�� Hipo Fund Quarterly Report — December 18, 2025

�� This quarter, the Hipo Fund continued to actively support the HPO ecosystem through market buybacks, staking participation, and profit sharing.

�� The decrease in fund value compared to the previous report is mainly due to the decline in TON price, which also affected HPO. At the same time, part of this change reflects intentional capital deployment to support HPO and a strategic shift toward higher stablecoin exposure to improve risk management and maintain liquidity for future opportunities.

�� Fund Summary

• Capital (Aug 1, 2025): $227,434.64
• Current Capital (Dec 18, 2025): $110,875.29
• HPO Purchased: 241,288.66 HPO
• TON Spent on Buybacks: 651.85 TON
• HPO Earned (Profit Sharing): 9,899.36 HPO
• Added from Season 3 Claim

: 3,944.8 TON

�� Key Activities This Quarter

Season 3 Claim
• Added 3,944.8 TON to the fund from Hipo Club claims.

HPO Buybacks
• Purchased 241,288.66 HPO using 651.85 TON to support the HPO market.
• Buyback TON usage was 10× lower than last quarter, reflecting strong holder confidence and reduced sell pressure.

Stablecoin Rebalancing
• Increased stablecoin allocation to strengthen capital protection and liquidity.
• Swapped ~24,000 TON into ~47,000 USDT at an average rate

of 1.9 TON per USDT.

�� Read the full on-chain report

�� The Hipo Fund remains fully on-chain, transparent, and aligned with the long-term sustainability of HPO.

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