Key Insights
By the conclusion of the second quarter of 2025, the Helium Network successfully transferred more than 2,721 terabytes (TB) of data from major mobile carriers in the United States, reflecting a significant quarter-over-quarter increase of 138.5%. Since its inception, the total data transferred has surpassed 5,520.8 TB. Over 311,200 accounts have registered with Helium Mobile, marking a remarkable 94.1% increase from the previous quarter. The average daily consumption of Data Credits also saw a notable rise of 68.9%, increasing from $6,170 to $10,423. Helium has formed partnerships with telecom giants AT&T and Telefónica in Mexico, broadening its reach to more U.S. users and Movistar subscribers. Additionally, the Helium Foundation has launched a $50 million grant initiative aimed at enhancing strategic coverage, starting in New York City and extending throughout the U.S. and Mexico by 2025. Helium Plus, a new feature, was quietly introduced in the second quarter and officially announced on July 31, 2025, enabling businesses and public Wi-Fi providers to connect to the network by updating their existing routers.
Primer
Helium (HNT) operates a decentralized wireless network that facilitates both cellular (Mobile) and low-power Internet of Things (IoT) connectivity. It is recognized as the first “people-built” wireless network globally. Helium Mobile functions as a Mobile Virtual Network Operator (MVNO), offering services by integrating T-Mobile’s extensive 5G coverage with the community-driven network comprised of Helium Mobile Hotspots. This innovative model incentivizes individuals who deploy Hotspots, rewarding them with HNT tokens for expanding the network. For users, phones on the Helium Mobile plan can effortlessly connect to either nearby community Hotspots or T-Mobile’s network, ensuring reliable coverage across the United States.
Launched in 2019, the Helium Network initially focused on an IoT infrastructure using a dedicated Layer-1 blockchain for peer-to-peer wireless communication. Users were able to send and receive data via the Internet, with protocol miners receiving HNT tokens for providing network coverage. This specialized IoT network has since evolved, supporting diverse types of decentralized infrastructure within a unified protocol. Following the approval of governance proposal HIP-70 in August 2022, Helium transitioned from its original Layer-1 blockchain to Solana on April 18, 2023. A key growth catalyst for the Helium Mobile Network has been its Carrier Offload Program, which partners with traditional telecom companies, allowing customers from these companies to use Helium Hotspots in areas where the network provides adequate coverage, thus enhancing carrier services.
The Helium IoT Network has been effectively utilized in various applications, including flood detection in Portugal and environmental monitoring in museums. The founding team has successfully raised over $360 million, including a substantial $200 million in its latest funding round in March 2022. For a comprehensive overview of the Helium Network, please refer to our Initiation of Coverage report.
Key Metrics
In the first quarter of 2025, the number of new Helium Mobile Hotspots grew by 12.5% quarter-over-quarter, rising from 28,100 to 31,600. When accounting for converted Hotspots, the total network reached 98,107, reflecting a substantial 53.8% increase. Helium Mobile’s unlimited plan, priced at $30 per month, is significantly lower than the average American telecom plans, which typically exceed three figures. Subscribers can further reduce their bills by earning Cloud Points—rewards given to Helium Mobile users for sharing anonymized location data. This crowdsourced information helps the Helium community identify coverage gaps and optimize Hotspot deployment for strategic network expansion. Location data is anonymized before being shared, and Cloud Points can be redeemed for eGift cards or donated to charitable organizations.
Helium Mobile is well-positioned to attract new users to its telecom network, regardless of their familiarity with cryptocurrency. The number of IoT Hotspots increased by 13% in the second quarter of 2025, with 38,900 Hotspots onboarded since the migration to Solana in April 2023. Prior to the migration, Helium had over 342,000 active Hotspots, bringing the total network count to over 380,900. To encourage growth in critical areas, the IoT Network employs a unique Proof-of-Coverage (PoC) model that adjusts reward mechanisms based on density, promoting strategic deployments. By June 30, 2025, coverage was strongest in major urban centers across North America, Europe, and Southeast Asia.
Data credits (DC), which are fixed at a price of $0.00001, are utilized for data transfers and onboarding fees across IoT, Mobile, and future subnetworks. By the end of the second quarter of 2025, the total DC burned reached $3.1 million, with average daily burns increasing by 68.9% from $6,170 to $10,423. The Mobile Network accounted for the majority of these daily burns at $10,311, while the IoT subDAO contributed a mere $112.83.
