Hipo Fund — On-Chain Treasury

📌 What Hipo Fund is

Hipo Fund is Hipo’s long-term investment treasury. It holds the proceeds from HPO token sales and Hipo Club season claims, and it is kept separate from Hipo’s operating budget.

The idea is borrowed from Norway’s oil fund: instead of spending revenue as it arrives, set a portion aside and manage it for the long term. Hipo Fund exists to build durable value behind HPO, not to cover day-to-day costs.

Every asset it holds sits on-chain and can be checked by anyone.

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📊 Current status

Measure	Value
Opening capital (April 18, 2025)	$186,963.96
Capital contributed since	~$37,092 (Season 2 and Season 3 claims)
Latest reported value (August 24, 2026)	$98,776.51
Return since inception (Modified Dietz)	−58.4%
GRAM over the same period	−49.8%
Latest report	August 2026 report
Investment Policy Statement	Ratified by DAO vote, 18 September 2026

The fund is below its opening capital, driven mainly by the fall in the GRAM price across a portfolio that was heavily GRAM-linked in its first year. The full accounting is in the August 2026 report.

The Investment Policy Statement sets out target allocations, risk limits, liquidity requirements and rebalancing rules. HPO holders ratified it by DAO vote on 18 September 2026, and Hipo Fund is managed under it.

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🏦 Wallets

Every Hipo Fund asset at rest is held in a 2-of-3 multisig. Three signers, all Hipo team members, the same three across every wallet.

Chain	Holds	Address
TON	hGRAM, HPO, USDT, GRAM for gas	EQDa2GcC9KwiWIL6jmrGp2ulhC7hnNo8DUunEtkMKe4r_Dnr (hipofund.ton)
Ethereum	USDC and lending positions (Aave)	0xaAf440f8E7E45Bf63a19fE29107E240B9844a173
Bitcoin	BTC	bc1qpk3g8saskt89acwa976hvzjv8jrcqdn0d2lpf9l9a5ksrj0akfnsxneedc

The Ethereum wallet is a Safe; the same Safe, with the same address and signers, also exists on Base.

The fund moved to a new Bitcoin wallet on 27 September 2026, after one of the three keys on the previous wallet turned out to be incorrect. The previous wallet’s addresses are now empty: bc1qzuwj…qk2w, bc1qqz9m…g3jp and bc1qce5f…c3w7. A Bitcoin wallet can give a fresh address for each deposit, so if the fund’s BTC ever spans more than one address, each quarterly report lists them all.

The fund’s original single-signature wallet — UQBwGlrp…DdLfG — was emptied in September 2026 and holds no fund assets at rest. It is not a custody location, but it can serve as a brief transit hop when assets move between chains under Section 4.1 of the Investment Policy Statement; while they pass through it, a single key controls them. It also remains the TON multisig’s proposer: it can put forward a transaction, but executing one still takes two of the three signers.

A note on address formats

TON shows the same wallet in two forms — bounceable (EQ…) and non-bounceable (UQ…). The last four characters differ but the account is identical.

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💵 How Hipo Fund is funded

Hipo Fund has never received an allocation from HPO tokenomics. Its capital comes from:

• HPO token sale proceeds, including the ILO and OTC deals with strategic investors
• Hipo Club season claims (Seasons 2 and 3). Since Season 4, HPO rewards accrue directly to hGRAM holders, so there is no seasonal claim window and no further claims of this type
• hGRAM staking rewards — currently the fund’s only active income stream
• Profit sharing on the HPO the fund holds, when protocol revenue sharing is active. The staking fee has been 0% since June 6, 2026, so no distributions are currently being made

All HPO held by the fund was bought on the open market.

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💰 Opening report — April 18, 2025

• Initial capital: $186,963.96
• Start of reporting: April 18, 2025

🔸 Initial portfolio allocation

Asset	Amount	Allocation	Value (USD)	Notes
hGRAM	34,955.22	59.59%	$111,405.91	Staked GRAM
HPO	6,754,307.59	38.64%	$72,238.04	Governance & profit-sharing token
Stablecoins (USDT)	3,304.14	1.77%	$3,304.14	Capital preservation & dry powder
GRAM	5.30	0.01%	$15.87	Direct GRAM exposure
Total		100%	$186,963.96

Percentages are rounded to two decimals and may not sum to exactly 100.

Correction, August 29, 2026

The HPO valuation in this table was previously published as $15,000, which was an error — the four rows did not sum to the stated initial capital. HPO is now shown at $72,238.04, its market value on April 18, 2025 ($0.010695 per HPO), and all four allocation percentages have been recalculated from the USD values so the table reconciles to $186,963.96. Previously published percentages were 59.28% (hGRAM), 1.76% (USDT), 38.95% (HPO) and 0.01% (GRAM). The comparison table in the August 2025 report has been corrected to match. No balances changed.

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🔒 How the fund is managed

Fully on-chain and verifiable
Every asset at rest is held in the multisig wallets above and can be checked by anyone at any time. The fund only holds assets that can be transparently monitored on-chain.

Snapshot-based reporting
Reports from August 2026 onward are generated by scripts/hipo-fund-snapshot.mjs, which reads every balance from a single TON masterchain block and lists that block, the hGRAM exchange rate and each price used in the report’s Notes. Any reader can re-run the script and reproduce the tables.

The August 2025 and December 2025 reports predate the script and were assembled by hand. Their balances have since been checked against the chain and reconcile; their valuations used different pricing conventions, which is noted in the August 2026 report.

Regular reporting
Hipo Fund publishes a report every quarter. Every report includes performance since inception and a benchmark. The next report is due in December 2026.

Announced decisions
Material portfolio changes are announced in Hipo’s official channels, and changes to the fund’s strategy go to a DAO vote.

Risk-controlled growth
The fund is managed for long-term capital preservation and sustainable growth. Target allocations, concentration limits, liquidity requirements and rebalancing rules are set out in the Investment Policy Statement.

Governance
HPO holders vote on Hipo Fund’s direction through the Hipo DAO on ton.vote. The Investment Policy Statement, ratified on 18 September 2026, is the first Hipo Fund policy adopted by binding vote. Execution within an approved policy is handled by the multisig signers; changes to the policy go to the DAO.

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⚠️ Risks

Hipo Fund is a crypto treasury and its value moves with the market. The main risks:

• Market risk. The fund’s non-stablecoin holdings are exposed to the GRAM and HPO prices.
• Concentration risk. The fund’s assets are concentrated in the TON ecosystem and in Hipo’s own token.
• Liquidity risk. The HPO position is large relative to HPO’s on-market liquidity. Its reported value is the market price times the balance; it is not a claim that the whole position could be sold at that price.
• Custody risk. The fund depends on its multisig signers and their keys. A 2-of-3 threshold removes any single point of failure, but not the risk of two keys being lost or compromised together.
• Smart contract risk. Assets held in DeFi protocols, including hGRAM, carry the risk of a contract failure.

These risks are managed, not eliminated. The Investment Policy Statement sets limits on each of them.

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💜 For the Hipo community

Hipo Fund belongs to the community. Its growth supports the value and sustainability of HPO and every HPO holder. We are committed to regular, transparent reporting and open governance.

Want to suggest strategies, DeFi tools or TON projects for the fund? Join the conversation in @hipo_chat on Telegram.