STORJ Token Balances and Flows Report: Q4 2023

Katherine Johnson
February 16, 2024

STORJ tokens are integral to our globally distributed cloud storage network. They provide a quick and easy way to transfer value to those who provide storage capacity and bandwidth to the network and from those who choose to use STORJ tokens to pay for the storage and retrieval of their data on the network.  Our quarterly token reports provide details on the balances and flows of STORJ tokens in the preceding quarter.

In December 2018, we published our first token report. We have published quarterly reports ever since, with all of them accessible on our blog. We are pleased now to publish this quarterly STORJ token report for Q4 2023.

Storj’s token reports describe all inflows and outflows of STORJ tokens in a given quarter as well as the long-term lockups of tokens. At the end of every quarter, a tranche unlocks, and we either relock it or we leave it unlocked and move the tokens into operational reserves. As part of our commitment to transparency and predictability, we provide no less than forty-five days’ notice to the public when we intend to leave a tranche unlocked. Our history and pattern of long-term lockups is described more fully below.

As we reported in our last token report, we left Tranche C, which unlocked at the end of Q3 2023, unlocked. The tokens in that tranche have been moved into operational reserves.

The information in this report can be recreated directly from the Ethereum blockchain, and is compiled here for the convenience of our community. We present the token flows in these blog posts to provide a clear and accessible resource to all.

This is part of an ongoing commitment to openness and transparency, which includes:

Long-Term Lock-Ups

As with all of our quarterly token reports, we provide here an update on token flows as well as tokens we hold in long-term lock ups. As we described in December 2017 (“Using Timelocked Tokens to Support Long-term Sustainability”), after our token sale in 2017, we had 245M STORJ tokens that we placed in six-month lockups. After the six-month lockup unlocked in December 2018, we divided the 245M tokens into eight tranches of 30.625M tokens each and gave them lock expiration dates spaced one quarter apart over eight successive quarters, setting a cryptographically enforced maximum on the number of tokens that Storj could unlock and use from the tranches in any given quarter over the subsequent two years. As described in the December 2017 blog post, we wanted storage node operators to operate their nodes for a long time, buyers to feel comfortable buying long-term storage with STORJ tokens, and demand partners and satellite operators to build long-term businesses around STORJ tokens; for these reasons, it was important to build long-term predictability into the flows of STORJ tokens. Likewise, as previously reported, the purpose of the locking of tokens is to reduce the percentage of tokens under the effective control of any single organization, limit the ability of Storj to impact the circulating supply, and provide transparency and predictability to the ecosystem.

As described above, we previously announced that the tranche that unlocked at the end of third quarter of 2023 (Tranche C) would not be relocked; those tokens have now been moved into operational reserves.  As we previewed in our last token report, there is no tranche that unlocked at the end of the fourth quarter of 2023 due to the way that tranches previously were relocked.  

As we noted in our last report, the next tranche to unlock (Tranche E) is the sole remaining locked tranche, and it will unlock at the end of Q1 2024. We are announcing with this report that we intend to leave that tranche unlocked and move those tokens into operational reserves to support our continued growth.

The following summarizes all instances of leaving a tranche unlocked: We left one tranche unlocked in 2020, three tranches unlocked in 2022, and four tranches unlocked in 2023.

Details of the first instance of leaving a tranche unlocked are provided in the token report for Q1 2020 in which plans were announced to leave a tranche (now represented as Tranche G) unlocked at the end of Q3 2020.  The report in which a decision to leave a tranche unlocked also provide the reasons for doing so, and we include the links here both for transparency and easy reference.

Decisions to move tokens from unlocked tranches into operational reserves in 2022 are described in: 1) the token report for Q4 2021 announcing plans to leave Tranche D unlocked at the end of Q1 2022; 2) the token report for Q2 2022 announcing plans to leave Tranche F unlocked at the end of Q3 2022; and, 3) the token report for Q3 2022, as amended, announcing plans to leave Tranche H unlocked at the end of Q4 2022.

