| Schedule of computation of basic and dilutive net income per common stock |
| | | | | | | | | | For the three months ended | | | March 31, 2026 | Numerator: | | | | Net loss | | $ | (139,635) | Denominator: | | | | Weighted-average number of shares of common stock outstanding – basic and diluted | | | 1,000 | Basic and diluted net loss per share of common stock | | $ | (139.64) |
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| | | | | | | | | | For the period | | | September 22, 2025 | | | (inception) through | | | December 31, 2025 | Numerator: | | | | Net loss | | $ | (145,382) | Denominator: | | | | Weighted-average number of shares of common stock outstanding – basic and diluted | | | 1,000 | Basic and diluted net loss per share of common stock | | $ | (145.38) |
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| Schedule of fair values and timing of restrictions |
| | | | | | | | | | | | | | Fair value as of | | | AVAX tokens | | March 31, 2026 | | Restriction period | 7,317,966 | | $ | 65,198,024 | | Tokens unlock over 48 equal monthly increments beginning September 2026 and concluding August 2030. | 541,326 | | $ | 4,822,842 | | Tokens unlock over a period spanning September 2025 through June 2027 at a rate of approximately 6-7% per month through October 2026, after which the schedule tapers off periodically through the conclusion of the unlock period in June 2027. | 98,718 | | $ | 879,508 | | Tokens unlock over a period spanning October 2025 through July 2026 with equal monthly increments of approximately 11.1% | 143,573 | | $ | 1,279,134 | | Tokens unlock over a period spanning March 2026 through August 2026, with equal monthly increments of approximately 16.7% per month. | 13,233 | | $ | 117,897 | | Tokens unlock over 24 equal monthly increments beginning October 2025 and concluding September 2027. | 42,664 | | $ | 380,106 | | Tokens unlock over 32 equal monthly increments beginning February 2025 and concluding September 2027. | 8,157,480 | | $ | 72,677,511 | | |
| | | | | | | | | | | | | | Fair value as of | | | AVAX tokens | | December 31, 2025 | | Restriction period | 7,317,966 | | $ | 90,010,982 | | Tokens unlock over 48 equal monthly increments beginning September 2026 and concluding August 2030. | 833,003 | | | 10,245,937 | | Tokens unlock over a period spanning September 2025 through June 2027 at a rate of approximately 6-7% per month through October 2026, after which the schedule tapers off periodically through the conclusion of the unlock period in June 2027. | 275,000 | | | 3,382,500 | | Tokens unlock over a period spanning October 2025 through July 2026 with equal monthly increments of approximately 11.1% | 167,502 | | | 2,060,275 | | Tokens unlock over a period beginning March 2026 through August 2026, with equal monthly increments of approximately 16.7% per month. | 15,439 | | | 189,900 | | Tokens unlock over 24 equal monthly increments beginning October 2025 and concluding September 2027. | 49,775 | | | 612,233 | | Tokens unlock over 24 equal monthly increments beginning February 2025 and concluding September 2027. | 8,658,685 | | $ | 106,501,827 | | |
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The following summarizes the restrictions on the locked AVAX as of December 31, 2025: | | | | | | | | | | | | AVAX | | | | | | tokens | | Fair value | | Restriction period | 7,317,966 | | $ | 90,010,982 | | Tokens unlock over 48 equal monthly increments beginning September 2026 and concluding August 2030. | 833,003 | | | 10,245,937 | | Tokens unlock over a period spanning September 2025 through June 2027 at a rate of approximately 6-7% per month through October 2026, after which the schedule tapers off periodically through the conclusion of the unlock period in June 2027. | 275,000 | | | 3,382,500 | | Tokens unlock over a period beginning October 2025 through July 2026 with equal monthly increments of approximately 11.1% | 167,502 | | | 2,060,275 | | Tokens unlock over a period beginning March 2026 through August 2026, with equal monthly increments of approximately 16.7% per month. | 15,439 | | | 189,900 | | Tokens unlock over 24 equal monthly increments beginning October 2025 and concluding September 2027. | 49,775 | | | 612,233 | | Tokens unlock over 24 equal monthly increments beginning February 2025 and concluding September 2027. | 8,658,685 | | $ | 106,501,827 | | |
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| Schedule of computation of basic and dilutive net income per common stock |
| | | | | | | | | | For the three months ended | | | March 31, 2026 | Numerator: | | | | Net loss | | $ | (26,780,242) | Denominator: | | | | Weighted average number of Class A Member units, basic and diluted | | | 27,368,672 | Basic and diluted net loss per unit of Class A Member unit | | $ | (0.98) |
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| | | | | | | | | | For the period from August 20, | | | 2025 (inception) through | | | December 31, 2025 | Numerator: | | | | Net loss | | $ | (59,595,550) | Denominator: | | | | Weighted average number of Class A member units, basic and diluted | | | 16,805,272 | Basic and diluted net loss per unit of Class A member unit | | $ | (3.55) |
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