Helium Mobile Signups
When users sign up for Helium Mobile, they receive a Mobile NFT in their wallet, which helps track new account registrations. The second quarter saw a staggering 94.1% increase in account signups, soaring from 160,300 to 311,200. Helium Mobile users automatically connect to nearby Hotspots when available and switch to T-Mobile’s network in areas lacking Hotspot coverage.
In February 2025, Helium introduced a free plan offering 3 GB of monthly data, with additional data available for purchase at $7.50 per GB. Currently, Helium Mobile offers three plan tiers:
– Zero: Free with 3GB of data
– Air: $15.00 per month with 10GB of data
– Infinity: $30.00 per month with unlimited data
All plans allow users to earn Cloud Points, although the free plan requires users to share location data anonymously. Air and Infinity subscribers can opt-in to earn Cloud Points as well.
On June 10, 2025, Helium Mobile unveiled its “Sprout” Kids plan, priced at $5 per month and providing 3 GB of monthly data alongside unlimited talk and text. The account is managed by parents or guardians, and subscribers to this plan will not be required to share any location data.
Carrier Offloading
As of June 18, 2024, Helium began allowing telecom companies to utilize the Helium Network for coverage provision to their users. This initiative has led to partnerships with several carriers, including T-Mobile, Movistar, AT&T, Google Orion, and Wefi. In April 2025, AT&T was announced as the latest carrier to join the offloading program.
Offloaded data refers to the volume of data transferred by users from other carriers through the Helium Network. In the second quarter of 2025, cumulative offloaded data experienced a remarkable 138.5% growth, rising from 1,140.9 TB to 2,721 TB. Current statistics are available for review.
Paid Traffic
Paid traffic denotes the amount of data sent through Helium Hotspots that is accounted for financially. In the first quarter of 2025, daily mobile paid traffic surged by 70.6% quarter-over-quarter, increasing from 12.1 TB to 20.6 TB. This growth led to a cumulative total of 5,520.8 TB of data transmitted through Hotspots, representing a 51.5% increase compared to the previous quarter. As a primary revenue source for the Helium Network, this metric is projected to continue its upward trajectory as user adoption grows and partnerships for carrier offloading expand.
Financial
In the second quarter of 2025, the circulating market capitalization of HNT fell by 23.7% from $545.7 million to $416.4 million, causing its market cap rank to drop from 96th to 122nd. The price of HNT decreased by 25.6%, dropping from $3.04 to $2.26. HNT serves as the primary token for the Helium Network, distributed through the Helium DAO and minted via inflationary emissions, which are then allocated to subDAOs based on performance and engagement metrics (known as Utility Score). HNT has two key functionalities:
– Purchase Data Credits (DC) to access subnetwork features: HNT can be burned to obtain DC through the Helium Wallet App, Helium CLI, or Data Credit Portal, with the value of a DC fixed at $0.00001. The quantity of DC received from burning HNT is based on HNT’s current price in USD.
– Stake to receive veHNT and gain governance voting rights for the Helium DAO: HNT token holders can participate in governance by staking their tokens to receive veHNT, which provides proportional voting power to approve or reject proposals, including Helium Release Proposals (HRPs) and Helium Improvement Proposals (HIPs), that shape the network’s future.
Notably, the recent implementation of HIP-138 has linked the value of the HNT token directly to network utility. HNT is now essential for data transfers within the network, requiring users to purchase and “burn” HNT to acquire Data Credits, thus creating a consistent demand for the token. This mechanism, termed burn and mint equilibrium, ensures that the network’s usage aligns with HNT’s circulating supply. As IOT and MOBILE subDAOs will no longer receive additional HNT and no new IOT or MOBILE tokens will be minted, the swap ratios for HNT remain constant. Specifically, the MOBILE to HNT swap rate is set at 7,473.58 MOBILE for one HNT, while the IOT to HNT swap rate stands at 6,608.32 IOT for one HNT. On August 1, 2025, HNT emissions were halved, marking the third halving as outlined in HIP-20, which reduces emissions by half every two years. Annual emissions will drop from 15 million HNT to 7.5 million HNT, amounting to 20,548 HNT per day. Despite this, data rewards for Hotspot owners will remain unaffected, as they are based on data handled by their Hotspots. However, subscribers who contributed coverage data will see their rewards halved.
