IPST on Nasdaq
IP STRATEGY HOLDINGS, INC.
American beverages company based in Gig Harbor, listed on Nasdaq (IPST)1
In its 2026 annual report the company says: “We operate a diversified business centered on digital asset–based infrastructure and intellectual property management, supplemented by a legacy craft spirits operating segment. Our strategic focus involves the continued growth of our validator services using our $IP Tokens to generate yield and the possible future acquisition, management, and monetization of IP that can add value to our balance sheet and deliver more revenue and yield.”4
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Last updated Oct 20, 2026.
Overview
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- TickerIPST on Nasdaq1
- IndustryBeverages1
- HeadquartersGig Harbor, Washington1
- Incorporated inDE2
- Business address9668 Bujacich Road, Gig Harbor, Wa2
- Filer category, Emerging growth company2
- Legal formCorporation
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We operate a diversified business centered on digital asset–based infrastructure and intellectual property (“IP”) management, supplemented by a legacy craft spirits operating segment. In August 2025, we consummated a $220 million offering of our pre-paid stock purchase warrants in which we acquired 53.2 million $IP Tokens for our digital asset treasury. The $IP Token is the native utility token of the Story Network, a decentralized layer 1 blockchain that allows network participants to register, license and enforce IP assets. Our strategic focus involves the continued growth of our validator services using our $IP Tokens to generate yield and the possible future acquisition, management, and monetization of IP that can add value to our balance sheet and deliver more revenue and yield.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
54.9%Gross margin5
-1323.6%Operating margin5
-1360.9%Net margin5
20.4%Revenue growth, 20255
-140.2%Return on equity5
0.03×Debt to equity5
-$15.4MFree cash flow5
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Crypto And Related brought in 49% of the revenue IP STRATEGY HOLDINGS, INC. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2024 | 2025 |
|---|---|---|
| Crypto And Related | $0 | $5.0M |
| Direct to consumer | $3.9M | $3.0M |
| Wholesale | $1.6M | $1.2M |
| Service | $1.8M | $968.9K |
Business segments
Heritage Distilling brought in 51% of the revenue IP STRATEGY HOLDINGS, INC. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2024 | 2025 |
|---|---|---|
| Heritage Distilling | $8.4M | $5.2M |
| IP Strategy | $0 | $5.0M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue45¢$4.6M
- Other costs55¢$5.6M
- Income tax0¢$8.5K
Out of $10.1M in revenue.5 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Total Net Revenues | $10.1M | $8.4M |
| Total Cost of Revenue | $4.6M | $6.3M |
| Gross Profit | $5.6M | $2.1M |
| Sales and Marketing | $5.5M | $6.0M |
| General and Administrative | $12.4M | $11.0M |
| Change in Fair Value of Intangible Digital Assets | $118.2M | $0 |
| Restructure Costs | $3.4M | $0 |
| Total Operating Expenses | $139.5M | $17.0M |
| Operating Income / (Loss) | -$133.9M | -$14.9M |
| Interest Expense | -$1.6M | -$2.5M |
| Impairment (Loss) / Gain on Investment | -$3.4M | $3.4M |
| Gain on Extinguishment of Debt | $1.7M | $0 |
| Change in Fair Value of Convertible Notes | $0 | $14.0M |
| Change in Fair Value of Warrant Liabilities | $0 | $736.6K |
| Change in Fair Value of Contingency Liability | -$62.4K | $0 |
| Other Income / (Expense) | -$390.8K | -$11.8K |
| Total Other Income / (Expense) | -$3.8M | $15.6M |
| Income / (Loss) Before Income Taxes | -$137.7M | $719.6K |
| Income Taxes | $8.5K | -$9.2K |
| Net Income / (Loss) | -$137.7M | $710.5K |
| Net Income / (Loss) Per Share, Basic (in dollars per share) | -$16.03 | $0.98 |
| Weighted Average Common Shares Outstanding, Basic (in shares) | 8.6M shares | 64.1K shares |
| Net Income / (Loss) Per Share, Diluted (in dollars per share) | -$16.03 | -$39.46 |
| Weighted Average Common Shares Outstanding, Diluted (in shares) | 8.6M shares | 353.9K shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2023-10-31 |
