| 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 | | | 12,585,507 | | | — | | | | | | — | | | 12,585,507 | Sales and dispositions of digital assets | | | (2,874,699) | | | — | | | — | | | (2,440,000) | | | (5,314,699) | Deposits into Hyperion Rysk Vault | | | — | | | — | | | 1,812,029 | | | — | | | 1,812,029 | Redemptions from Hyperion Rysk Vault | | | — | | | — | | | (1,854,834) | | | — | | | (1,854,834) | Deposits of digital assets into liquid staking activities | | | (364,962) | | | — | | | 364,962 | | | — | | | — | Net HYPE received from native staking activities (1) | | | 526,144 | | | 91,772 | | | — | | | — | | | 617,916 | HYPE commission paid to co-validators | | | (136,284) | | | — | | | — | | | — | | | (136,284) | Exchange of digital intangible assets for digital intangible assets receivable | | | — | | | — | | | (18,746,744) | | | 18,746,744 | | | — | Exchange of digital intangible assets receivable for digital intangible assets | | | — | | | — | | | 19,454,154 | | | (19,454,154) | | | — | Settlement of digital assets receivable | | | 22,528,501 | | | (22,528,501) | | | — | | | — | | | — | Non-cash interest income from digital assets receivable | | | — | | | 307,278 | | | — | | | — | | | 307,278 | Realized and unrealized gains (2) | | | 25,653,083 | | | 14,788,989 | | | 6,108,349 | | | 3,147,410 | | | 49,697,831 | Realized and unrealized losses(3) | | | (293,569) | | | — | | | (7,380) | | | — | | | (300,949) | Impairment | | | — | | | — | | | (2,000,525) | | | — | | | (2,000,525) | Recovery of credit loss | | | — | | | 405,331 | | | — | | | — | | | 405,331 | Balance, June 30, 2026 | | $ | 74,119,231 | | $ | — | | $ | 25,721,566 | | $ | — | | $ | 99,840,797 |
(1) | Represents $601,964 of net Company revenues, less: (i) $55,506 of revenues receivable included in prepaid expenses and other current assets on the accompanying condensed balance sheet as of June 30, 2026; (ii) $42,223 of net costs previously accrued, and (iii) of $22,603 of HYPE receipts included in other income on the accompanying statement of operations for the six months ended June 30, 2026, plus $136,284 of HYPE commissions presented separately in this table |
(2) | Includes $21,782,760 and $27,915,071 of realized and unrealized gains, respectively. |
(3) | Includes $299,491 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 sheet as of June 30, 2026: | | | | | | | | | | | Units | | Cost Basis | | Fair Value | HYPE digital assets | | 1,141,174 | | $ | 55,250,524 | | $ | 74,119,231 | Total | | | | $ | 55,250,524 | | $ | 74,119,231 |
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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 June 30, 2026: | | | | | | | | | | | Units | | Cost | | Carrying Value | HiHYPE | | 398,277 | | $ | 18,902,486 | | $ | 8,828,972 | kHYPE | | 455,434 | | | 18,591,852 | | | 15,897,330 | kmHYPE | | 28,888 | | | 884,473 | | | 597,068 | sKNTQ | | 1,918,479 | | | 208,355 | | | 172,196 | sHPL | | 10,000,000 | | | 156,611 | | | 91,000 | Other digital intangible assets | | 2 | | | 135,000 | | | 135,000 | Total | | | | $ | 38,878,777 | | $ | 25,721,566 |
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