Decisions to move tokens from unlocked tranches into operational reserves in 2023 are described in: 1) the token report for Q4 2022 announcing plans to leave Tranche A unlocked at the end of Q1 2023; 2) the token report for Q1 2023 announcing plans to leave Tranche B unlocked at the end of Q2 2023; and 3) the token report for Q2 2023 announcing plans to leave Tranche C unlocked at the end of Q3 2023.

Detail re “Other” Category

In the next section, we describe the inflows and outflows of STORJ tokens. Each quarter we include outflows that fall under the general category of “other.”  As we have described in prior reports, this category includes tokens used for general operations and liquidity purposes, and these outflows have increased in periods of uncertain economic times broadly or within our industry specifically and also when our company has experienced significant growth. As we first reported in our Q3 2022 token report, and as we’ve reiterated in each of our reports since, we liquidate a portion of our reserves on non-US exchanges, and disclose those flows in the category of “Other” under “Operating Supply” in the Table we publish each quarter (see Table 1, row 14 below).  Because there was an increase in the outflow of tokens in this category throughout 2023, we thought it worthwhile to provide additional detail for the reasons why in this Q4 2023 report.  Specifically, over the past year, there has been an increase in the number of tokens we’ve liquidated to build up cash reserves as part of our overall treasury management. We have seen substantial growth in the past year. Payments to storage node operators are an important and growing part of running a network that is experiencing increased use, and these payments generally are made in STORJ token. However, a large majority of the expenses to run the network and build the company must be paid in fiat, including employee-related expenses. By building up our cash reserves, we ensure our long term ability to grow and maintain the Storj network. The bulk of the entries in the category of “Other” for the past quarters have been the transfer of tokens to an experienced and vetted organization that in turn sells tokens on non-US markets and remits net proceeds to Storj's treasury. In keeping with best governance practices, Storj undergoes annual financial audits by an accredited accounting firm, and oversight is provided by a board of directors composed of both internal and external directors, with audit and compensation committees that have only independent actors. Storj regularly consults with external advisors who include experts in regulation and taxation of digital assets.  As always, the token flows we report in our quarterly token reports also are independently verified.

Highlights from Q4 2023

The following are highlights from Table 1, below, which details token flows in the quarter ending December 31, 2023:

a) 30.6M STORJ tokens were in rolling time-locked contracts as of the end of Q4 ‘23, as shown in row 3, reflecting a transfer of 30.7M tokens (rounded, row) out of long term lock-ups (Tranche C) which was left unlocked at the end of Q3 2023. We are now confirming that those tokens from Tranche C have been moved into operational reserves. The remaining locked tranche (Tranche E) has 30.625M tokens and its own address, like the others that were in long-term lockups which we have been reporting on for the past five years.

b) SJCX-STORJ conversions historically were reported in rows 4-7. As explained in our Q3 2019 STORJ Token Balances and Flow Report and our Q4 2019 STORJ Token Balances and Flow Report, after providing ample notice to holders of SJCX, we executed our plan to shut down the SJCX-STORJ converter at the end of 2019. Accordingly, rows 4-7, which previously reported such activity now are blank since there was no conversion in 2021, 2022, or 2023, and no more are expected.

c) Rows 8-17 show operating supply at the beginning of the quarter, transfers of STORJ tokens in and out of the operating supply during the quarter, and the operating supply held by Storj at the end of the quarter.

At the end of Q3 ‘23, Storj held 31.35M STORJ tokens in operational reserves (row 8). During Q4 of this year, we used 34M STORJ tokens (rows 9-14) including .6M to pay Storage Node Operators (row 9), .6M to pay service providers (row 11), 1.7M tokens for bonuses and a voluntary program that enables Storj team members to elect to receive some of their pay in STORJ tokens (row 13), and 31.1M tokens for general operations and liquidity purposes not otherwise described above (row 14). With the transfer of 30.7M (rounded) tokens from the long-term lockup that unlocked at the end of Q3 ‘23 (row 15), activity over the quarter left a total of 28M STORJ in our operational reserves at the end of the quarter (row 17).

