Hedera Treasury Management Report

This document describes the methodology used to report Hedera’s management of the pre-minted supply of hbar as directed by the Council’s Treasury Management and Token Economics Committee and presents the current data as of 16 September 2021.

DEFINITIONS AND ACCOUNTS
The following definitions are used to classify all hbars in existence with respect to their control and management by the Hedera Council and Hedera staff and their liquidity among the public. The Total Supply of hbars is 50 billion and is subdivided into Unreleased Supply and Released Supply.

  • Unreleased Supply
    Unreleased Supply consists of the portion of pre-minted hbars yet to be distributed to the public and controlled by the Hedera Council or Hedera staff, subdivided into the Hedera Pre-minted Treasury and Allocated Supply. A network account is controlled by the entity with the operational ability to affect the state of the network account, i.e., the entity in possession of the requisite private keys.

    • Hedera Pre-minted Treasury
      Hedera Pre-minted Treasury consists of pre-minted hbars unallocated for a particular purpose and controlled by the Hedera Council as a whole. The Hedera Pre-minted Treasury Accounts are:
      • 0.0.2

      • 0.0.49

    • Allocated Supply
      Allocated Supply consists of pre-minted hbars allocated for a particular purpose by the Hedera Council and controlled by the Hedera Staff. Allocations are typically evidenced by written actions or meeting minutes of the Council or Board and may be of a fixed amount (e.g., RCU Plan) or variable amount (e.g., SAFT Bonus Allocations). In rare cases, allocations may be withdrawn by the Hedera Council if they are undistributed and returned to Hedera Pre-minted Treasury. The Allocated Supply Accounts are:
      • 0.0.42
      • 0.0.43
      • 0.0.44
      • 0.0.45
      • 0.0.46
      • 0.0.47
      • 0.0.48
      • 0.0.50
      • 0.0.51
      • 0.0.52
      • 0.0.53
      • 0.0.54
      • 0.0.55
      • 0.0.56
      • 0.0.57
      • 0.0.58
      • 0.0.59
      • 0.0.60
      • 0.0.61
      • 0.0.62
      • 0.0.63
      • 0.0.64
      • 0.0.65
      • 0.0.66
      • 0.0.67
      • 0.0.68
      • 0.0.69
      • 0.0.70
      • 0.0.71
      • 0.0.73
      • 0.0.74
      • 0.0.75
      • 0.0.76
      • 0.0.77
      • 0.0.78
      • 0.0.79
      • 0.0.80
      • 0.0.81
      • 0.0.82
      • 0.0.83
      • 0.0.84
      • 0.0.85
      • 0.0.86
      • 0.0.87
      • 0.0.99
      • 0.0.100
      • 0.0.101
      • 0.0.102
      • 0.0.111
      • 0.0.112

  • Released Supply
    Released Supply consists of the portion of pre-minted hbars that have been distributed. Unreleased Supply is distributed upon the earlier of its transfer to a network account controlled by a member of the public (regardless of whether such hbars remain encumbered by Hedera or otherwise) or to an Operational Supply Account controlled by Hedera Staff. Public means any individual or entity other than Hedera. Distributions are typically evidenced by legal agreements with the hbar recipient (e.g., SAFT Purchaser). Distributions are never withdrawn, and Released Supply is never returned to Unreleased Supply.
    Released Supply can be considered one possible method of determining Circulating Supply; however, different market research and data reporting companies may apply different definitions to certain hbars. Additional information is supplied below to inform other methods of determining Circulating Supply.

    • Operational Supply
      Operational Supply consists of the portion of Released Supply that is controlled by the Hedera Council or the Hedera Staff at any time after its initial distribution. Operational Supply may consist of hbars controlled for the purpose of ordinary network function, e.g., network fee pooling accounts. Operational Supply may also consist of pre-minted hbars unencumbered by Hedera but yet to be transferred to the recipient due to compliance, technical, or operational issues that delay such transfer, such as incomplete payment instructions. The Operational Supply Accounts are:
      • 0.0.3

