In November 2022, billionaire investor Bill Ackman said Helium was an example of how crypto tokens could create value by encouraging people to build real-world infrastructure.
In an X thread, Ackman explained that he had changed his view on crypto after studying several projects. He argued that Helium’s model could create demand for HNT as people deployed hotspots and users accessed the network.
The comments attracted attention because Ackman had previously been a vocal critic of cryptocurrencies. They also came as Helium faced questions over its partnerships, token distribution and the actual demand for its network. Forbes reported that Helium’s tokenomics had benefited founders and insiders and examined claims surrounding its relationships with companies including Salesforce and Lime.
Initially, I assumed that there is no intrinsic value to any of the tokens and therefore they simply represent a modern-day version of tulip mania without the aesthetic benefits. But after examining a number of interesting crypto projects, I began to
— Bill Ackman (@BillAckman) November 20, 2022
Ackman later walked back his Helium comments
The endorsement did not last in the form many readers initially understood it. Days after his original comments, Ackman clarified that he was not involved with Helium and was not recommending HNT as an investment. He also acknowledged that the token had been overvalued because network demand had not developed as expected.
That clarification is important when looking back at the original story. Ackman’s argument was less a conventional investment endorsement than an example of how token incentives could be used to encourage the construction of physical infrastructure.
Helium’s model was built around users deploying hotspots and receiving HNT rewards. Ackman argued that increased network use could create additional demand for the token.
The idea was attractive, but the following years showed the difficulty of turning a large physical network into sustained economic demand.
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Helium has changed significantly since 2022
Helium is still operating, but it is no longer accurately described simply as a decentralized Wi-Fi mesh network. The project migrated its blockchain to Solana in 2023, while HNT remained the network’s primary token. Helium has since positioned itself as decentralized wireless infrastructure for mobile carriers and other businesses. Its current materials focus on carrier offload, wireless coverage and enterprise infrastructure.
The project has also expanded its infrastructure strategy through HeliumOS and changes to hotspot rewards designed to encourage coverage in locations with stronger demand.
Another major change came in 2026, when Noble Mobile acquired Helium Mobile’s consumer wireless business. Helium said the move would allow its team to focus more heavily on its carrier infrastructure platform.
HNT, meanwhile, remains far below its previous market peak. The original article cited a price of $2.23 in 2022. CoinGecko now provides the current market reference for HNT.
The result is a very different Helium from the one Ackman discussed in 2022. The network survived the crypto downturn and continues to develop its wireless infrastructure, but its business model and positioning have changed substantially.
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