| Schedule of digital asset reconciliation |
| | | | | | | | | | | | | | | | | | | | | Digital | | Digital | | Digital | | Total | | | Digital | | Assets | | Intangible | | Intangible Assets | | Digital | | | Assets | | Receivable | | Assets | | Receivable | | Assets | Balance, December 31, 2025 | | $ | 16,345,347 | | $ | 6,935,131 | | $ | 20,591,555 | | $ | — | | $ | 43,872,033 | Receipt of HPL pursuant to partnership agreement | | | 150,163 | | | — | | | — | | | — | | | 150,163 | HYPE Purchases | | | 1,472,835 | | | — | | | — | | | — | | | 1,472,835 | Deposits of USDH into Hyperion Rysk Vault | | | — | | | — | | | 1,765,075 | | | — | | | 1,765,075 | Redemption of WHYPE-USDH-USDH-P-H-HL from Hyperion Rysk Vault | | | — | | | — | | | (151,377) | | | — | | | (151,377) | Deposits of digital assets into liquid staking activities | | | (224,011) | | | — | | | 224,011 | | | — | | | — | Receipts of digital assets from liquid staking activities | | | 4 | | | — | | | (4) | | | — | | | — | Net HYPE received from native staking activities (1) | | | 189,520 | | | 49,307 | | | — | | | — | | | 238,827 | HYPE commission paid to co-validators | | | (35,919) | | | — | | | — | | | — | | | (35,919) | Exchange of digital intangible assets for digital intangible assets receivable | | | — | | | — | | | (8,863,235) | | | 8,863,235 | | | — | Non-cash interest income from digital assets receivable | | | — | | | 198,957 | | | — | | | — | | | 198,957 | Realized and unrealized gains(2) | | | 7,601,283 | | | 3,374,154 | | | 3,699,401 | | | 367,251 | | | 15,042,089 | Realized and unrealized losses(3) | | | (77,095) | | | — | | | — | | | — | | | (77,095) | Impairment | | | — | | | — | | | (1,231,668) | | | — | | | (1,231,668) | Provision for credit loss | | | — | | | (181,444) | | | — | | | (323,067) | | | (504,511) | Balance, March 31, 2026 | | $ | 25,422,127 | | $ | 10,376,105 | | $ | 16,033,758 | | $ | 8,907,419 | | $ | 60,739,409 |
(1) | Represents $244,271 of net Company revenues, less $45,921 of revenues receivable included in prepaid expenses and other current assets on the accompanying condensed balance sheets as of March 31, 2026, plus $35,919 of HYPE commissions presented separately in this table and $4,558 of unpaid costs included in accrued expenses and other current liabilities on the accompanying condensed balance sheets as of March 31, 2026. |
(2) | Includes $3,699,401 and $11,342,688 of realized and unrealized gains, respectively. |
(3) | Includes $75,637 and $1,458 of realized and unrealized losses, respectively, which are netted against the related gains on the accompanying statements of operations. |
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| Schedule of digital assets |
The following table sets forth the units, cost basis and fair value of digital assets held, as shown on the condensed balance sheets as of March 31, 2026: | | | | | | | | | | | Units | | Cost Basis | | Fair Value | HYPE digital assets | | 690,501 | | $ | 24,434,992 | | $ | 25,286,164 | HPL digital assets | | 9,000,000 | | | 135,963 | | | 135,963 | Total | | | | $ | 24,570,955 | | $ | 25,422,127 |
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| Schedule of digital intangible assets |
The following table sets forth the units, cost basis, and carrying amount of digital intangible assets held, as shown on the condensed balance sheets as of March 31, 2026: | | | | | | | | | | | Units | | Cost | | Carrying Value | HiHYPE | | 378,277 | | $ | 17,751,183 | | $ | 7,785,851 | kHYPE | | 275,434 | | | 8,044,701 | | | 5,693,449 | WHYPE-USDH-USDH-P-H-HL | | 1,615,075 | | | 1,615,075 | | | 1,614,752 | kmHYPE | | 28,888 | | | 884,473 | | | 597,069 | sKNTQ | | 1,918,479 | | | 208,355 | | | 193,780 | sHPL | | 1,000,000 | | | 15,656 | | | 13,857 | Other digital intangible assets | | 2 | | | 135,000 | | | 135,000 | Total | | | | $ | 28,654,443 | | $ | 16,033,758 |
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