1) Executive summary
Aethir $ATH is a decentralized infrastructure project that operates a GPU-as-a-service network, connecting GPU providers (Cloud Hosts) with enterprise clients who need high-performance computing for AI training, inference, gaming, and other GPU-intensive workloads. The network's core operations run on Arbitrum, where Cloud Hosts stake ATH tokens to operate GPU containers and earn fees from enterprise compute contracts, with ATH also available on Ethereum. Aethir's infrastructure spans 440,000+ GPU containers across 94 countries, including NVIDIA H100, H200, and B200 hardware. Unlike traditional cloud providers, Aethir's model is community-owned: independent Cloud Hosts supply and operate the hardware, while the project coordinates matchmaking, quality assurance (via Checker Nodes), and billing.
In Q4 2025, Aethir's onchain metrics diverged from the growth trajectory established over the prior three quarters. Fees declined meaningfully after three consecutive quarters of growth, while FDV fell to below $1b, compressing the P/F ratio to its lowest level of the year. Token holders and active addresses, by contrast, continued to grow, suggesting that underlying network adoption remained intact even as fee generation and market valuation pulled back.
The valuation picture shifted notably. FDV declined for the fourth consecutive quarter, falling below $1b, while the P/F ratio dropped to 8.87x, down from 57.72x a year earlier. The compression reflects fees growing substantially faster than valuation over the past year, even as Q4 fees themselves declined from Q3's peak.
Token incentives declined quarter-over-quarter, returning to levels comparable with Q4 2024. The holder base continued its steady expansion, crossing 187k average holders in Q4, more than double the year-ago figure. Active addresses grew modestly, with Arbitrum accounting for over three-quarters of all activity.
🔑 Key metrics (Q4 2025)
Fees: $22.96m (-36.81% QoQ, +59.41% YoY)
Fully diluted valuation: $996.30m (-38.17% QoQ, -62.00% YoY)
Price to fees ratio: 8.87x (-22.19% QoQ, -84.63% YoY)
Token holders: 187.6k (+1.72% QoQ, +130.28% YoY)
Token incentives: $11.02m (-27.99% QoQ, -4.14% YoY)
Monthly active addresses: 23.3k (+4.40% QoQ, +41.31% YoY)
👥 Aethir team commentary
"Q4 marked a strategic inflection point as the team shifted focus from growth acceleration to institutional infrastructure. The launch of the Aethir Digital Asset Treasury in partnership with Predictive Oncology, backed by a $344m private investment in ATH, established the industry's first Strategic Compute Reserve, bridging decentralized compute with traditional capital markets. This was followed by Predictive Oncology's rebrand to Axe Compute (NASDAQ: AGPU) in December, creating the first publicly traded entity commercializing decentralized GPU infrastructure at enterprise scale. The team published a 12-month strategic roadmap covering Q4 2025 through Q4 2026, including the Aethir v2 modular compute layer, chain migration, and expanded Cloud Host onboarding, with the mainnet upgrade now targeted for Q1 2026."
2) Fees
Fees measure the total USD value of fees generated across Aethir's GPU compute network. Q4 fees totaled $22.96m, down from $36.33m in Q3 (-36.81% QoQ) but up from $14.40m in Q4 2024 (+59.41% YoY), bringing the 2025 cumulative total to $117.95m. The decline follows three consecutive quarters of growth in which fees rose from $25.01m in Q1 to $36.33m in Q3. Despite the QoQ pullback, Q4 fees still exceeded every quarter in 2024, and the annual total represents a step change from 2024 levels.
👥 Aethir team commentary
"Aethir's enterprise GPU billing operates at a different layer from on-chain fee accrual, with the team reporting $127.8m in total enterprise billing across 2025, driven by over 150 active compute clients across AI, Web3, and gaming. The Q4 on-chain fee pullback followed a period of accelerating enterprise onboarding throughout the year. The team launched Aethir RWA Capital during the quarter, introducing real-world asset financing options for Cloud Hosts that could expand GPU supply without traditional capital expenditure bottlenecks. Aethir’s decentralized GPU cloud network is being leveraged to secure enterprise contracts using GPU inventory that includes H200s and B200s, with B300s expected to come online in early 2026."
3) Fully diluted valuation
Fully diluted valuation (FDV) measures the total USD value of ATH's fully diluted token supply. Q4 FDV averaged $996.30m, down from $1.61b in Q3 (-38.17% QoQ) and from $2.62b in Q4 2024 (-62.00% YoY). This marks the fourth consecutive quarter of FDV decline and the first quarter below $1b.
👥 Aethir team commentary
"The FDV decline reflects broader market conditions for AI and DePIN tokens, with the AI crypto sector experiencing sustained selling pressure through Q4. The team responded to valuation headwinds by redirecting the Cloud Drop Season 3 allocation of 1.26b ATH tokens to ecosystem growth rather than conducting a traditional airdrop, converting what would have been a supply-side distribution into long-term productive capital."