      • 0.0.4

      • 0.0.5

      • 0.0.6

      • 0.0.7

      • 0.0.8

      • 0.0.9

      • 0.0.10

      • 0.0.11

      • 0.0.12

      • 0.0.13

      • 0.0.14

      • 0.0.15

      • 0.0.16

      • 0.0.17

      • 0.0.18

      • 0.0.19

      • 0.0.20

      • 0.0.21

      • 0.0.22

      • 0.0.23

      • 0.0.24

      • 0.0.25

      • 0.0.26

      • 0.0.27

      • 0.0.28

      • 0.0.29

      • 0.0.30

      • 0.0.31

      • 0.0.32

      • 0.0.33

      • 0.0.34

      • 0.0.35

      • 0.0.36

      • 0.0.37

      • 0.0.38

      • 0.0.39

      • 0.0.40

      • 0.0.41

      • 0.0.72

      • 0.0.98

    • Illiquid Supply
      Illiquid Supply consists of the portion of Released Supply that is controlled by a member of the public but is known by Hedera to have contractual or self-imposed limitations on ownership transfer. Illiquid Supply may include hbars held by Council Members or Hedera Founders that have publicly committed to sales restrictions. Illiquid Supply includes the following:
      • Hedera retains the right to repurchase distributions to Swirlds pursuant to the Master License Agreement at fair market value prior to their sale to the public. Swirlds has publicly disclosed information about their subsequent distributions to their employees, contractors, advisors, and investors, available here: https://www.swirlds.com/category/blog/.
      • Hedera co-founders have publicly disclosed a sales schedule, available here: https://help.hedera.com/hc/en-us/sections/360005580257-Founder-hbars.
      • A distribution of 730,000,000 hbars sold pursuant to a Coin Purchase Agreement and transferred to an escrow account in Q3 2020 remains restricted from ownership transfer. Beginning August 2022, one-twelfth of these hbars will become unrestricted each month until all such hbars are unrestricted.
      • A distribution of 437,650,000 hbars sold pursuant to a Coin Purchase Agreement and expected to be transferred to an escrow account in Q3 2021 includes an extended holding period for the purchased hbars; in addition, these coins are expected to be held in a long-term trust with a requirement that fees earned from managing such vehicle be reinvested in other product and service lines intended to benefit the Hedera ecosystem and the adoption of Hedera Hashgraph technology generally.
      • Some distributions under Hedera Programs, depending on the nature of the program and specific grant, are subject to various use limitations, such as restrictions on ownership transfer.
      • The HBAR Foundation will have autonomy over the administration, development, and deployment of its subsequent hbar distributions in providing grants to developers, startups, and others to accelerate the development and adoption of the Hedera network. It is expected that the HBAR Foundation will disclose additional information regarding their subsequent distribution schedules in the future.

    • Liquid Supply
      Liquid Supply consists of the portion of Released Supply that is controlled by a member of the public and is not known by Hedera to have limitations on ownership transfer.

ALLOCATIONS
Hedera reports new and existing allocations of Hedera Treasury into Allocated Supply as soon as practicable after the allocation becomes effective. Related allocations are pooled into allocation categories and reported in the following chart with descriptions for each pool. Variable allocations are projected. Allocation amounts are not reduced after the related Allocated Supply is distributed and always sum to the Total Supply.

Coin Allocation v2
  • Hedera Pre-Minted Treasury

    Hedera launched the Hedera network on August 24, 2018 and pre-minted a fixed, total supply of 50 billion hbars originally held in Hedera Pre-minted Treasury. The allocation and distribution of hbars from Hedera Pre-minted Treasury is governed by the Hedera Council and requires the majority approval of the Council members or, if delegated by the Council, Hedera’s Board of Directors. All new allocations are debited from Hedera Pre-minted Treasury, which contains all hbars yet to be allocated for a particular purpose.

    Approximately 16,207,150,000 hbars remain in Hedera Pre-minted Treasury.

  • Swirlds

    Swirlds created Hedera on September 8, 2017 and subsequently granted to Hedera an exclusive, non-transferable, perpetual right and license to Swirlds' patented hashgraph technology in order to create a distributed, general-purpose public ledger. Hedera allocated hbars to Swirlds to pay a portion of the license fees and to Swirlds' investors for their commitment of Swirlds resources and personnel. This allocation amount includes variable and projected future distributions updated quarterly.

    Approximately 3,979,953,000 hbars are allocated to Swirlds.

  • Founders and Early Executives
    The co-founders of Hedera, Mance Harmon and Leemon Baird, and early senior executives received grants of restricted coin units (“RCUs”) as part of their compensation and purchased additional hbars through Simple Agreements for Future Tokens (“SAFTs”).

    Approximately 6,902,579,000 hbars are allocated to Founders and Early Executives.

