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, 2025 through July 31, 2026. The report indicates a slightly decreased burn-rate, as well as a decrease in net assets due to a significant correction across all crypto market valuations, including the “blue-chips” Bitcoin and Ethereum.
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 an additional equity capital increase which reduced the relative Nimiq holdings to 4.8%. While the dilution affected the valuation of Nimiq’s stake, it is roughly offset by a healthy increase in the updated market value of Nimiq’s real estate holdings. As of end of July the Nimiq Project had the following assets (publication day value):
- 63.15 BTC ~ US$ 4.80 Mio
- 380.71 ETH ~ US$ 914K
- 1’557’721’479 NIM (besides genesis NIM) ~ US$ 603K
- EUR, USD & USDC ~ US$ 294.8K
- Stake in TEN31 (WEG) Bank ~ US$ 1.80 Mio
- Real Estate ~ US$ 3.25 Mio
- Loan to ImpactX Foundation: ~ US$ 33.8K
- Reserves (see "Use of funds") ~ US$ (-0.1 Mio)
Total Net Assets: ~US$ 11.66 Mio
Use of funds
The use of funds from the end of July 2025 up to the end of July 2026 breaks down as follows:
Product Development Contracting, Compensations: This includes all the follow-up research, design, implementation and maintenance work regarding the Proof-of-Stake Nimiq protocol, the iOS and Android Nimiq Pay Apps and their new Mini Apps Scheme, the Nimiq Wallet, and other related apps and systems. We developed a powerful in-house bug-hunting framework before the advent of Fable 5 to proactively identify vulnerabilities. The framework itself drove a significant increase in bug reports that required substantial team resources to address.
The report indicates a still modest ~US$ 7.6K average per contractor per month, reflecting a reasonable increase in contracting expenses mostly due to inflation adjustments. A reserve of US$ 100K is allocated for contract exit payments.
~US$ 2’383.6K (fiat + crypto equivalent at time of expense)
~54.4% of total (~72.1% 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 with Kryptostadt Mannheim City taking the lead and receiving national TV coverage. Community engagement has been reinforced through the launch of a non-team member Nimiq Community Council, an increased budget and an innovative Mini Apps Competition series recently launched to great participation success. Per this transparency report period, bug bounty payouts are now categorized as extraordinary expenses.
~US$ 293.6K (fiat + crypto equivalent at time of expense)
~6.7% of total (~8.9% 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, Deloitte Legal, ADWUS Rechtsanwälte, and additional task specific international legal counsel i.e. for pursuing required licenses, trademarking, terms of services, privacy policies, legal memorandums, etc. The costs reflect the continued requirement of legal materials. Examples include a legal opinion for pursuing the new non-custodial bridge and the largest legal achievement to date: the NIM MiCa Whitepaper in collaboration with the MiCa Crypto Alliance and its submission to BaFin which is intended to pave the way for compliance of NIM in the European market.
- ~US$ 227.8K (fiat + crypto equivalent at time of expense)
- ~5.2% of total (~6.9% of non-extraordinary)
Digital Operations, Equipment: This includes expenses related to hosting, hardware, software, licensing, communications, domains, and other development tools and platforms. The position has slightly increased mostly due to inflation driving the cost of equipment.
- ~US$ 162.5K (fiat + crypto equivalent at time of expense)
- ~3.7% of total (~4.9% of non-extraordinary)
Travel, F&B: This includes expenses related to transportation, hotel, food/beverage, and hackathons. These expenses have lowered since the last report period and going forward will depend on general inflation of costs of travel and accommodation and plans to attend industry events.
- ~US$ 120.0K (fiat + crypto equivalent at time of expense)
- ~2.7% of total (~3.6% of non-extraordinary)
Physical Operations, Rent: This includes expenses related to workspace, operational security, hackathon accommodation, and maintenance. Expenses in this category further decreased due to cost efficiencies in the operating and maintenance of the workspaces and hackathon locations.
- ~US$ 117.6K (fiat + crypto equivalent at time of expense)
- ~2.7% of total (~3.6% of non-extraordinary)
Extraordinary: By far the largest share of extraordinary “expenses” this year was the NIM Treasury Accumulation Plan that was announced in August 2025. The program spent ~US$ 820’370 of an authorized US$ 1 Mio to acquire 1’388’851’471 NIM as per end of July. Note that this “expense” is effectively an asset conversion as the acquired NIM now appear as treasury assets. Other extraordinary items include fees for integration with BitPanda, market liquidity provision, a professionally guided vision workshop and the significant payouts to AI-driven bug hunters according to our then current bug hunting terms. Nimiq has since updated the terms and developed an in-house, AI-based bug hunting framework to reduce future exposure.
~US$ 1073.2K (fiat + crypto equivalent at time of expense)
~24.5% of total
Total Use of Funds: ~US$ 4’378.4K (US$ 3’305.2K non-extraordinary)
The monthly burn-rate average comes in slightly lower at ~US$ 276K (excluding extraordinary expenses). This indicates a turning point in project spending.
Following the organizational changes outlined in the recent blog post "A Look Inside Nimiq" and the renewed direction described in "Beyond the Crypto Label", the Foundation is refocusing its resources on the open-source Nimiq protocol and ecosystem. The strategy combines continued development of Nimiq as open, decentralized payment infrastructure with one focused end-user application designed to bring real users and real-world usage to the network.
Near-term priorities include strengthening the Nimiq protocol with efforts like Interoperability with EVM Blockchains, expanding support for custom tokens on the Nimiq Blockchain such as stablecoins, and advancing longer-term work around privacy, and quantum resistance. In parallel, Nimiq Pay will evolve into the Foundation’s flagship application, with the app and protocol informing each other as user needs and technical capabilities develop.
Based on the described refocus on the core open-source strength, a reduction in expenses is expected for the next reporting period.
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 ~14’252’360’500 NIM (~67.9% of final total).
Details
NIM activated from Token Sale NET (5% of final total): As of the end of July 2026, 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 remains 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 staking 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 ~1'552'754'457 NIM have been minted from staking rewards for a total of ~11’925’864’111 NIM (~56.8% 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, 420’000’000 NIM (2.00% of final total) are available and part of the circulating supply. These funds have not been spent to date. The majority of that amount, 393’750’000 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, 336’000’000 NIM (1.6% of final total) are available and part of the circulating supply. These funds have not been spent to date. The majority of that amount, 315’000’000 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