Helium
HNTThe full report. Score, pillars, arithmetic, risk, scenario, signal and notes.
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About Helium
Analysis of 29 Apr 2026Helium operates the world"s largest decentralized wireless network with approximately 366,000 mobile hotspots and over 968,000 IoT hotspots active globally. As of late April 2026, the network has reached approximately 595,000 total Helium Mobile subscribers (as reported March 26, 2026), with daily active users peaking near 2 million across carrier offload channels.
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A major inflection point arrived on April 27, 2026, when Helium Mobile discontinued the free Zero Plan entirely, forcing all users to the $15/month Air plan or higher. This move prioritizes revenue quality over raw subscriber count, potentially improving average revenue per user and HNT burn contribution.
Carrier data offload surged 60% in Q4 2025 to 4,388 TB, with daily throughput peaking above 99 TB/day and cumulative offload exceeding 9,840 TB. Trading at approximately $0.97 with a ~$180M market cap ranked around #140-180, HNT remains down over 98% from its $54.88 all-time high with a circulating supply of ~184M against the 223M hard cap.
The $2.3M/month in off-chain subscriber revenues continues flowing into HNT buyback-and-burn via Jupiter DCA, though the January 2026 discretionary burn suspension remains in effect. Grayscale has gone beyond its Q2 2026 watchlist addition by registering a Helium (HNT) Trust product in Nevada, signaling a potential path toward a dedicated investment vehicle.
The Helium Foundation committed $50M in grants over two years to incentivize hotspot deployment in high-footfall urban zones aligned with HIP 103. The August 2025 halving keeps annual emissions at 7.5M HNT, and the December 2025 Mambo WiFi joint venture in Brazil (40,000 access points) continues its early rollout phase across airports, retail centers, and public spaces.