# Quarterly Report:  December 18, 2025

### 🟣 Hipo Fund – Quarterly Report

**December 18, 2025**

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#### 📌 Overview

During this quarter, the **Hipo Fund** continued to actively support the HPO ecosystem through **market buybacks**, **staking**, and **profit-sharing participation**.

The main reason for the decrease in fund value compared to the previous report is the **decline in the TON price**, which also impacted HPO. In response, part of the change reflects **intentional capital deployment** to support HPO, alongside a **strategic shift toward higher stablecoin exposure** to improve risk control and maintain liquidity for future investments.

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

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### 💰 Fund Summary — **Updated**

* **Capital in Previous Report (August 1, 2025):** $227,434.64
* **Current Capital (December 18, 2025):** $110,875.29
* **HPO Purchased:** 241,288.66 HPO
* **Paid for Purchase:** 651.85 TON
* **HPO Earned (Hipo Profit Sharing):** 9,899.36 HPO
* **Addition:** 3,944.8 TON from Season 3 Claim

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#### 📥 Key Activity This Period

* **Season 3 Claim:** Added **3,944.8 TON** to the fund.
* **HPO Buyback:** Purchased **241,288.66 HPO** using **651.85 TON** to support the HPO price.\
  This quarter, we used **10× less TON** for buybacks compared to the previous quarter, highlighting **strong holding behavior and confidence from HPO holders**.
* **Profit Sharing:** Earned **9,899.36 HPO** from Hipo protocol revenue.\
  The Hipo Fund wallet participated directly in profit sharing, enabling further **market buybacks of HPO**.
* **Stablecoin Rebalancing:** Increased allocation to stablecoins to strengthen capital protection and liquidity.\
  We swapped approximately **24K TON into \~47K USDT** at an average rate of **1.9 TON per USDT** to reduce risk and prepare liquidity for future investments.

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### 🔸 Portfolio Allocation (as of Dec 17, 2025) — **Updated**

| Asset | Amount       | Allocation | Value (USD) | Notes                                   |
| ----- | ------------ | ---------- | ----------- | --------------------------------------- |
| USDT  | 50,461.20    | **45.53%** | $50,461.20  | Capital preservation & liquidity buffer |
| HPO   | 9,023,524.43 | **32.55%** | $36,094.09  | Governance & profit-sharing token       |
| hTON  | 16,000       | **21.92%** | $24,320.00  | Staked TON generating yield             |

**Updated Total Fund Value:** **$110,875.29**

> *Note: Portfolio valuation reflects current market prices at the time of reporting. The decrease in total fund value is primarily driven by market price movements, not asset liquidation.*

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#### 🧠 Strategic Notes

* This quarter prioritized a **defensive treasury position**, anchored by a strong stablecoin base.
* **HPO buybacks** and **profit-sharing accumulation** reinforce long-term alignment with HPO holders.
* **Staked TON exposure** continues to generate passive yield while limiting active risk.

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#### 🔮 Next Quarter Priorities

* Continue **selective HPO buybacks** when strategically justified.
* Evaluate **low-risk TON DeFi strategies** for excess stablecoin capital.