NIM supply over ~100 years by design of the Nimiq Blockchain protocol (see Nimiq Whitepaper 2.0): 21'000'000'000 NIM. The circulating supply as of the end of July was ~13’283’569’946 NIM (~63.3% of final total).
Details
NIM activated from Token Sale NET (5% of final total): As of the end of July 2025, 861’049’052 NIM have been activated from NET and are part of the circulating supply. The remaining difference (~188’950’948 NIM) that has not been activated from NET is visible at account addresses NQ69 9A4A MB83 HXDQ 4J46 BH5R 4JFF QMA9 C3GN, NQ15 MLJN 23YB 8FBM 61TN 7LYG 2212 LVBG 4V19 and NQ17 YTX4 X5U6 5BUX HN5J V6VV 260V 9UP1 D39S. Though the deadline for activating NIM has long passed, Nimiq is processing requests on a case by case, manual basis (applying the same conditions of KYC/AML). Being conservative, Nimiq considers them part of the circulating supply. All other NIM are either acquired through mining (before the update to Proof-of-Stake), staking (since the update to Proof-of-Stake) or released through a vesting contract as further described below (all vesting durations are measured from April 14 2018).
NIM min(t)able (88% of final total): 18'480'000'000 NIM over ~100 years since April 2018. Up to the protocol upgrade in November 2024 from its Proof-of-Work to its new Proof-of-Stake Consensus Mechanism 10’373’109’654 NIM were mined as block rewards. Since then an additional ~677’768’145 NIM have been minted from staking rewards for a total of ~11’050’877’799 NIM (~52.6% of final total) as of the end of July. Per vote from the community, miners and validators through adoption, the original emission curve was modeled to be unchanged and continuous from PoW to PoS.
Nimiq Foundation (Project, 2.5% of final total): 525'000'000 NIM at vesting contract address NQ09 VF5Y 1PKV MRM4 5LE1 55KV P6R2 GXYJ XYQF. Vesting is 26'250'000 NIM every 6 months over 10 years. First vesting was in October 2018, as of the end of July, 367’500’000 NIM (1.75% of final total) are available and part of the circulating supply. These funds have not been spent to date. The majority of that amount, 341’250’000 NIM, is locked for staking as part of securing the Nimiq PoS network.
ImpactX Foundation (Charity, 2% of final total): 420'000'000 NIM at vesting contract address NQ19 YG54 46TX EHGQ D2R2 V8XA JX84 UFG0 S0MC. Vesting is 21'000'000 NIM every 6 months over 10 years. First vesting was in October 2018, as of the end of July, 294’000’000 NIM (1.4% of final total) are available and part of the circulating supply. These funds have not been spent to date. The majority of that amount, 273’000’000 NIM, is locked for staking as part of securing the Nimiq PoS network. In June 2021 a US$ 33’780 (1 BTC) donation was made to the charity: water’s bitcoin trust with an interest-rate-free loan from Nimiq to the ImpactX Foundation.
Nimiq Team & Early Contributors (2.5% of final total): 525'000'000 NIM at 82 vesting contract addresses, see https://pastebin.com/raw/1eDwDF45. Vesting schedule A (for creators) was 35'000'000 NIM every 6 months over 3 years and vesting schedule B was 157'500'000 NIM month 3 and month 6 (team, early contributors and future team member allocation).
Recommended Block Explorer for Account and Contract Addresses: https://nimiq.watch