XML 38 R27.htm IDEA: XBRL DOCUMENT
v3.26.1

Digital Assets (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2026
Digital Assets |
Schedule of digital asset reconciliation | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | 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.
Schedule of 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
Schedule of 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

X
- Definition Tabular disclosure of information about activity for crypto asset. Excludes information about crypto asset held for platform user. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147476162/350-60-50-3 + Details
Name: | us-gaap_CryptoAssetActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information about crypto asset. Includes, but is not limited to, name, cost basis, fair value, and number of units held. Excludes information about crypto asset held for platform user. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1 + Details
Name: | us-gaap_CryptoAssetHoldingTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance and exist in perpetuity, by either major class or business segment. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 40 -SubTopic 30 -Topic 350 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482640/350-30-55-40 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2 + Details
Name: | us-gaap_ScheduleOfIndefiniteLivedIntangibleAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration