Fractal Bitcoin Circulation Status — Mid-Year 2025 Update

Last updated: June 2025
By Lorenzo

Introduction

Since April 2025, Fractal has entered a six-month token unlock period for early investors and core contributors. With three months completed and the year reaching its midpoint, we believe it is a good time to take stock of the current circulation status, review progress, and provide transparency to help guide our plans for the second half of the year.

Current Circulation Overview

Fractal’s Treasury Page offers detailed records of all token distributions. However, we’ve also received feedback that the timeline and proportions can be difficult to interpret at a glance. To provide a clearer picture of Fractal’s token supply dynamics, we’ve created a visualized chart illustrating the projected 10-year release schedule and current circulation status.

Notes on the Circulation Chart

1. The chart is divided into 10 segments by vertical dashed lines, representing each year from 2025 to 2035.
2. Each square 🔲 represents approximately 1 million FB, with slight rounding.
3. Gray squares at the bottom reflect mining output. For the first two years, this is roughly 2M FB per month, or ~1% of total supply.
4. Blue (Ecosystem) and green (Community) allocations are time-locked across 10 years and cannot be unlocked early.
5. Yellow (Advisors) accounts for 5% of total supply. One-fifth of this portion was unlocked in year one, with the remainder to be gradually distributed to contributors providing substantial value to the project.
6. Light gray outlined area represents scheduled future releases that will require clear planning and confirmation prior to allocation. These squares are shown as dashed lines.
7. The orange (Core Contributors) and purple (Investors) sections are detailed below.

Investor Allocation

The investor unlock period spans the 7th to 12th month after mainnet launch (Q2–Q3 2025). June marks the midpoint of this schedule—three out of six months completed.

Investor Distribution (Pre-sale)

To date, approximately 4% of the total FB supply has been distributed to investors—slightly below the allocated 5%, with ~1% reserved and yet to be distributed. All three completed transactions include a #35 output directed to address bc1q37h98zs923pptwdt8kxufrjuvklshcjxu0hktj (view on UniScan), which temporarily stores undistributed investor allocations.

Fractal currently has 34 investors (#1-#34 outputs) with ownership fairly distributed to avoid any disproportionate control—an intentional decision during the fundraising stage.

Core Contributors

Core contributor allocations follow the same six-month vesting period as investor distributions, and are now halfway through.

As one of the main builders behind Fractal, UniSat will gradually increase its holding proportion (verifiable on-chain) to ensure sustainable long-term support for the ecosystem.

UniSat has also made early investments in several ecosystem projects, and more details will be shared at appropriate stages.

Furthermore, a meaningful portion of UniSat’s FB holdings is reserved for supporting community projects, enhancing liquidity, and building long-term incentive mechanisms across the Fractal ecosystem.

Comprehensive disclosures will be shared in future updates.

Circulation Ratio and Inflation Rate (2024–2029)

To supplement the chart view, here’s a quarterly data table and two additional charts projecting the total circulating FB, circulation ratio, and inflation rate from Q4 2024 through the next five years.

Key Insight

Q2 2025 marks the highest inflation quarter in Fractal’s lifecycle so far, due to concurrent unlocks for both investors and contributors.

Audit and Transparency

We plan to conduct a full audit of Fractal’s financial and distribution activity at the one-year anniversary of mainnet launch (September 2025). Transparency continues to be a core tenet of Fractal’s development approach.

Final Thoughts

Fractal is a long-term undertaking. We have never underestimated the complexities or challenges involved. Building a meaningful extension for Bitcoin will take time and effort—but we believe it is a worthy endeavor.

As we progress, we’re steadily building the capacity and confidence to deliver. The journey is just beginning, and we are committed to staying the course.

“A journey of a thousand miles begins with a single step.”

We move forward with clarity, caution, and resolve.

Lorenzo
2025-06-29

E-2506C (Lorenzo’s Library)
Creative Commons BY-NC-ND 4.0