|---|---|---|---|---|
| Cash | $245.3K | $453.2K | ||
| Accounts Receivable | $347.8K | $638.9K | ||
| Inventory | $1.6M | $2.5M | ||
| Other Current Assets | $510.4K | $355.9K | ||
| Total Current Assets | $2.7M | $3.9M | ||
| Property and Equipment, net of Accumulated Depreciation (Note 18) | $1.2M | $5.4M | ||
| Operating Lease Right-of-Use Assets, net (Note 18) | $2.1M | $3.3M | ||
| Investment in Flavored Bourbon LLC | $10.9M | $14.3M | ||
| Intangible Digital Assets (Notes 8 and 18) | $91.7M | $0 | ||
| Other Intangible Assets (Notes 10 and 18) | $0 | $421.2K | ||
| Goodwill (Note 10) | $0 | $589.9K | ||
| Other Long Term Assets | $18.0K | $31.7K | ||
| Total Long Term Assets | $106.0M | $24.1M | ||
| Total Assets | $108.8M | $28.0M | ||
| Accounts Payable | $2.0M | $5.0M | ||
| Accrued Payroll | $1.6M | $951.0K | ||
| Accrued Tax Liability | $1.6M | $1.5M | ||
| Other Current Liabilities | $536.0K | $1.3M | ||
| Operating Lease Liabilities, Current (Note 18) | $730.9K | $1.1M | ||
| Notes Payable, Current | $2.4M | $3.8M | ||
| Accrued Interest | $138.7K | $202.4K | ||
| Total Current Liabilities | $8.9M | $13.8M | ||
| Operating Lease Liabilities, net of Current Portion (Note 18) | $1.4M | $2.8M | ||
| Notes Payable, net of Current Portion | $220.8K | $9.5M | ||
| Accrued Interest, net of Current Portion | $0 | $977.3K | ||
| Other Long Term Liabilities | $0 | $127.1K | ||
| Total Long-Term Liabilities | $1.7M | $13.4M | ||
| Total Liabilities | $10.5M | $27.2M | ||
| Common stock | $962 | $26 | ||
| Additional Paid-In-Capital | $310.1M | $74.9M | ||
| Accumulated Deficit | -$211.8M | -$74.1M | ||
| Total Stockholders Equity / (Deficit) | $98.2M | $791.8K | -$43.4M | |
| Total Liabilities & Stockholders Equity / (Deficit) | $108.8M | $28.0M | ||
| Preferred stock, par value per share (in dollars per share) | $0.00 | |||
| Preferred stock, authorized (in shares) | 10.0M shares | 5.0M shares | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 | |
| Common stock, shares authorized (in shares) | 985.0M shares | 70.0M shares | 10.0M shares | |
| Common stock, shares issued (in shares) | 9.7M shares | 263.7K shares | ||
| Common stock, shares outstanding (in shares) | 9.7M shares | 263.7K shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2023-10-31 |
|---|---|---|---|---|
| Cash | $245.3K | $453.2K | ||
| Accounts Receivable | $347.8K | $638.9K | ||
| Inventory | $1.6M | $2.5M | ||
| Other Current Assets | $510.4K | $355.9K | ||
| Total Current Assets | $2.7M | $3.9M | ||
| Property and Equipment, net of Accumulated Depreciation (Note 18) | $1.2M | $5.4M | ||
| Operating Lease Right-of-Use Assets, net (Note 18) | $2.1M | $3.3M | ||
| Investment in Flavored Bourbon LLC | $10.9M | $14.3M | ||
| Intangible Digital Assets (Notes 8 and 18) | $91.7M | $0 | ||
| Other Intangible Assets (Notes 10 and 18) | $0 | $421.2K | ||
| Goodwill (Note 10) | $0 | $589.9K | ||
| Other Long Term Assets | $18.0K | $31.7K | ||
| Total Long Term Assets | $106.0M | $24.1M | ||
| Total Assets | $108.8M | $28.0M | ||
| Accounts Payable | $2.0M | $5.0M | ||
| Accrued Payroll | $1.6M | $951.0K | ||
| Accrued Tax Liability | $1.6M | $1.5M | ||
| Other Current Liabilities | $536.0K | $1.3M | ||
| Operating Lease Liabilities, Current (Note 18) | $730.9K | $1.1M | ||
| Notes Payable, Current | $2.4M | $3.8M | ||
| Accrued Interest | $138.7K | $202.4K | ||
| Total Current Liabilities | $8.9M | $13.8M | ||
| Operating Lease Liabilities, net of Current Portion (Note 18) | $1.4M | $2.8M | ||
| Notes Payable, net of Current Portion | $220.8K | $9.5M | ||
| Accrued Interest, net of Current Portion | $0 | $977.3K | ||
| Other Long Term Liabilities | $0 | $127.1K | ||
| Total Long-Term Liabilities | $1.7M | $13.4M | ||
| Total Liabilities | $10.5M | $27.2M | ||
| Common stock | $962 | $26 | ||
| Additional Paid-In-Capital | $310.1M | $74.9M | ||
| Accumulated Deficit | -$211.8M | -$74.1M | ||
| Total Stockholders Equity / (Deficit) | $98.2M | $791.8K | -$43.4M | |
| Total Liabilities & Stockholders Equity / (Deficit) | $108.8M | $28.0M | ||
| Preferred stock, par value per share (in dollars per share) | $0.00 | |||
