Quarterly Report: August 24, 2026

🟣 Hipo Fund – Quarterly Report

August 24, 2026

📌 Overview

No report was published in March or June 2026. This report covers the whole period since the December 18, 2025 report — eight months in one document — and it is the first one generated directly from the chain rather than assembled by hand.

Every figure below was read from a single TON masterchain block and priced at that block’s timestamp. The block number, the exchange rate, the prices and every URL used are listed under Notes, so any reader can reproduce the tables rather than take our word for them. Where the on-chain record does not tell us something — above all why a position changed — this report says so instead of filling the gap.

The fund’s total value is down 10.91% since December, while its balances barely moved. The decline is a price effect on the HPO and hGRAM held, partly offset by the larger stablecoin base established in Q1.

💰 Fund Summary

Capital in Previous Report (December 18, 2025): $110,875.29
Current Capital (August 24, 2026): $98,776.51
Change: −$12,098.78 (−10.91%)
Total in GRAM: 65,655.99 GRAM
Snapshot: masterchain block 88063277, 2026-08-23 20:51:50 UTC
Wallets counted: hipofund.ton (multisig) and the pre-migration wallet UQBwGlrp…DdLfG, which still holds part of the fund

📥 Key Activity This Period

Reconstructed from balance changes between the two blocks. These are the movements the chain proves; we have not attributed them to specific transactions.

hGRAM converted to stablecoins: hGRAM fell by exactly 10,000.000000000 (16,000.902364275 → 6,000.902364275) while USDT rose by 15,695.794729 (50,461.208137 → 66,157.002866). That is an implied $1.5696 per hGRAM. Both changes had already happened by 18 March 2026.
No HPO buyback and no HPO profit-sharing receipt. The HPO balance is unchanged to the nano-unit — 9,023,524.435767465 in December and today.
A small GRAM inflow: the fund’s native GRAM rose by 35.995650594 GRAM (≈ $54). The amount is consistent with gas refunds or a minor transfer; we have not identified its source and do not claim one.
Nothing moved after March. Between 18 March and this snapshot every balance is identical except GRAM, which changed by 0.54 GRAM.

🔸 Portfolio Allocation (as of August 24, 2026)

Asset	Amount	Allocation	Value (USD)	Notes
USDT	66,157.002866	66.98%	$66,157.00	Capital preservation & liquidity buffer
HPO	9,023,524.435767465	22.39%	$22,116.74	Governance & profit-sharing token
hGRAM	6,000.902364275	10.57%	$10,442.15	Staked GRAM generating yield
GRAM	40.2953863	0.06%	$60.62	Native balance, mostly gas for the wallets

Total Fund Value: $98,776.51 — equal to 65,655.99 GRAM at the same block.

The HPO position is large relative to HPO’s on-market liquidity. Its value here is the market price times the balance; it is not a claim that the whole position could be sold at that price.

📊 Comparison vs the December 18, 2025 report

December’s figures are quoted as published. They are not recalculated — see Methodology for why.

Asset	Dec 18, 2025 amount	Dec 18, 2025 USD	Dec %	Aug 24, 2026 amount	Aug 24, 2026 USD	Aug %
USDT	50,461.20	$50,461.20	45.53%	66,157.002866	$66,157.00	66.98%
HPO	9,023,524.43	$36,094.09	32.55%	9,023,524.435767465	$22,116.74	22.39%
hGRAM	16,000	$24,320.00	21.92%	6,000.902364275	$10,442.15	10.57%
GRAM	—	—	—	40.2953863	$60.62	0.06%

Total: $110,875.29 → $98,776.51 = −$12,098.78 (−10.91%)

📉 Interim snapshots (reconstructed)

No report was published in March or June 2026. The balances below were read back from the TON archive at the masterchain block covering 12:00 UTC on each date and priced with the hourly price series for the same hour. They are balance snapshots only — we did not reconstruct an activity narrative for those periods, and these rows should not be read as reports we published at the time.