d) At the end of September 2023, there were 332.4M STORJ in circulation (row 19, Sept. ‘23). In Q4 2023, 34M were put into circulation from Storj’s operating supply, while approximately 30.7M were transferred from long-term lockup, making the total circulating supply approximately 366.4M STORJ at the end of Q4 (row 19, Dec. ‘23), with another 28M in operational and non-time-locked reserves held by Storj (row 17). The operational reserves are held in cold and warm and hot wallets as shown in Table 2 below.

e) The total non-circulating supply of STORJ tokens held by Storj as of the end of Q4 2023 is 58.6M (row 18), comprised of the 28M in non-time-locked reserves (operating supply at the end of the Q4 2023) plus 30.6M in time-locked reserves (long term lockup as of the end of the period). The total supply as of the end of Q4 2023 is 366.4M in circulation plus the 58.6M non-circulating supply, which totals 425M STORJ tokens.


For purposes of our quarterly reports, the figures in the table are rounded.


In May of 2017, Storj Labs International SEZC (formerly Storj Labs (BVI) Ltd), a wholly-owned subsidiary of Storj Labs Inc., conducted a public token sale. We began producing regular token reports in 2018, and intend to continue producing these reports on a quarterly basis, as we have since then. As a reminder, we provide quarterly updates on the business and network through our regular town hall meetings. Previously we reviewed the numbers in our token reports in our regular town hall meetings. Given public interest in the increase in the growth in our network, and in light of the availability of all our token reports on our website, we made the decision to focus town hall time on important business developments and allow these written reports to continue to inform the public of our token balances and flows. As with our historic reports, this report has been independently verified.


The Company reports its tokens to management in two categories:

  a) Long Term Lockup

  b) Operating Supply


Long Term Lockup

Our approach to using time locked tokens to support long-term sustainability was first described in a blog post in December 2018. While the specifics have changed slightly since then, including reducing our notice period from ninety days to sixty days, and since publication of the Q4 2022 token report to forty-five days, for any decision to remove a tranche from the lock ups, the approach remains the same: cryptographically locked tokens in a rolling time lock that we report on quarterly to ensure transparency and predictability in our ecosystem. This also furthers our decentralization goals by reducing the ability of Storj to change the supply in the short to medium term.

Reserved for SJCX Conversion

At the time of the token sale in 2017, we established a reserve and conversion mechanism for converting SJCX tokens to STORJ tokens at a predefined rate of 1:1. We initially set aside approximately 51M SJCX tokens for conversion, and announced a deadline of October 2017 to convert SJCX to STORJ token. We extended the deadline to accommodate requests for conversion. Due to the lack of material conversions in the final three quarters of 2019, as previously reported, we deprecated the converter on January 1, 2020, and returned the remaining tokens to the operational reserve.

Operating Supply

We track the operating supply of STORJ tokens (lines 8-17). These tokens are held by Storj Labs, Inc. or Storj Labs International SEZC and are intended to be used for operations as described below.

While we quote payment rates to Storage Node Operators in dollars, Storj pays Storage Node Operators using the STORJ token, based on the current spot price on Coinmarketcap. If in any given month, the amount to be paid to Storage Node Operators exceeds the amount of STORJ tokens received from customers, there is a net outflow of STORJ tokens (line 9).

Line 10 is to report any repurchases of STORJ from the open market.

Line 11 is to report payments in STORJ token to service providers (e.g., community leaders who monitor our various forums, respond to questions from users, and perform other community-related tasks; bug bounty participants; consultants; contractors).

Line 12 is for any SJCX conversion made outside of the token converter referred to above.

We have a bonus program for Storj team members based on company objectives and key results (OKRs) and Key Performance Indicators (KPIs) defined by management. We also have a voluntary program to allow some employees to take a portion of their salary in STORJ token. Finally, we have various spot bonus programs from time to time. We track payments from these programs in line 13, along with payments to some international team members engaged through employers of record.