  • Employees and Service Providers
    Hedera has adopted a coin plan of 7 billion hbars through which it may attract, retain, and incentivize employees, contractors, advisors, and vendors providing services to Hedera. All grants of hbars made under the plan to such entities have been in the form of restricted coin units (“RCUs”) subject to a vesting schedule based on length of employment and/or performance goals. This allocation amount excludes RCUs granted to Founders and Early Executives.

    Approximately 2,218,750,000 hbars are allocated to Employees and Service Providers.

  • Purchase Agreements
    Hedera raised approximately $123.0 million from December of 2017 to August of 2018 to develop the Hedera network through the sale of Simple Agreements for Future Tokens (“SAFTs”). Hedera also raised approximately $21.25 million from April to September of 2020 and an additional $8.75 million in July of 2021 to support ongoing operations by selling hbars subject to restrictions such as a multi-year lockup period to a small number of institutional purchasers. This allocation amount includes variable and projected future distributions and excludes SAFTs purchased by Founders and Early Executives.

    Approximately 8,698,715,000 hbars are allocated to Purchase Agreements.

  • Ecosystem Development
    Hedera has allocated hbars for initiatives that accelerate the use and development of the Hedera ecosystem. On July 14, 2021, the Hedera Council allocated an additional 10.7 billion hbars, valued at approximately $2 billion USD on that date, to be distributed to entities independent from Hedera with autonomy and complete control over the administration, development, and deployment of the hbars to developers and other organizations contributing value to the network. This allocation amount includes variable and projected future distributions.

    Approximately 11,992,853,000 hbars are allocated to Ecosystem Development.

DISTRIBUTIONS
Hedera reports distributions within each allocation category of Allocated Supply into Released Supply on a quarterly basis. Related distributions are pooled into distribution streams and reported in the following table with descriptions for each stream. Distributions into Illiquid Supply are noted and additional details can be found in the Illiquid Supply section above. Illiquid Supply limitations are not reflected on the distribution tables as the limitations, compliance with the limitations, and locations of the hbars may not be subject to Hedera’s control.

