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Digital Assets | 12 Months Ended
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Dec. 31, 2025
Other Intangible Assets |
Digital Assets | Note 7 – Digital Assets Native Staking As of December 31, 2025, the Company had native staked 939,074 HYPE to the KxH validator node (including 300,725 digital assets receivable). The Company received 23,937 HYPE valued at $787,171 from such staking activities for the year ended December 31, 2025. Net of staking rewards paid to third-parties from December 15, 2025 onward (which is when the Company became principal for the validator service), receipt and accrual of HYPE from native activities generated $554,099 in the year ended December 31, 2025. Temporary HYPE Asset Use Service Agreements For the year ended December 31, 2025, the Company recognized $11,564 revenue from temporary HYPE Asset Use Service agreements. These assets are included in HYPE digital assets. Digital Assets Receivable For the year ended December 31, 2025, the Company recognized $90,636 interest income in connection with its digital assets receivables. As of December 31, 2025, Digital Assets Receivable totaled $6,935,131, which is net of $307,278 unamortized nonrefundable upfront fee and $405,331 provision for credit loss. The company had no Digital Assets Receivable balance as of December 31, 2024. There were no realized credit losses in the year ended December 31, 2025. Digital Asset Reconciliation The following table represents a reconciliation of the Company’s assets and (liabilities) related to its digital assets: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Digital | ​ | ​ | ​
​ | ​ ​ ​ | HYPE Digital | ​ ​ ​ | KNTQ Digital | ​ ​ ​ | Digital Asset | ​ ​ ​ | Intangible | ​ ​ ​ | ​ | ​
​ | ​ | Assets | ​ | Assets | ​ | Receivable | ​ | Assets | ​ | Total
Balance, December 31, 2024 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
Proceeds from sale of covered call option, net of repurchase proceeds | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Purchases | ​ |  | 71,819,039 | ​ |  | — | ​ |  | — | ​ |  | 135,000 | ​ |  | 71,954,039
Deposits of HYPE into liquid staking activities | ​ |  | (58,753,773) | ​ |  | — | ​ |  | — | ​ |  | 58,753,773 | ​ |  | —
Receipts of HYPE from liquid staking activities | ​ |  | 15,866,574 | ​ |  | — | ​ |  | — | ​ |  | (15,866,574) | ​ |  | —
Receipt and accrual of HYPE from native staking activities | ​ |  | 554,099 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 554,099
Commission paid to co-validators | ​ |  | (26,160) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (26,160)
Purchase of digital asset receivable for HYPE | ​ |  | (9,922,239) | ​ |  | — | ​ |  | 9,922,239 | ​ |  | — | ​ |  | —
Unamortized nonrefundable upfront fee | ​ |  | — | ​ |  | — | ​ |  | (307,278) | ​ |  | — | ​ |  | (307,278)
Unrealized loss | ​ |  | (6,581,870) | ​ |  | (174,044) | ​ |  | (2,274,499) | ​ |  | — | ​ |  | (9,030,413)
Realized gain | ​ |  | 3,278,271 | ​ |  | 285,450 | ​ |  | — | ​ |  | 4,758,124 | ​ |  | 8,321,845
Impairment | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (27,188,768) | ​ |  | (27,188,768)
Provision for credit loss | ​ |  | — | ​ |  | — | ​ |  | (405,331) | ​ |  | — | ​ |  | (405,331)
Balance, December 31, 2025 | ​ | $ | 16,233,941 | ​ | $ | 111,406 | ​ | $ | 6,935,131 | ​ | $ | 20,591,555 | ​ | $ | 43,872,033
(1) | There were no realized credit losses in the year ended December 31, 2025.
Digital Assets ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Units | ​ ​ ​ | Cost Basis | ​ ​ ​ | Fair Value
HYPE digital assets |  | 638,352 | ​ | $ | 22,808,555 | ​ | $ | 16,233,941
KNTQ digital assets |  | 1,918,479 | ​ |  | 285,450 | ​ |  | 111,406
Total |  | ​ | ​ | $ | 23,094,005 | ​ | $ | 16,345,347
​ Digital Intangible Assets The following table sets forth the cost basis, impairment amount, and carrying amount of digital intangible assets held, as shown on the balance sheet as of December 31, 2025:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Units | ​ ​ ​ | Cost | ​ ​ ​ | Carrying Value
HiHYPE |  | 398,277 | ​ | $ | 18,695,687 | ​ | $ | 8,437,277
kHYPE |  | 505,434 | ​ |  | 14,656,514 | ​ |  | 11,369,458
kmHYPE |  | 28,888 | ​ |  | 884,473 | ​ |  | 649,820
Other digital assets |  | 2 | ​ |  | 135,000 | ​ |  | 135,000
Total |  | 932,601 | ​ | $ | 34,371,674 | ​ | $ | 20,591,555
​ The Company tracks the cost of its LSTs by lot. Impairment losses for the Company’s LSTs are recognized when a lot’s carrying value falls below its fair value. The fair value of LSTs are estimated based on the original HYPE deposited minus transaction costs. For the period ending December 31, 2025, the Company reported an impairment loss of $27.2 million on the statement of operations under impairment of digital intangible assets. Airdrop During the period, the Company received KNTQ digital assets through a network-initiated token distribution by Kinetiq. The Company did not provide goods or services in exchange for the tokens and did not enter into a contractual arrangement in connection with the distribution. The receipt of the tokens was accounted for as a non-reciprocal transaction within “Realized gain – digital assets”. The Company recognized operating income of $285,450 upon receipt of the tokens based on the tokens’ end‑of‑day fair value on the Hyperliquid decentralized exchange, which the Company considers to be its principal market.

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