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Digital Assets - Digital Asset Reconciliation (Details) - USD ($) | 3 Months Ended
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Mar. 31, 2026 | Mar. 31, 2025
Reconciliation of Company's assets and (liabilities) related to its digital assets |  |
Beginning balance | $ 43,872,033 |
HYPE Purchases | 1,472,835 |
Net HYPE received from native staking activities | 238,827 |
HYPE commission paid to co-validators | (35,919) |
Non-cash interest income from digital assets receivable | 198,957 |
Realized and unrealized gains | 15,042,089 |
Realized and unrealized losses | (77,095) |
Impairment | (1,231,668) |
Provision for credit loss | (504,511) |
Ending balance | 60,739,409 |
Revenue | 244,271 | $ 14,720
Revenue receivable | 45,921 |
HYPE commission paid to co-validators | 35,919 |
Unpaid costs | 4,558 |
Realized gain | 3,699,401 |
Unrealized gain | 11,342,688 |
Realized loss | 75,637 |
Unrealized loss | 1,458 |
Realized credit losses | 0 |
Hyperliquid Ecosystem |  |
Reconciliation of Company's assets and (liabilities) related to its digital assets |  |
Receipt of HPL pursuant to partnership agreement | 150,163 |
Deposits of USDH into Hyperion Rysk Vault | 1,765,075 |
Redemption of WHYPE-USDH-USDH-P-H-HL from Hyperion Rysk Vault | (151,377) |
Digital Assets |  |
Reconciliation of Company's assets and (liabilities) related to its digital assets |  |
Beginning balance | 16,345,347 |
HYPE Purchases | 1,472,835 |
Deposits of digital assets into liquid staking activities | (224,011) |
Receipts of digital assets from liquid staking activities | 4 |
Net HYPE received from native staking activities | 189,520 |
HYPE commission paid to co-validators | (35,919) |
Realized and unrealized gains | 7,601,283 |
Realized and unrealized losses | (77,095) |
Ending balance | 25,422,127 |
HYPE commission paid to co-validators | 35,919 |
Digital Assets | Hyperliquid Ecosystem |  |
Reconciliation of Company's assets and (liabilities) related to its digital assets |  |
Receipt of HPL pursuant to partnership agreement | 150,163 |
Digital Assets Receivable |  |
Reconciliation of Company's assets and (liabilities) related to its digital assets |  |
Beginning balance | 6,935,131 |
Net HYPE received from native staking activities | 49,307 |
Non-cash interest income from digital assets receivable | 198,957 |
Realized and unrealized gains | 3,374,154 |
Provision for credit loss | (181,444) |
Ending balance | 10,376,105 |
Intangible Assets |  |
Reconciliation of Company's assets and (liabilities) related to its digital assets |  |
Beginning balance | 20,591,555 |
Deposits of digital assets into liquid staking activities | 224,011 |
Receipts of digital assets from liquid staking activities | (4) |
Exchange of digital intangible assets receivable for digital intangible assets | (8,863,235) |
Realized and unrealized gains | 3,699,401 |
Impairment | (1,231,668) |
Ending balance | 16,033,758 |
Intangible Assets | Hyperliquid Ecosystem |  |
Reconciliation of Company's assets and (liabilities) related to its digital assets |  |
Deposits of USDH into Hyperion Rysk Vault | 1,765,075 |
Redemption of WHYPE-USDH-USDH-P-H-HL from Hyperion Rysk Vault | (151,377) |
Digital Intangible Assets Receivable |  |
Reconciliation of Company's assets and (liabilities) related to its digital assets |  |
Beginning balance |  |
Exchange of digital intangible assets receivable for digital intangible assets | 8,863,235 |
Realized and unrealized gains | 367,251 |
Provision for credit loss | (323,067) |
Ending balance | 8,907,419 |
HYPE Digital Assets |  |
Reconciliation of Company's assets and (liabilities) related to its digital assets |  |
Revenue | $ 198,350 |

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