- **IP Strategy (Heritage Distilling Holding Company, Inc.)** officially launched its validator business on the Story Network on **October 2, 2025**, establishing a new line of recurring revenue  **[1788230_0001788230-25-000159_cask-20251002.htm:0]** ,.  **[1788230_0001788230-25-000159_ipst-exx991xpressreleasex2.htm:1]** 
- In its first two weeks of operation (starting September 6, 2025), the company self-staked **43.5 million unlocked $IP tokens** and earned approximately **165,000 $IP tokens** in validator rewards, valued at **$1.5 million** as of September 30, 2025.  **[1788230_0001788230-25-000159_ipst-exx991xpressreleasex2.htm:1]** 
- The validator business is projected to generate illustrative potential annualized revenues of approximately **$28.5 million** from staking its current **43.5 million $IP tokens** at an estimated **6%** blended yield, with an estimated fixed cost of **$400,000–$500,000** and gross margins above **95%**.  **[1788230_0001788230-25-000159_ipst-exx991xpressreleasex2.htm:1]** 
- This initiative also includes onboarding third-party participants for additional commission-based revenue and follows a digital asset treasury strategy that added over **53.2 million $IP tokens** to the balance sheet and eliminated all senior secured debt  **[1788230_0001788230-25-000159_ipst-exx991xpressreleasex2.htm:1]** ,.  **[1788230_0001788230-25-000159_ipst-exx991xpressreleasex2.htm:2]**

Heritage Distilling Holding Company (IPST)