| Preferred stock, authorized (in shares) | 10.0M shares | 5.0M shares | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 | |
| Common stock, shares authorized (in shares) | 985.0M shares | 70.0M shares | 10.0M shares | |
| Common stock, shares issued (in shares) | 9.7M shares | 263.7K shares | ||
| Common stock, shares outstanding (in shares) | 9.7M shares | 263.7K shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net Income / (Loss) | -$137.7M | $710.5K |
| Depreciation and Amortization | $1.1M | $1.3M |
| Amortization of Operating Lease Right-of-Use Assets | $422.8K | $508.2K |
| Loss on Disposal of Property and Equipment | $991.6K | $241.5K |
| Restructuring Expenses | $3.4M | $0 |
| Non-cash Warrant Issued | $0 | $8.8K |
| Change in Fair Value of Intangible Digital Assets | $118.2M | $0 |
| Change in Fair Value of Contingency Liability | $62.4K | $0 |
| Impairment Loss / (Gain) on Investment | $3.4M | -$3.4M |
| Gain on Extinguishment of Debt | -$1.7M | $0 |
| Change in Fair Value of Convertible Notes | $0 | -$14.0M |
| Change in Fair Value of Warrant Liabilities | $0 | -$736.6K |
| Non-Cash Interest Expense | $140.1K | $346.4K |
| Non-Cash Shares in Lieu of Compensation | $125.0K | $0 |
| Non-Cash Share-Based Compensation | $4.5M | $4.9M |
| Accounts Receivable | $291.1K | $83.0K |
| Inventory | $484.8K | $1.4M |
| Other Current Assets | $646.3K | -$115.7K |
| Other Long Term Assets | $13.7K | $13.2K |
| Accounts Payable | -$3.0M | -$672.3K |
| Other Current Liabilities | -$290.1K | -$1.2M |
| Operating Lease Liabilities | -$445.7K | -$587.9K |
| Other Long Term Liabilities | -$1.2M | $0 |
| Net Cash Provided by / (Used in) Operating Activities | -$15.3M | -$11.2M |
| Purchase of Intangible Digital Assets | -$21.0M | $0 |
| Purchase of Property and Equipment | -$74.8K | -$106.4K |
| Proceeds from Sales of Assets | $118.9K | $0 |
| Proceeds from Purchase of Thinking Tree Spirits | $0 | $5.1K |
| Net Cash Provided by / (Used in) Investing Activities | -$16.5M | -$101.3K |
| Proceeds from PIPE Sale of Prepaid Warrants, net | $30.1M | $0 |
| Proceeds from Notes Payable (including Factoring Agreements) | $0 | $694.9K |
| Proceeds from Whiskey Notes (including proceeds from related party Whiskey Notes of $0 and $1,100,000 for the years ended December 31, 2025 and 2024, respectively) | $0 | $3.7M |
| Repayment of Notes Payable | -$6.2M | -$1.7M |
| Proceeds from Initial Public Offering of Common Stock, net of Underwriting Commission | $0 | $6.0M |
| Expenses related to Initial Public Offering, recorded to Additional Paid-in-Capital, net against IPO Proceeds | $0 | -$313.5K |
| Proceeds from Private Placement of Common Warrants | $0 | $1.4M |
| Proceeds from Warrants Exercised | $355 | $0 |
| Proceeds from ELOC Sales of Common Stock | $4.8M | $0 |
| Common Stock Shares Repurchased | -$2.0K | -$3.7K |
| Net Cash Provided by Financing Activities | $31.6M | $11.7M |
| Net Increase / (Decrease) in Cash | -$207.9K | $376.3K |
| Interest Expense | $3.6M | $2.2M |
| Income Tax Expense | $3.1K | $1.6K |
| Purchase of $IP Tokens with USDC | $59.0M | $0 |
| Sale of Prepaid Warrants for $IP Tokens and USDC in PIPE Offering | $188.4M | $0 |
| Issued Warrants for Debt and Vendor Settlements | $4.1M | $0 |
| Warrant exercised to purchase stock | $0 | $670.7K |
| RSUs Vested | $275 | $0 |
| Right-of-Use Assets Obtained / (Released) in Exchange for Operating Lease Liabilities | $2.3M | $152.8K |
| Transaction Costs Associated with S-1 Filing in Accounts Payable and Other Current Liabilities | $0 | $1.7M |
| Deferred Transaction Costs Applied Against IPO Proceeds | $0 | $2.1M |
| Unpaid Property and Equipment Additions | $0 | $204.4K |
| Series A Preferred Stock and Warrants Issued in Exchange for Barrels and Inventory | $0 | $1.3M |
| Series A Preferred Stock and Warrants Issued in Exchange for Factoring Agreement Notes Payable Including Interest and Fees | $0 | $719.9K |
| Preferred Stock Issued in Exchange for Warrants | $0 | $9 |
| Exercise of Warrants to Purchase Common Stock | $0 | $32 |
| Prepaid Warrants Issued in Exchange for Common Stock | $0 | $3 |
| Proceeds from Whiskey Notes | $0 | $1.1M |
No quarter-by-quarter statement was filed.