Allocation CategoryDistribution StreamOpen Access2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021
SwirldsMLA Lump Sum2,500,000,000---------
SwirldsMLA Revenue Share-44,185,000105,068,00050,741,00042,771,00056,959,00032,719,0007,395,0009,150,0007,946,000
SwirldsInvestors1,010,714,000---------
Founders and Early ExecutivesFounders (RCUs & SAFTs)9,643,00068,521,000508,911,000133,895,000133,861,000408,861,000383,861,000383,861,000383,861,000383,861,000
Founders and Early ExecutivesEarly Executives (RCUs & SAFTs)11,633,00082,700,000618,600,000112,333,000112,300,000112,300,000106,050,00093,550,00093,550,00093,550,000
Employees and Service ProvidersEmployees and Contractors RCUs-535,898,00072,781,00084,519,00050,065,00049,766,00076,110,00081,345,00080,812,00084,156,000
Employees and Service ProvidersAdvisors and Vendors RCUs-104,967,000140,466,00032,762,00033,577,00036,723,00027,448,00021,833,00025,931,0009,125,000
Purchase AgreementsSAFT Series 1 & 1N27,753,000197,739,000169,986,000168,938,000168,938,000168,938,000168,938,000168,938,000168,938,000168,938,000
Purchase AgreementsSAFT Series 2 & 2N145,100,000363,136,000217,615,000207,145,000207,145,000207,145,000207,145,000207,145,000207,145,000207,145,000
Purchase AgreementsSAFT Series 3A & 3AN135,970,000203,954,000203,954,000114,505,00021,464,000-----
Purchase AgreementsSAFT Series 3B & 3BN48,507,000---39,836,000---39,836,000-
Purchase AgreementsSAFT Bonus Allocations-----141,890,00031,284,0003,909,000883,00053,375,000
Purchase AgreementsCoin Purchase Agreements----730,000,000---437,650,000-
Ecosystem DevelopmentHedera Programs--13,490,00019,174,00053,309,00043,538,00029,386,00011,493,000138,456,00061,832,000
Ecosystem DevelopmentFoundation Funding--------2,540,000,000-
TotalPer Period3,889,320,0001,601,100,0002,050,871,000924,012,0001,593,266,0001,226,120,0001,062,941,000979,469,0004,126,212,0001,069,928,000
TotalAggregate3,889,320,0005,490,420,0007,541,291,0008,465,303,00010,058,569,00011,284,689,00012,347,630,00013,327,099,00017,453,311,00018,523,239,000
TotalAggregate Percentage7.8%11.0%15.1%16.9%20.1%22.6%24.7%26.7%34.9%37.0%
Allocation Category Distribution Stream Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023
Swirlds MLA Lump Sum - - - - - - - -
Swirlds MLA Revenue Share 7,946,000 7,946,000 7,946,000 7,946,000 7,946,000 7,946,000 7,416,000 6,357,000
Swirlds Investors - - - - - - - -
Founders and Early Executives Founders (RCUs & SAFTs) 308,861,000 308,861,000 308,861,000 308,861,000 308,861,000 308,861,000 308,861,000 -
Founders and Early Executives Early Executives (RCUs & SAFTs) 78,550,000 71,050,000 71,050,000 71,050,000 71,050,000 71,050,000 71,050,000 -
Employees and Service Providers Employees and Contractors RCUs 70,661,000 52,365,000 29,364,000 27,181,000 23,113,000 14,336,000 11,273,000 10,252,000
Employees and Service Providers Advisors and Vendors RCUs 8,569,000 7,458,000 7,389,000 7,250,000 5,370,000 5,370,000 3,406,000 -
Purchase Agreements SAFT Series 1 & 1N 168,938,000 168,938,000 168,938,000 168,938,000 168,938,000 168,938,000 168,938,000 3,668,000
Purchase Agreements SAFT Series 2 & 2N 207,145,000 207,145,000 207,145,000 34,898,000 34,898,000 34,898,000 - -
Purchase Agreements SAFT Series 3A & 3AN - - - - - - - -
Purchase Agreements SAFT Series 3B & 3BN - - 39,836,000 - - - 39,836,000 -
Purchase Agreements SAFT Bonus Allocations 949,000 949,000 949,000 949,000 949,000 949,000 949,000 886,000
Purchase Agreements Coin Purchase Agreements - 20,522,000 142,728,000 171,617,000 171,617,000 151,094,000 28,889,000 -
Ecosystem Development Hedera Programs 113,614,000 73,294,000 75,794,000 72,632,000 104,412,000 62,039,000 62,039,000 62,039,000
Ecosystem Development Foundation Funding - - - - - - - -
Total Per Period 965,233,000 918,528,000 1,060,000,000 871,322,000 897,154,000 825,481,000 702,657,000 83,202,000
Total Aggregate 19,488,472,000 20,407,000,000 21,467,000,000 22,338,322,000 23,235,476,000 24,060,957,000 24,763,614,000 24,846,816,000
Total Aggregate Percentage 39.00% 40.80% 42.90% 44.70% 46.50% 48.10% 49.50% 49.70%
Allocation Category Distribution Stream Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Total
Swirlds MLA Lump Sum - - - - - - - - 2,500,000,000
Swirlds MLA Revenue Share 6,357,000 6,357,000 6,357,000 6,357,000 6,357,000 6,357,000 6,357,000 6,357,000 469,239,000
Swirlds Investors - - - - - - - - 1,010,714,000
Founders and Early Executives Founders (RCUs & SAFTs) - - - - - - - - 4,961,163,000
Founders and Early Executives Early Executives (RCUs & SAFTs) - - - - - - - - 1,941,416,000
Employees and Service Providers Employees and Contractors RCUs 8,313,000 7,686,000 7,466,000 6,991,000 4,459,000 1,349,000 - - 1,390,261,000
Employees and Service Providers Advisors and Vendors RCUs - - - - - - - - 477,644,000
Purchase Agreements SAFT Series 1 & 1N 3,668,000 3,668,000 3,668,000 - - - - - 2,775,282,000
Purchase Agreements SAFT Series 2 & 2N - - - - - - - - 2,901,995,000
Purchase Agreements SAFT Series 3A & 3AN - - - - - - - - 679,847,000
Purchase Agreements SAFT Series 3B & 3BN - - 34,681,000 - - - - - 242,532,000
Purchase Agreements SAFT Bonus Allocations 759,000 759,000 759,000 759,000 759,000 759,000 759,000 759,000 244,942,000
Purchase Agreements Coin Purchase Agreements - - - - - - - - 1,854,117,000
Ecosystem Development Hedera Programs 62,039,000 62,039,000 62,039,000 62,039,000 12,039,000 12,039,000 12,039,000 12,039,000 1,292,853,000
Ecosystem Development Foundation Funding - - - - - - - - 2,540,000,000
Total Per Period 81,136,000 80,509,000 114,970,000 76,146,000 23,614,000 20,504,000 19,155,000 19,155,000 -
Total Aggregate 24,927,952,000 25,008,461,000 25,123,431,000 25,199,577,000 25,223,191,000 25,243,695,000 25,262,850,000 25,282,005,000 -
Total Aggregate Percentage 49.90% 50.00% 50.20% 50.40% 50.40% 50.50% 50.50% 50.60% -
  • Swirlds
    • Master License Agreement Lump Sum

