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Digital Assets (Tables) | 12 Months Ended
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Dec. 31, 2025
Other Intangible Assets |
Schedule of digital asset reconciliation | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 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.
Schedule of 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
Schedule of 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

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