Qualitative Analysis
Significant changes in Helium’s governance model were initiated in the first quarter of 2025, particularly through the introduction of HIP-141, which focused on Single-Token Governance and Helium Release Proposals. This proposal passed with an overwhelming 98.6% of votes in favor, marking a pivotal step towards simplifying and enhancing the decision-making processes within the network. The proposal transitioned Helium from a multi-token governance framework to a unified structure, introducing several reforms aimed at improving transparency, efficiency, and aligning stakeholder interests.
One of the most notable changes resulting from HIP-141 is the consolidation of governance under a single-token system. This approach phased out the IOT and MOBILE subnetwork tokens as governance mechanisms. Consequently, all governance activities will now be conducted exclusively through HNT, bolstering HNT’s status as the central asset of the Helium ecosystem and streamlining participation for all network stakeholders.
Additionally, HIP-141 reintroduced veHNT (voting-escrowed HNT) as the exclusive governance mechanism. While veHNT has been in existence since Helium’s transition to Solana, HIP-141 formalized it as the singular approach to voting. Participants must lock their HNT to acquire veHNT, which grants them voting rights on proposals and network enhancements. This locking mechanism incentivizes long-term commitment, as the amount of veHNT awarded correlates with the quantity and duration of HNT locked.
These modifications have led to a more efficient governance structure, fostering long-term engagement from stakeholders and aligning incentives with the overall health of the network.
Partnership with Movistar Mexico and AT&T
A noteworthy development during the transition from the first to the second quarter of 2025 was the establishment of partnerships with Telefónica’s Movistar Mexico and AT&T. The collaboration with Movistar aims to enhance connectivity across Mexico, utilizing community-driven infrastructure to improve network coverage and reliability, particularly in underrepresented areas. This model not only reduces infrastructure expenditures for Movistar but also has the potential to enhance service quality for users.
To facilitate this expansion, Movistar is retailing Helium Mobile Hotspots through its stores and online platforms, fostering public engagement in the network’s growth across over 300 targeted locations. This initiative accelerates network development and aligns with Helium’s ethos of community-driven infrastructure progress.
The partnership with AT&T integrates one of the largest mobile carriers in the U.S. into the Helium ecosystem, enabling AT&T subscribers to utilize the network in regions where coverage is sufficient. These collaborations have led to several days during which the network surpassed one million daily users.
Coverage Grant Program
The Helium Foundation has initiated a $50 million Coverage Grant Program aimed at enhancing network deployment and accessibility. This program seeks to make Helium’s decentralized wireless network more affordable and accessible, with the ambition of connecting more communities around the globe. New York City has been chosen as the starting point for this initiative, which is now available nationwide in the U.S. and Mexico. To support this expansion, the Helium Foundation has introduced new features on its Helium World platform, such as ‘Observed Demand’ and ‘Expansion Zones,’ which enable potential deployers to pinpoint areas for network development by visualizing regions with high demand and strategic growth potential.
SEC Lawsuit Dismissal
On April 10, 2025, the SEC dismissed its lawsuit against the Helium Network with prejudice, ruling that Helium’s tokens (HNT, MOBILE, and IOT) and the hotspot devices linked to its blockchain do not qualify as securities. This dismissal safeguards Helium from future similar charges from the SEC and could have ramifications for the broader decentralized physical infrastructure network (DePIN) sector.
Closing Summary
The second quarter of 2025 showcased the Helium Network’s rapid growth and its increasing integration with mainstream telecommunications. The network achieved a significant milestone, offloading 2,721 TB of carrier data, marking a 138.5% quarter-over-quarter increase, largely driven by new partnerships, particularly with AT&T. User adoption also surged, with Helium Mobile registrations climbing by 94.1% to over 311,200.
Additionally, the quarter featured significant developments reinforcing the network’s foundations. The SEC’s lawsuit dismissal provided regulatory clarity for both Helium and the broader DePIN space. The implementation of HIP-141 successfully unified governance under HNT and veHNT, streamlining decision-making and promoting long-term stakeholder engagement. The introduction of the “Sprout” Kids plan diversified Helium’s product offerings to cater to a new demographic.
Despite broader market challenges that resulted in a decline in HNT’s market cap, the network’s operational successes, strategic partnerships, and advancements in governance and legal clarity position it favorably for continued growth and maturation as a decentralized alternative within the global wireless landscape.
