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Digital Assets | 3 Months Ended
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Mar. 31, 2026
Digital Assets |
Digital Assets | Note 6 – Digital Assets ​ Native Staking As of March 31, 2026, the Company had native staked 992,826 HYPE to the KxH validator node (including 302,326 digital assets receivable). In the three months ended March 31, 2026, the Company recognized $198,350 revenue from its staking activities which generated 6,427 HYPE tokens valued at $198,350. Temporary HYPE Asset Use Service Agreements For the three months ended March 31, 2026, the Company recognized $45,921 revenue from temporary HAUS agreements in the form of cash, cash equivalents, and USDH stablecoin. USDH stablecoin is presented within “Prepaid expenses and other current assets” in the condensed balance sheets. HyperLend Private Pool Participation Agreement and Revenue-Sharing Agreement During the three months ended March 31, 2026, the Company’s receipt of 1 million HPL tokens valued at $14,200 in connection with the Private Pool Participation Agreement is offset by a $14,200 liability which represents future expected payments to HyperLend and is included in accrued expenses and other current liabilities on the condensed balance sheets. As of March 31, 2026, the fair value of the Company’s 9 million HPL tokens received in connection with the Revenue-Sharing Agreement is $135,963, which is recorded as deferred revenue and will be recognized over the one-year expected customer benefit period. The deferred revenue amount is included in accrued expenses and other current liabilities on the condensed balance sheets. Digital Assets Receivable For three months ended March 31, 2026, the Company recognized $198,957 interest income, presented within “Other income (expense)” in the condensed statements of operations, in connection with its digital assets receivable, which represents the amortization of a nonrefundable upfront fee received in connection with digital assets receivable. In the three months ended March 31, 2026, the Company recorded a provision for credit losses of $181,443 related to the digital assets receivable. As of March 31, 2026, digital assets receivable totaled $10.4 million, which is net of $108,321 unamortized nonrefundable upfront fee and $586,774 allowance for credit losses. 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 losses. OTC HYPE Options As of March 31, 2026, the Company’s outstanding OTC HYPE covered call contracts referenced 250,000 HYPE with strike prices ranging from $45.0 to $48.3 and maturities extending through April 30, 2026. These contracts resulted in a derivative liability of approximately $0.2 million as of March 31, 2026. ​ As of March 31, 2026, there were no outstanding OTC HYPE put options. ​ In the three months ended March 31, 2026, the Company’s Net gains on derivative instruments totaled $39,401. ​ Hyperion Rysk Vault Shares In the three months ended March 31, 2026, the Company deposited $1,765,075 USDH in exchange for 1,765,075 notional Hyperion Rysk Vault Shares, presented within digital intangible assets on the condensed balance sheets, initially valued at the Company’s basis of $1,765,075 (in USDH) with no realized gains or losses. The Company also recognized a $353 impairment on Hyperion Rysk Vault Shares, as well as a $1,407 Realized gain in connection with redeeming 150,000 notional Hyperion Rysk Vault Shares (impaired to a value of $149,970) into $151,377 USDH. Digital Intangible Assets Receivable In the three months ended March 31, 2026, the Company recorded a provision for credit losses of $323,067 related to the digital intangible assets receivable. As of March 31, 2026, digital intangible assets receivable totaled $8.9 million, which is net of $323,067 allowance for credit losses. ​ Digital Asset Reconciliation ​ The following table represents a reconciliation of the Company’s assets related to its digital assets: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | 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 | ​ |  | 1,472,835 | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ |  | 1,472,835
Deposits of USDH into Hyperion Rysk Vault | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,765,075 | ​ | ​ | — | ​ | ​ | 1,765,075
