Company: IPST
Filing Date: 2025-12-19
Form Type: S-1/A
Source: 0001213900-25-123872
Chunk: 197

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-12-19
Form: S-1/A
Chunk 197
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ability and intellectual property licensing tools to support a broader ecosystem of creative rights management tools. $IP Token Value The value of $IP Tokens is determined by the value that various market participants place on $IP Tokens through their transactions. The most common means of determining the value of an $IP Token is by surveying one or more digital asset trading platforms where $IP Tokens are traded publicly and transparently ( e.g., Coinbase, Binance and CoinMarketCap). Additionally, there may be over -the-counterdealers or market makers that transact in $IP Tokens. According to Coinbase.com, as of November25, 2025, the total market capitalization of the current circulating supply of $IP Tokens was $3.35billion. From February 13, 2025 (the date $IP Tokens first became available on digital asset trading platforms) through November25, 2025, the price of $IP Tokens, as reported by Coinbase.com, ranged from a low of $1.246 to a high of $14.933. Digital Asset Trading Platform Public Market Data On each online digital asset trading platform, $IP Tokens are traded with publicly disclosed valuations for each executed trade, measured by one or more fiat currencies such as the U.S. dollar or euro or by the widely used cryptocurrencies, Bitcoin and Ethereum. Over -the-counterdealers or market makers do not typically publicly disclose their trade data. Competition for $IP Thousands of digital assets have been developed since the inception of Bitcoin, which is currently the most developed digital asset because of the length of time it has been in existence, the investment in the infrastructure that supports it, and the network of individuals and entities that are using Bitcoin in transactions. While $IP Tokens have enjoyed some success in its limited history, the aggregate value of outstanding $IP Tokens is much smaller than that of Bitcoin and many other digital assets and may be further eclipsed by the more rapid development of other digital assets. In addition, a number of other blockchain -basedor digital asset -orientedprotocols also function as intellectual property rights management systems, including Audius, LBRY and Royal.io. 116 Our Craft Spirits Segment We compete in the craft spirits segment, which is the most rapidly -growingsegment of the overall $288 billion spirits market. According to the American Craft Spirits Association, a craft distillery is defined generally as a distillery that produces fewer than 750,000 gallons annually and holds an ownership interest of 51% or more of a distilled spirits plant that is licensed by