Line 14, “Other,” is reserved to report activity that doesn’t fall into any of the other categories, including, for example, non-routine payments to service providers and carbon offset program payments. As noted above, in Q4 ‘23, 31.1M STORJ tokens were used in payments that included general operations and liquidity purposes. To provide additional liquidity for general operations during uncertain economic times and in periods of growth, we liquidate a portion of our reserves on non-US exchanges through a partnership, and these flows are disclosed in this line item. This has increased over time, as is described in greater detail above.

Line 15 is to report a decision to transfer STORJ from Long Term Lockup to Operating Supply.

Line 16 is to report any transfer of STORJ from Reserved for SJCX Conversion to Operating Supply.


Line 18 is the non-circulating supply of STORJ, which is the number of tokens in Storj’s custody.

Line 19 is the total circulating supply of STORJ tokens, which is the number of tokens not in Storj’s custody. The source of circulating supply are SJCX conversions (43.2M tokens), the May 2017 token sale (75.1M tokens), and any tokens put into circulation in a given period, as represented in rows 9-14.

The maximum total that can be in circulation is 425.0M STORJ tokens (line 20).


We’ve provided addresses for our major reserves below so that totals can be easily verified.

If you have questions, clarifications, or suggestions on how we can better present this information in the future, please let us know!

Table 2 below shows all the STORJ tokens held by Storj, including our operating reserve in the top row, followed by the tranches of long-term lockups and schedule for unlocking them (see “Lock End Date” column).  Each of the tranches were assigned alphabetical letters (A-H, with those tranches that were left unlocked being shown with a line through them). With the removal of one tranche in 2020 (Tranche G), three tranches in 2022 (Tranches D, F, and H), and three tranches in 2023 (Tranches A, B, and C), there is one tranche (Tranche E) that remains locked. With this report, we are announcing plans to leave Tranche E unlocked at the end of Q1 2024. The links below show the contracts on Etherscan; the unlock dates are viewable on by pressing the “Read contract” button under the “Contract” tab and entering the release time into Epochconverter or a similar timestamp conversion tool.


Carbon Intensity

In February 2022, Storj announced that the estimated carbon equivalent emissions of STORJ token usage would be offset by Storj for both past history and going forward. This is our sixth reporting of this data.  

On September 6, 2022, Ethereum migrated from the energy intensive Proof-of-Work to the far less energy intensive Proof-of-Stake system. Over the lifetime of Ethereum’s Proof-of-Work system, Storj calculates that there were 1,740,226 total transactions, using a total of 66,451,946,335 Ethereum “Gas” units. This is what we are offsetting.

Using our methodology detailed on our announcement post, we estimate that there was a total of 53,030,576 lbs of effective CO2.

As of this token report, Storj has offset 51,881,445 lbs of effective CO2, or 97.83% of our calculated total.

Storj used the following vendors for offsets:

We note that the Storj system as a whole is extremely carbon efficient. As the system utilizes primarily underutilized capacity from disk drives that are already powered in already built out data centers around the world, there are significant carbon savings from using Storj for storage vs. other systems. For more details, please see


This report, concerning the circulating supply and flows of the STORJ token, is provided to the many individuals in the Storj ecosystem.

STORJ tokens are intended to facilitate the provision and receipt of data storage and related services through Storj’s software application, which serves as a user interface and development platform on the network. STORJ tokens are not intended to be a digital currency, security, commodity, or any other kind of financial instrument.

The contents of this publication contain a high-level overview of the network and the STORJ token, and are subject to change as Storj refines its plans. Changes to the network, the STORJ tokens, and other information referenced in this post are entirely within the discretion of Storj, and could result from commercial, technical, or legal issues, among others. We believe that greater transparency around the STORJ token will contribute to the willingness of users, Storage Node Operators, and other service providers to participate in the network. While we have made every attempt to be accurate and thorough in the production of this report, it is provided as is, and you should not rely on this report for any decisions regarding the use, acquisition, or disposition of STORJ tokens.

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