Redemption of WHYPE-USDH-USDH-P-H-HL from Hyperion Rysk Vault | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (151,377) | ​ | ​ | — | ​ | ​ | (151,377)
Deposits of digital assets into liquid staking activities | ​ |  | (224,011) | ​ |  | — | ​ |  | 224,011 | ​ | ​ | — | ​ |  | —
Receipts of digital assets from liquid staking activities | ​ | ​ | 4 | ​ | ​ | — | ​ | ​ | (4) | ​ | ​ | — | ​ | ​ | —
Net HYPE received from native staking activities (1) | ​ |  | 189,520 | ​ |  | 49,307 | ​ |  | — | ​ | ​ | — | ​ |  | 238,827
HYPE commission paid to co-validators | ​ | ​ | (35,919) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (35,919)
Exchange of digital intangible assets for digital intangible assets receivable | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (8,863,235) | ​ | ​ | 8,863,235 | ​ | ​ | —
Non-cash interest income from digital assets receivable | ​ | ​ | — | ​ | ​ | 198,957 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 198,957
Realized and unrealized gains(2) | ​ |  | 7,601,283 | ​ |  | 3,374,154 | ​ |  | 3,699,401 | ​ | ​ | 367,251 | ​ |  | 15,042,089
Realized and unrealized losses(3) | ​ |  | (77,095) | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ |  | (77,095)
Impairment | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,231,668) | ​ | ​ | — | ​ | ​ | (1,231,668)
Provision for credit loss | ​ |  | — | ​ |  | (181,444) | ​ |  | — | ​ | ​ | (323,067) | ​ |  | (504,511)
Balance, March 31, 2026 | ​ | $ | 25,422,127 | ​ | $ | 10,376,105 | ​ | $ | 16,033,758 | ​ | $ | 8,907,419 | ​ | $ | 60,739,409
(1) | Represents $244,271 of net Company revenues, less $45,921 of revenues receivable included in prepaid expenses and other current assets on the accompanying condensed balance sheets as of March 31, 2026, plus $35,919 of HYPE commissions presented separately in this table and $4,558 of unpaid costs included in accrued expenses and other current liabilities on the accompanying condensed balance sheets as of March 31, 2026.
(2) | Includes $3,699,401 and $11,342,688 of realized and unrealized gains, respectively.
(3) | Includes $75,637 and $1,458 of realized and unrealized losses, respectively, which are netted against the related gains on the accompanying statements of operations.
​ For the three months ended March 31, 2026, there were no realized credit losses in connection with the Digital assets receivable or Digital intangible assets receivable. ​ Digital Assets ​ The following table sets forth the units, cost basis and fair value of digital assets held, as shown on the condensed balance sheets as of March 31, 2026:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Units | ​ ​ ​ | Cost Basis | ​ ​ ​ | Fair Value
HYPE digital assets | ​ | 690,501 | ​ | $ | 24,434,992 | ​ | $ | 25,286,164
HPL digital assets |  | 9,000,000 | ​ | ​ | 135,963 | ​ | ​ | 135,963
Total |  | ​ | ​ | $ | 24,570,955 | ​ | $ | 25,422,127
​ 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 March 31, 2026:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Units | ​ ​ ​ | Cost | ​ ​ ​ | Carrying Value
HiHYPE | ​ | 378,277 | ​ | $ | 17,751,183 | ​ | $ | 7,785,851
kHYPE | ​ | 275,434 | ​ | ​ | 8,044,701 | ​ | ​ | 5,693,449
WHYPE-USDH-USDH-P-H-HL | ​ | 1,615,075 | ​ | ​ | 1,615,075 | ​ | ​ | 1,614,752
kmHYPE | ​ | 28,888 | ​ | ​ | 884,473 | ​ | ​ | 597,069
sKNTQ | ​ | 1,918,479 | ​ | ​ | 208,355 | ​ | ​ | 193,780
sHPL | ​ | 1,000,000 | ​ | ​ | 15,656 | ​ | ​ | 13,857
Other digital intangible assets | ​ | 2 | ​ |  | 135,000 | ​ |  | 135,000
Total | ​ | ​ | ​ | $ | 28,654,443 | ​ | $ | 16,033,758
​ The Company tracks the cost of its LSTs and digital intangible assets on a token by token basis. Impairment losses for the Company’s LSTs are recognized when the carrying value falls below its fair value. The fair value of LSTs are estimated based on the original digital asset token deposited minus transaction costs, without the inclusion of any accrued but unrealized staking rewards. For the three months ended March 31, 2026, the Company reported an impairment loss of $1.2 million on the condensed statements of operations under “Impairment loss – digital intangible assets”.

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