| Schedule of fair values and timing of restrictions |
| | | | | | | | | | | | | | Fair value as of | | | AVAX tokens | | September 30, 2026 | | Restriction period | 5,083,136 | | $ | 55,551,052 | | Tokens unlock in monthly increments beginning October 2026 and concluding July 2029. The original schedule of 48 equal monthly increments beginning September 2026 was shortened by the sale of 2,082,371 tokens to the Foundation (see Note 11). | 183,953 | | | 2,010,330 | | 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. | 72,987* | | | 797,638 | | Tokens unlock over 24 equal monthly increments beginning October 2025 and concluding September 2027. | 40,904* | | | 447,019 | | Tokens unlock February 2027. | 5,380,980 | | $ | 58,806,039 | | |
*The AVAX tokens in the table above as of September 30, 2026 includes 113,891 AVAX tokens that remain to be received under executed subscription agreements. These AVAX tokens are not held in the Company’s custody and are not included in digital assets on the condensed consolidated balance sheet; they are reflected in the subscription receivable within stockholders’ equity (see Subscription Receivable below). | | | | | | | | 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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