‘Let the shop owner run the network’: Helium bets big on decentralized 5G

By: thestreet|2025/05/15 20:00:19

Helium is quietly building what might be the most disruptive telecom network in America — and they’re doing it with crypto. The company has evolved from an Internet of Things (IoT) experiment into the world’s largest decentralized wireless network. Now, with a growing mobile footprint and backing from the Decentralized Physical Infrastructure Network (DePIN) movement, it’s aiming to completely rewire how infrastructure gets built. “Helium is the world's largest decentralized wireless network,” said Abhay Kumar, Protocol Lead at Helium in a conversation with Mehab Qureshi, Senior Editor, TheStreet Roundtable . “We started back over six years ago now. We built a new way of deploying infrastructure. Fundamentally, what we're interested in is how can you build wireless infrastructure in a way that enables new kinds of business models?” Launched in 2019, Helium began as a decentralized wireless network focused on the Internet of Things (IoT). It uses crypto incentives to encourage individuals to deploy and operate network infrastructure. Today, Helium powers both IoT and 5G mobile networks, making it a leading player in the DePIN space. From IoT to free phone plans Helium began by connecting devices — now it connects people. Its expansion into mobile has led to the creation of Helium Mobile, a new carrier that rides on a hybrid network of traditional infrastructure and crypto-incentivized nodes. “In the US you can buy a cell phone plan for free,” Kumar said. “We launched a carrier ourselves. So Helium Mobile you can use if you're in the US... you can have a free phone plan. You can pay $15 a month for a somewhat limited phone plan.” The reason that’s possible, Kumar explained, is because Helium’s protocol slashes bandwidth costs for carriers. “If you're a carrier and you're building on the Helium network, you're paying 50 cents a gigabyte when your customer is using it,” he said — a fraction of traditional rates. This cost-saving is driven by a DePIN model that lets individuals or businesses install wireless nodes (like 5G radios) and earn crypto in return. “So this is why — well, let the shop owner put a radio in their shop and provide better service to all of their customers,” Kumar explained. “They like it because their customers are happier. The carriers are happy because they couldn't get to every one of these shop owners. And then us as a network, we love it because we're able to enable the whole thing.” Helium’s decentralized infrastructure model has become a leading example of what DePIN can achieve. “We were lucky to be around before this idea was tokened,” Kumar said. “We were lucky to be there before we sort of started to establish this sort of category.”

On March 4, 2026, DDC Enterprise Limited (NYSE American: DDC) today announced preliminary, unaudited full-year financial performance for the year ended December 31, 2025. The company expects to achieve record revenue and record positive adjusted EBITDA, primarily driven by continued growth in its core consumer food business and overall margin improvement. The final audited financial report is expected to be released in mid-April 2026.

2025 Full-Year Financial Highlights

Revenue: Expected to be between $39 million and $41 million, reaching a new company high.

Organic Growth: Excluding the impact of the company's strategic contraction of its U.S. operations, core revenue is expected to grow 11% to 17% year over year.

Gross Profit Margin: Expected to be between 28% and 30%, reflecting continued operational efficiency improvements.

Adjusted EBITDA: The company expects to achieve a positive full-year result in 2025, a significant improvement from a $3.5 million loss in 2024, mainly due to rigorous cost controls and a higher-margin sales mix.

Core Consumer Food Business Performance

In 2025, DDC's core consumer food business maintained strong operational performance.

The company also disclosed Core Consumer Food Business Adjusted EBITDA, a metric that further excludes costs related to its Bitcoin reserve strategy and non-cash fair value adjustments related to its Bitcoin holdings from adjusted EBITDA to more accurately reflect the core business performance.

In 2025, Core Consumer Food Business Adjusted EBITDA is expected to be between $5.5 million and $6 million.

Bitcoin Reserve Update

In the first half of 2025, DDC initiated a long-term Bitcoin accumulation strategy, holding Bitcoin as its primary reserve asset.

As of December 31, 2025: The company holds 1,183 BTC.

As of February 28, 2026: Holdings increased to 2,118 BTC

Today's additional purchase of 65 BTC brings the company's total holdings to 2,183 BTC

DDC Founder, Chairman, and CEO Norma Chu stated, "We are proud to have closed 2025 with record revenue and positive adjusted EBITDA, demonstrating the steady growth of the company's consumer food business and the ongoing improvement in profitability. We are building a disciplined, growth-oriented food platform and strategically allocating capital to Bitcoin assets with a long-term view, aligning with our core beliefs. We believe that this dual-track model of 'Steady Consumer Business + Strategic Bitcoin Reserve' will help DDC create lasting long-term value for shareholders."

Adjusted EBITDA Definition
For the full year 2025, the company defines "Adjusted EBITDA" (a non-GAAP financial measure) as: Net income / (loss) excluding the following items:· Interest expense· Taxes· Foreign exchange gains/losses· Long-lived asset impairment· Depreciation and amortization· Non-cash fair value changes related to financial instruments (including Bitcoin holdings)· Stock-based compensation

About DDC Enterprise Limited

DDC Enterprise Limited (NYSE: DDC) is actively implementing its corporate Bitcoin Treasury strategy while continuing to strengthen its position as a leading global Asian food platform.

The company has established Bitcoin as a core reserve asset and is executing a prudent, long-oriented accumulation strategy. While expanding its portfolio of food brands, DDC is gradually becoming one of the public company pioneers in integrating Bitcoin into its corporate financial architecture.

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DDC Enterprise Limited Announces 2025 Unaudited Preliminary Financial Performance: Record Revenue Achieved, Bitcoin Treasury Grows to 2183 Coins