Date	Block	USDT	HPO	hGRAM	GRAM	Total (USD)
Mar 18, 2026	58434457	66,157.002866	9,023,524.435767465	6,000.902364275	39.759286624	$96,975.94
Jun 18, 2026	74104571	66,157.002866	9,023,524.435767465	6,000.902364275	40.29845511	$99,754.81
Aug 24, 2026	88063277	66,157.002866	9,023,524.435767465	6,000.902364275	40.2953863	$98,776.51

The three rows carry the same balances: the fund has been static since Q1 2026, and the movement in total value is entirely price.

🧠 Strategic Notes

The treasury is now two-thirds stablecoins. That was the intent stated in the December report, and it has held through an eight-month drawdown in GRAM and HPO.
hGRAM exposure is one third of what it was in December, so less of the fund tracks the GRAM price — and correspondingly less of it earns staking yield.
No buybacks were executed this period. The December report described buybacks as selective; none met that bar.

🔬 Methodology

Every figure comes from scripts/hipo-fund-snapshot.mjs in the website repository, run once against one block. Its rules:

Scope. The two wallets named above, and four assets: USDT, HPO, hGRAM and native GRAM. Assets are included by an explicit allowlist, never by a price heuristic, so a spam token cannot enter the table — and a genuinely new position cannot enter it silently either (see the coverage scan under Notes).
hGRAM is valued at the protocol redemption rate — totalCoins / totalTokens read from the Hipo treasury at the same block — times the GRAM price. That is what the fund would receive by unstaking, not a DEX quote.
HPO is valued at its market price.
USDT is valued at exactly 1.0000 USD. It is a convention, not a fetched quote.
GRAM is valued at the GRAM market price.
Each row is rounded to cents before the total is taken, so the USD column adds up to the stated total exactly.
If any input cannot be fetched, the script prints UNAVAILABLE and exits with an error. A report is never published from a partial run, and no figure here is estimated, carried over or filled in by hand.

A note on comparability. The December 18, 2025 report valued hGRAM at $1.52 per token. The protocol rate at that block (1.083246) times the GRAM price gives $1.61. We have not restated December’s numbers: the comparison table quotes them exactly as published, and only the current column uses the method above.

📎 Notes — sources for every figure

Masterchain block: seqno 88063277, 2026-08-23 20:51:50 UTC (https://mainnet-v4.tonhubapi.com/block/latest). The report is dated by its publication day; the data is the state at this block. Re-run node scripts/hipo-fund-snapshot.mjs --seqno 88063277 to reproduce every number below.
Balances: read from the TON v4 archive at that block — the native balance from /block/88063277/<wallet>, and each jetton balance from get_wallet_data on the jetton wallet, whose address is itself derived on-chain via get_wallet_address on the jetton master.
hGRAM exchange rate: 1.156629 GRAM/hGRAM — get_treasury_state on EQCLyZHP…z2eZ at the same block (totalCoins 8,447,610.655999208 / totalTokens 7,303,644.745694234).
GRAM/USD: $1.5044554222558664 at 2026-08-23 20:50:00 UTC.
HPO/USD: $0.002451009455012681 at 2026-08-23 20:50:00 UTC.
USDT/USD: 1.0000 exactly (methodology, not fetched).
Interim snapshots: blocks 58434457 (2026-03-18 12:00 UTC) and 74104571 (2026-06-18 12:00 UTC). Exchange rates 1.092007 and 1.124988; GRAM $1.380123538781121 and $1.6405205620696306; HPO $0.002407052253654585 and $0.0024886774867728225.
Held but not valued. The coverage scan found five jettons in the two wallets that are outside the allowlist and therefore contribute $0 to the table: “GRAM Unlock at gramunlock.org” (both wallets), “GRAM AT GRAMEVENT.ORG” and TONRAGE (multisig), STAR (legacy wallet). All are unsolicited tokens sent to the wallets; none are fund positions. The legacy wallet also holds four Hipo Bill NFTs — the receipts issued when an unstake has to wait for a validation round, here for rounds between June and November 2025. All four hold a zero balance at the snapshot block, and each settlement we traced completed within about a day of the bill being issued. They are spent receipts: they carry no claim on the protocol and add nothing to the table above.