Nimiq's treasury, 2018 to 2026

The annual reports

Nimiq has published a full balance sheet every year since 2018. Each says what it owns and where the money went.

Each covers August to July. Every one has landed between 12 and 25 August, so the ninth is due within days.

They are self-published, not audited.

The Bitcoin is nearly gone. 724.7 BTC in 2018, 89.5 today. That is 87.7% of the stack.

Ethereum went the same way, 9,470 down to 929, a fall of 90.2%.

Net assets still rose over those years, from $12.32m to $19.54m, because both coins gained value faster than the treasury spent them.

Across all eight reports Nimiq has spent $29.71m. $14.30m of that went to product development and $4.98m to marketing.

Seven of the eight spending tables add up to their own stated total exactly. The eighth is out by $200 on $4.17m, which is rounding.

At $302k a month, $19.54m is five years of runway. The cash line is $1.31m of it, so that runway means continuing to sell coins.

The treasury accumulation plan

On 28 August 2025 Nimiq said it would buy up to 5% of circulating NIM for up to $1m, inside six months.

Three days earlier it had published the balance sheet showing 132.0m NIM. Not a contradiction: that report closed its books on 31 July, before the plan existed.

Term one closed on 28 February 2026 at exactly 5.00% of supply, for $468,443.

It hit the supply cap, not the budget cap. NIM was cheap enough that under half the money bought every token allowed.

Term two was announced on 19 February, before the first had ended. Another 5%, another $1m, running March to August 2026.

August is the last month. Through July the programme sits at 9.6% of its 10% target.

Every cumulative figure in those eleven reports equals the sum of its months, to the NIM and to the dollar, in both terms.

The blended price is $0.000591. NIM trades at $0.000477 today. The position cost $820,370 and is worth about $662,800, 19% under water.

Global volume across every venue that carries NIM is $38,002 a day. Selling this position would take 17 days of being every buyer and seller on earth.

It was never a trade. It is 1.39 billion NIM taken off the market by someone who cannot put it back.

The treasury buys on three exchanges, and six large markets cannot reach any of them.

What the chain says

The plan made one checkable promise: the NIM would sit in addresses anyone could look up.

Two addresses are published. Both read a balance of zero, and between them they hold 1,392,707,424 NIM, every coin of it staked.

Staked NIM sits in the staking contract, and a balance query only reads the account. So an explorer shows an empty wallet holding 1.39 billion NIM.

Query the staker instead of the account and it is all there, against 1,388,851,471 reported bought.

That leaves 3.9 million more on chain than reported, or 0.28%. Not staking rewards: those land in separate addresses. The staked balance has not moved a luna in 5,076 blocks of watching.

August buying is the likely answer, and the August report will settle it.

Two of the monthly reports cite a transaction hash. Both verify exactly: 83,842,516 NIM on 1 June, 165,414,498 NIM on 1 July, both into the term two address.

Where the stake sits

The stake is delegated to two validators, the two largest on the network.

Together they hold 16.42% of every NIM staked, out of 8.48 billion across 33 active validators.

Each has exactly one staker, the published treasury address, plus exactly 100,000 NIM of validator deposit. Neither is in the public registry. The 24 validators listed there are named pools, the largest carrying 408 stakers.

So the chain proves these two are staked by the treasury alone. It does not prove who runs the machines.

What the stake earns

Rewards do not compound into the stake. They accrue to each validator's own reward address, which is why the staked balance never moves.

Measured over 4,945 blocks, the two reward addresses took in 22,118 NIM. At a measured 0.993 second block, that scales to:

A year of it comes to 93% of what the treasury bought in July, for nothing.

The reward addresses hold 1,469,304 NIM, about 3.8 days of accrual, so they are swept or newly staked. The node will not say which.

Which supply figure is right

Nimiq's 9.6% of a 10% target implies 14.47 billion NIM circulating. CoinGecko counts 13.87 billion, which makes the same purchase 10.01%, already at the cap.

Both are defensible. Which is right decides whether August is real buying or a formality.