4) Price to fees ratio
Price to fees ratio (P/F) measures the fully diluted valuation relative to annualized fees, indicating how the market values each dollar of fee generation. Q4 P/F averaged 8.87x, down from 11.39x in Q3 (-22.19% QoQ) and from 57.72x in Q4 2024 (-84.63% YoY). The ratio has declined for five consecutive quarters, reflecting fees growing substantially faster than valuation over the past year. At 8.87x, Aethir's P/F sits well below the levels seen during the project's early growth phase in late 2024.
👥 Aethir team commentary
"The team has pointed to the P/F compression as evidence that Aethir's valuation is increasingly supported by real fee generation rather than speculative premium, characterizing Aethir's revenue-to-valuation efficiency as leading among major compute DePIN peers. The focus for 2026 is on sustaining fee generation through enterprise compute contracts, while the Aethir v2 modular compute layer and chain migration are expected to improve on-chain settlement efficiency."
5) Token holders
Token holders measures the average number of unique wallet addresses holding ATH tokens. Q4 token holders averaged 187.6k, up from 184.5k in Q3 (+1.72% QoQ) and from 81.5k in Q4 2024 (+130.28% YoY). Growth has decelerated significantly from the surge in Q1 2025 (+117.00% QoQ), when the holder base more than doubled, settling into low single-digit quarterly growth through Q2-Q4. Arbitrum accounted for 72.35% of Q4 token holders, followed by Ethereum at 27.65%. Arbitrum's share has grown steadily from 45.22% in Q4 2024, reflecting the network's concentration of ATH distribution and utility on its primary operating chain.
👥 Aethir team commentary
"The steady holder growth reflects ongoing ATH distribution through Checker Node rewards, Cloud Host staking, and ecosystem initiatives, including EcoDrops from partners such as Beamable. The shift toward Arbitrum-concentrated holdings aligns with the network's operational architecture, where Checker Node and Cloud Host rewards are distributed on Arbitrum. The EigenLayer ATH Vault, which became Aethir's largest staking pool in 2025, enables holders to stake ATH and mint eATH as a liquid staking receipt, while the Pendle eATH pool launched during the year provides additional DeFi composability for token holders."
6) Token incentives
Token incentives measure the total USD value of ATH tokens distributed as incentives to network participants (Checker Node operators, Cloud Hosts, Edge device operators). Q4 token incentives totaled $11.02m, down from $15.30m in Q3 (-27.99% QoQ) and roughly in line with Q4 2024 at $11.49m (-4.14% YoY), bringing the 2025 cumulative total to $51.23m. Token incentives have fluctuated between $10.79m and $15.30m per quarter through 2025, with no clear directional trend.
👥 Aethir team commentary
"Token incentives are primarily directed toward Checker Node operators and Cloud Hosts who power Aethir's decentralized GPU infrastructure. The Q4 decline in USD-denominated incentives partly reflects the lower ATH token price during the quarter, as incentive schedules are denominated in ATH rather than USD. The Checker Node Buyback Program, launched mid-year, allowed node holders to sell their NFT licenses back to the Foundation in exchange for eATH, channeling capital toward new GPU compute cohort onboarding rather than passive node holding."
7) Monthly active addresses
Monthly active addresses (MAA) measures the number of unique wallet addresses that have interacted with Aethir over a rolling 30-day period. Q4 active addresses averaged 23.3k, up from 22.3k in Q3 (+4.40% QoQ) and from 16.5k in Q4 2024 (+41.31% YoY). Arbitrum accounted for 76.04% of Q4 active addresses, followed by Ethereum at 23.96%. Arbitrum's share has grown from 55.15% in Q4 2024 to 76.04%, reflecting the increasing concentration of network activity on Aethir's primary operating chain.
👥 Aethir team commentary
"The team is pursuing address growth through several vectors: the Aethir Tribe community program, which surpassed 800 members in 2025, ongoing EcoDrop campaigns from ecosystem partners, and the expansion of GPU services to additional blockchain ecosystems, including Solana. The December integration of GPU services with Solana-based AI and gaming projects could expand the addressable user base, while the planned Aethir v2 upgrade and chain migration in Q1 2026 may shift activity patterns across chains."
8) Definitions
Metrics:
Fees: measures the total USD value of fees generated across Aethir's GPU compute network.
Fully diluted valuation (FDV): measures the total USD value of ATH's fully diluted token supply.
Price to fees ratio (P/F): measures the fully diluted valuation relative to annualized fees.
Token holders: measures the average number of unique wallet addresses holding ATH tokens.
Token incentives: measures the total USD value of ATH tokens distributed as incentives to network participants.
Monthly active addresses (MAA): measures the number of unique wallet addresses that have interacted with Aethir over a rolling 30-day period.
9) About this report
This report is published quarterly and produced leveraging Token Terminal’s end-to-end onchain data infrastructure. All metrics are sourced directly from blockchain data. Charts and datasets referenced in this report can be viewed on the corresponding Aethir Q4 2025 Report dashboard on Token Terminal.
