v3.25.4
Fair Value of Financial Instruments
 6 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments

NOTE 4. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy at December 31, 2025:

 

 

 

(In thousands)

 

 

 

Fair Value Measurement at December 31, 2025

 

Assets:

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Cash equivalents - money market funds

 

$

272,363

 

 

$

272,363

 

 

$

-

 

 

$

-

 

HYPE digital assets

 

 

327,610

 

 

 

327,610

 

 

 

-

 

 

 

—

 

Total assets measured at fair value

 

$

599,973

 

 

$

599,973

 

 

$

-

 

 

$

-

 

The Company assesses the inputs used to measure fair value using the three-tier hierarchy based on the extent to which inputs used in measuring fair value are observable in the market. For investments where little or no public market exists, management’s determination of fair value is based on the best available information which may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration various factors including earnings history, financial condition, recent sales prices of the issuer’s securities and liquidity risks.

HYPE digital assets are measured at fair value on a recurring basis using quoted prices in its principal market (Level 1 inputs). The Company has designated a principal market based on the market the Company has access to that has the greatest volume and level of orderly transactions for HYPE. The Company reassesses its principal market when facts and circumstances change, including but not limited to when new markets become accessible, or the volume/activity in the current principal market declines.