      Hedera distributed a one-time payment of 2.5 billion hbars to Swirlds prior to Open Access in consideration for the license to Swirlds' patented hashgraph technology. Hedera retains the right to repurchase these hbars at fair market value prior to their sale to the public.

      Swirlds has publicly disclosed information about their subsequent distributions to their employees, contractors, advisors, and investors, available here: https://www.swirlds.com/category/blog/.

    • Master License Agreement Revenue Share
      Hedera distributes ongoing payments equal to 10% of Hedera’s revenue, with a monthly minimum of $625,000 through August 1, 2023 and $500,000 thereafter, in consideration for the license to Swirlds' patented hashgraph technology. Hedera may make this payment in dollars or in hbars at their fair market value. Hedera retains the right to repurchase these hbars at fair market value prior to their sale to the public. The Swirlds’ allocation amount equals the actual hbars paid to Swirlds plus projected future minimum payments to Swirlds for the next 48-60 months using the previous quarter’s average hbar price.

      Swirlds has publicly disclosed information about their subsequent distributions to their employees, contractors, advisors, and investors, available here: https://www.swirlds.com/category/blog/.

    • Investors
      Hedera distributed a one-time payment of approximately 1 billion hbars to Swirlds for distribution to certain Swirlds' investors (excluding Hedera Founders) in consideration for Swirlds' commitment of its resources and personnel almost entirely to the development of the Hedera network during the period between Hedera’s founding and when the network was opened for public use in September 2019.

    • Swirlds has publicly disclosed information about their subsequent distributions to their employees, contractors, advisors, and investors, available here: https://www.swirlds.com/category/blog/.

  • Founders and Early Executives
  • Employees and Service Providers
    • Employees and Contractors RCUs
      RCU grants to employees and contractors typically follow a four-year vesting schedule with a one-year cliff and then monthly thereafter, i.e., no portion of the RCU award vests unless the individual continues to provide services to Hedera for one year, at which point 25% of the RCU award vests and then the RCU award vests in equal monthly installments thereafter. With limited exceptions, if an employee or contractor departs before the end of the vesting period, the unvested portion of the grant reverts to Hedera while the grant recipient retains the right to receive any vested but undistributed hbars. Hedera plans to continue providing RCU grants, including retention grants to employees, as part of its overall compensation program. The distribution amounts include unvested grants, but do not include projections for future grants to new and existing employees and contractors.

    • Advisors and Vendors RCUs
      The structure of RCU grants to advisors and vendors varies depending on the terms of the individual contract. With limited exceptions, if an advisor or vendor does not achieve their performance goals, the unvested portion of the grant reverts to Hedera while the grant recipient retains the right to receive any vested but undistributed hbars. The distribution amounts include unvested grants, but do not include projections for future grants to new and existing advisors and vendors.

  • Purchase Agreements
    • SAFT Series 1 and 1N
      Hedera raised approximately $4.7 million through sales of Series 1 SAFTs to employees, other early contributors and advisors, friends, and family. As of Open Access, purchasers were scheduled to receive 2% of their hbar allocation during the first week after Open Access and the remaining 98% over the following 48 months, ending September 2023. Purchasers that elected to convert to Series 1N extended their distribution schedule to a total of 60 months after Open Access, ending September 2024, in exchange for Bonus Allocations. The distribution amounts exclude SAFTs purchased by Founders and Early Executives.

    • SAFT Series 2 and 2N
      Hedera raised approximately $14.5 million through sales of Series 2 SAFTs to employees and contractors, friends and family, and strategic partners, advisors, and investment funds. As of Open Access, purchasers were scheduled to receive 10% of their hbar allocation during the first week after Open Access and the remaining 90% over the following 36 months, ending September 2022. Purchasers that elected to convert to Series 2N extended their distribution schedule to a total of 45 months after Open Access, ending June 2023, in exchange for Bonus Allocations.

