Subsequent Events	3 Months Ended
Mar. 31, 2026
Subsequent Events
Subsequent Events	Note 13 - Subsequent Events At-The-Market Offering Subsequent to March 31, 2026, the Company received approximately $1.9 million in net proceeds from the sale of 492,783 shares of its common stock pursuant to its Sales Agreement with Cantor Fitzgerald & Co. and Chardan in its “at-the-market” offering. HYPE Digital Token Activity Subsequent to March 31, 2026, the Company purchased approximately 58,173 HYPE digital tokens for a cost of approximately $2.5 million. The purchased HYPE has subsequently been native staked. There has been no HYPE liquid staking activity subsequent to March 31, 2026. Subsequent to March 31, 2026, 200,000 kHYPE has been returned to the Company in connection with the expiry of OTC HYPE options. Series A Preferred Stock Dividend On April 6, 2026, pursuant to Section 3.1 of the Company’s Certificate of Designation, the Company paid its quarterly dividend payable to holders of the Series A Preferred Stock in 236,318 shares of the Company’s common stock. HPL Digital Token Activity Subsequent to March 31, 2026, the Company deposited 9 million HPL tokens into liquid staking activities in exchange for 9 million sHPL tokens. May 2026 Public Equity Issuance On May 7, 2026, the Company closed a public offering of 2,777,778 common shares and received approximately $8.7 million in net proceeds. On May 13, 2026, pursuant to the Company’s grant to Chardan of a 30-day option to purchase up to 416,666 additional shares under the previously announced Underwriting Agreement, the Company issued, and Chardan purchased, 132,249 shares of the Company’s common stock, resulting in approximately $0.4 million in net proceeds to the Company. USDH Stablecoin Termination On May 14, 2026, Native Markets announced plans to cease supporting the USDH stablecoin and encouraged all holders to convert into USDC stablecoin or cash. Native Markets has granted Coinbase, Inc. (“Coinbase”) the rights to USDH’s brand assets, and Coinbase announced its plan to become the official deployer of USDC as an aligned quote asset on Hyperliquid. The Company intends to convert all its USDH into USDC stablecoin or cash in the near future. Underlying USDH-referenced activity supported by the Company’s HAUS agreements and Hyperion Rysk Vault Shares will be modified to no longer have dependencies upon USDH in the near future. As of March 31, 2026, the Company’s assets which reference USDH or have underlying activity fully or partially denominated in USDH include $55,656 USDH stablecoin, approximately $1.6 million Hyperion Rysk Vault Shares, approximately $10.4 million digital assets receivable, and approximately $22.0 million HYPE digital assets in connection with HAUS Agreements.

Subsequent Events

3 Months Ended

Mar. 31, 2026

Note 13 - Subsequent Events

At-The-Market Offering

Subsequent to March 31, 2026, the Company received approximately $1.9 million in net proceeds from the sale of 492,783 shares of its common stock pursuant to its Sales Agreement with Cantor Fitzgerald & Co. and Chardan in its “at-the-market” offering.

HYPE Digital Token Activity

Subsequent to March 31, 2026, the Company purchased approximately 58,173 HYPE digital tokens for a cost of approximately $2.5 million. The purchased HYPE has subsequently been native staked.

There has been no HYPE liquid staking activity subsequent to March 31, 2026.

Subsequent to March 31, 2026, 200,000 kHYPE has been returned to the Company in connection with the expiry of OTC HYPE options.

Series A Preferred Stock Dividend

On April 6, 2026, pursuant to Section 3.1 of the Company’s Certificate of Designation, the Company paid its quarterly dividend payable to holders of the Series A Preferred Stock in 236,318 shares of the Company’s common stock.

HPL Digital Token Activity

Subsequent to March 31, 2026, the Company deposited 9 million HPL tokens into liquid staking activities in exchange for 9 million sHPL tokens.

May 2026 Public Equity Issuance

On May 7, 2026, the Company closed a public offering of 2,777,778 common shares and received approximately $8.7 million in net proceeds. On May 13, 2026, pursuant to the Company’s grant to Chardan of a 30-day option to purchase up to 416,666 additional shares under the previously announced Underwriting Agreement, the Company issued, and Chardan purchased, 132,249 shares of the Company’s common stock, resulting in approximately $0.4 million in net proceeds to the Company.

USDH Stablecoin Termination

On May 14, 2026, Native Markets announced plans to cease supporting the USDH stablecoin and encouraged all holders to convert into USDC stablecoin or cash. Native Markets has granted Coinbase, Inc. (“Coinbase”) the rights to USDH’s brand assets, and Coinbase announced its plan to become the official deployer of USDC as an aligned quote asset on Hyperliquid. The Company intends to convert all its USDH into USDC stablecoin or cash in the near future. Underlying USDH-referenced activity supported by the Company’s HAUS agreements and Hyperion Rysk Vault Shares will be modified to no longer have dependencies upon USDH in the near future. As of March 31, 2026, the Company’s assets which reference USDH or have underlying activity fully or partially denominated in USDH include $55,656 USDH stablecoin, approximately $1.6 million Hyperion Rysk Vault Shares, approximately $10.4 million digital assets receivable, and approximately $22.0 million HYPE digital assets in connection with HAUS Agreements.