Company: IPST
Filing Date: 2025-12-23
Form Type: 424B3
Source: 0001213900-25-125341
Chunk: 327

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-12-23
Form: 424B3
Chunk 327
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     | Fair Value |             |
| $IP Tokens |     |               53,354,575 |     | $          | 209,659,980 |     | $          | 455,648,074 |
| Total      |     |               53,354,575 |     | $          | 209,659,980 |     | $          | 455,648,074 |

The $IP Tokens acquired in conjunction with the PIPE are subject to restrictions on transfer and lock -upagreements for 12 to 60 months as discussed above.

F-29

Heritage Distilling Holding Company, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited) NOTE 7 — PRIVATE PLACEMENT OF COMMON STOCK (PRIVATE INVESTMENT IN PUBLIC EQUITY (“PIPE”) AND INTANGIBLE DIGITAL ASSETS (cont.) The following table represents a reconciliation of the fair values of the Company’s intangible digital assets: There were no Token Treasury Segment activities prior to the nine months ended September 30, 2025:

| Intangible Digital Assets Held – December 31, 2024 |     | Fair Value    
 For the Nine  
 Months Ended  
 September 30, 
 2025          |           — |   |
|:---------------------------------------------------|:----|:--------------|------------:|:--|
| Additions(a)                                       |     |               | 210,728,527 |   |
| Dispositions                                       |     |               |    (921,862 | ) |
| Gains(b)                                           |     |               | 246,033,779 |   |
| Losses(b)                                          |     |               |    (192,370 | ) |
| Ending Balance – September 30, 2025                |     | $             | 455,648,074 |   |

____________ (a)Additions represent initial consideration received as part of the PIPE offering, and purchases of, and staking rewards earned on, Crypto assets held for investment. (b)The Company measures gains and losses by each asset held. These include cumulative realized losses of $(146,685), unrealized losses of $(45,685), and unrealized gains of $245,841,410 for the nine months ended September 30, 2025 The Company also holds stablecoins, primarily USD Coin (USDC), which are designed to maintain a value pegged to the U.S. dollar. These holdings are presented within Other Current Assets on the Consolidated