    • SAFT Series 3A and 3AN
      Hedera raised approximately $81.5 million through sales of Series 3A SAFTs to institutional and accredited investors. As of Open Access, purchasers were scheduled to receive 20% of their hbar allocation at Open Access and the remaining 80% over the following 8 months, ending May 2020. Purchasers that elected to convert to Series 3AN extended their distribution schedule to a total of 10 months after Open Access, ending July 2020, in exchange for Bonus Allocations. The distribution amount excludes SAFTs purchased by Founders and Early Executives.

    • SAFT Series 3B and 3BN
      Hedera raised approximately $22.3 million through sales of Series 3B SAFTs to institutional and accredited investors. As of Open Access, purchasers were scheduled to receive 20% of their hbar allocation at Open Access and the remaining 80% over the following four anniversaries of Open Access, ending September 2023. Purchasers that elected to convert to Series 3BN extended their distribution schedule to a total of five anniversaries of Open Access, ending September 2024, in exchange for Bonus Allocations.

    • SAFT Bonus Allocations
      Hedera offered all SAFT purchasers the opportunity to exchange their original SAFT for a new SAFT with a longer distribution schedule and a right to receive additional bonus allocations in March of 2020, among other terms. Bonus allocations are calculated on a quarterly basis, beginning in Q4 of 2020, and will continue until the cumulative value of those additional distributions equals the value of the SAFT purchaser's original principal investment. Approximately 71% of all SAFT purchasers accepted the offer. The distribution amounts equal the actual bonus allocations paid to SAFT purchasers plus projected future bonus allocations for the next 48-60 months using the previous quarter’s average hbar price.

    • Coin Purchase Agreements
      Hedera raised approximately $30 million through sales of Coin Purchase Agreements to a small number of institutional purchasers. Most purchasers are scheduled to receive their hbar allocation in 12 equal monthly distributions beginning two years after the closing date of their purchase. Hbars sold to a purchaser in Q3 2020 and another in Q3 2021 have been transferred to an escrow account but remain encumbered as described in the Illiquid Supply section of this report.

  • Ecosystem Development
    • Hedera Programs
      Hedera has operated various programs that provide hbars to users and developers to accelerate the use and development of the Hedera ecosystem, such as community testing incentives, the Hedera Boost program, and negotiated developer grants. Depending on the nature of the program and grant, some hbar distributions are subject to use limitations, such as restrictions on ownership transfer. The distribution amounts equal the actual amounts paid to program participants plus scheduled future program awards using the previous quarter’s average hbar price.

    • Foundation Funding
      Hedera has earmarked up to 5.35 billion hbars (approximately 10% of the total hbar supply) to be transferred to the HBAR Foundation, an unaffiliated and independent entity. The HBAR Foundation will have autonomy over the administration, development, and deployment of its hbar distributions in providing grants to developers, startups, and others to accelerate the development and adoption of the Hedera network. It is expected that the HBAR Foundation will receive an initial distribution of 2.54 billion hbars in Q3 or Q4 2021, pending the finalization of definitive legal agreements.

Notes

For the purposes of the above reports, the following principles are applied:

  • Projections
    If a variable allocation or distribution (e.g., Swirlds’ Revenue Share) is priced in a currency other than hbar, the allocation category and/or distribution stream is projected through the end of the fourth calendar year from the date of the report (i.e., 48-60 months) using the previous quarter’s average hbar price. Allocations with potential distributions yet to be effectively authorized (e.g., potential Employees & Contractors RCUs) are not projected.

    The previous quarter’s average hbar price used for this report is $0.2360.

  • Precision
    Any annual and quarterly numbers are rounded to the nearest 1,000 hbar, and any monthly numbers are rounded to the nearest 100 hbar. Rounding, fees, and minor distribution errors may skew the numbers below this amount.

  • Disclaimer and Amendments
    Statements in this report relating to Hedera's future plans, expectations, beliefs, intentions and prospects, including statements regarding its current and future operating expenses and any financial projections, are "forward-looking statements" and are subject to material risks and uncertainties. While they are all made in good faith, no assurance can be made that any or all of the events in such forward-looking statements will occur, and you should not place undue reliance upon them. Hedera makes no representation or warranty, express or implied, with respect to any financial projection or forecast relating to Hedera, the Hedera network, hbars, or with respect to the accuracy of any underlying assumption. Any external party is fully responsible for making its own evaluation of the adequacy, reliability, and accuracy of any projections or forecasts furnished to it. All data contained herein is presented on a good faith basis and is subject to further audits, updates, and corrections if required.

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