Background: Helium is a decentralized wireless network. Anyone with a compatible router can run a software update and immediately provide wireless service to nearby mobile devices. If they're in a desirable location, AT&T and T-mo will even pay the router's owner for the data.

For wireless carriers, its a no-brainer. Providing 5g service is expensive. They have to pay $AMT or $CCI for real estate for cell towers, $NOK or $ERIC for 5g network equipment, $CCOI or $LUMN for bandwidth, etc.

The craziest part? According to Ericsson, 70–80 percent of mobile data traffic is generated indoors. Most of this data is consumed via WiFi. According to Opensignal, 77-88% of users' screen-on time is connected to Wi-Fi.

Chances are, if you're reading this, you're connected to a Wi-Fi network. Which begs the question: Why do wireless plans cost so much? According to JD Power, the average monthly bill for wireless service in the US was $144 (!) in 2024... for just 23-12% of away from home data

While satellite services like Starlink and $ASTS get multi-billion dollar valuations, consider this: According to the European Commission, 85% of the global population (6.1bn) live in areas with a population density of 300 people per square kilometer.

In order to provide more bandwidth to a greater number of users, cell companies have needed to increase the number of cell sites. Over the past 10 years, wireless carriers - and their partners - have increased the number of cell sites in the US by nearly 50% Similar trends can

As demand for data continues to grow, the trend has moved toward a larger number of smaller cell sites. The smallest of these cell sites, femotcells, can serve just 30 users simultaneously.

These dedicated devices can cost hundreds, or in some cases, thousands of dollars. But at this scale, they offer few advantages over low-cost existing WiFi infrastructure.

Wireless carriers are waking up to this fact. Rather than paying a premium for expensive 5g infrastructure, they can create a seamless experience that automatically connects customer devices to ubiquitous WiFi.

Helium is positioning to take advantage of this opportunity. Everyday, 1.3 million customers are connecting to Helium's network of 110,000 hotspots across the US, Mexico, and Europe.

Carriers pay for the privilege. Currently about $500k/month. Yesterday, Helium hotspots transferred 35Tb of paid data, 5x more than this time last year. This kind of growth in publicly traded investments is unheard of.

The number of hotspots is also growing: 5.8x since this time last year. Which brings us to the opportunity...

In one year, Helium added about as many hotspots as cell carriers and their partners did over the past 7 years. Expanding Helium's network is as simple as pushing a software update. No expensive hardware, electricians, permits, etc.

Helium's growth is a function of hotspot growth. A deal with one or more large national business(es) could drive the number of hotspots much higher. And investors could be the biggest winners...

To use data on the Helium network, carriers need to burn Helium tokens ($HNT) This past weekend, Helium went deflationary for the first time, meaning that more tokens were burned in a day then were used to pay hotspot owners, etc.

In other words: the total supply of Helium tokens shrink as data consumption increases. In a world where data consumption shows no signs of slowing down, the total supply of Helium will shrink. And if the trend continues, carriers will have no choice but to offload to Helium as

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