Corporate structure
IP STRATEGY HOLDINGS, INC. sits at the top of its group. 4 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of IP STRATEGY HOLDINGS, INC.
- JANE STREET GROUP, LLC Filed SCHEDULE 13G on IP STRATEGY HOLDINGS, INC., latest Sep 24, 2026
- C/M CAPITAL PARTNERS, LP Filed SCHEDULE 13G/A on IP STRATEGY HOLDINGS, INC., latest Nov 14, 2025 (2 filings since Jul 31, 2025)
- IP STRATEGY HOLDINGS, INC. Gig Harbor, Washington
- Heritage Distilling Company, Inc. Subsidiary · Washington, United States
- IP Strategy, LLC Subsidiary · Nevada, United States
- Thinking Tree Spirits, Inc. Subsidiary · Oregon, United States
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What IP STRATEGY HOLDINGS, INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $5.2M5 Dec 31, 2025 | $13.2M5 Dec 31, 2024 | −60.7% |
| Accumulated depreciation | $4.0M5 Dec 31, 2025 | $7.8M5 Dec 31, 2024 | −49.2% |
| Property and equipment, net | $1.2M5 Dec 31, 2025 | $5.4M5 Dec 31, 2024 | −77.3% |
| Operating-lease assets (leased space) | $2.1M5 Dec 31, 2025 | $3.3M5 Dec 31, 2024 | −35.7% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $05 Dec 31, 2025 | $589.9K5 Dec 31, 2024 | −100.0% |
| Intangible assets, net (excluding goodwill) | $05 Dec 31, 2025 | $421.2K5 Dec 31, 2024 | −100.0% |
| Finite-lived intangibles, net | $421.2K6 Dec 31, 2024 | $06 Dec 31, 2023 |
Inventory
| Item | Latest | A year before | Change |
|---|---|---|---|
| Inventory, total | $1.6M5 Dec 31, 2025 | $2.5M5 Dec 31, 2024 | −33.5% |
| Raw materials | $454.6K5 Dec 31, 2025 | $1.1M5 Dec 31, 2024 | −57.7% |
| Work in process | $862.2K5 Dec 31, 2025 | $936.2K5 Dec 31, 2024 | −7.9% |
| Finished goods | $326.1K5 Dec 31, 2025 | $461.3K5 Dec 31, 2024 | −29.3% |
Properties, in its own words
We maintain our principal corporate offices and a distribution warehouse in leased facilities in Gig Harbor, Washington. We believe our facilities are adequate for our current needs and that suitable additional space will be available on commercially-acceptable terms as required.
Item 2 of the 10-K filed Apr 14, 2026.4
Leadership
Who has led IP STRATEGY HOLDINGS, INC., and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
2025
- Chief executive officerJustin B. Stiefel Nov 18, 2024 to now10
- PresidentJennifer D. H. Stiefel Nov 18, 2024 to now11
- Chief financial officerMichael Carrosino Nov 26, 2024 to now12
Board members and other officers (10)
- SVP, Retail OperationsBeth A. Marker Nov 18, 2024 to now13
- SVP, Wholesale OperationsDanielle B. Perkins Nov 18, 2024 to now14
- Board memberBrian C. Jun Apr 17, 2026 to now15
- Board memberMatthew J. Swann Jan 14, 2025 to now16
- Board memberEric S. Trevan Nov 18, 2024 to now17
- Board memberJeffrey P. Wensel Nov 18, 2024 to now18
- Board memberJennifer D. H. Stiefel Nov 18, 2024 to now11
- Board memberJustin B. Stiefel Nov 18, 2024 to now10
- Board memberAndrew M. Varga Nov 26, 2024 to now19
- Board memberTroy Alstead Nov 26, 2024 to now20
Named in SEC Form D filings
People the company listed in its private-offering notices.
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- Heritage Distilling Company, Inc. Washington3
- IP Strategy, LLC Nevada3
- Thinking Tree Spirits, Inc. Oregon3
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
- Heritage Distilling Holding Company, Inc.Sep 13, 2019 to Feb 3, 20262
Timeline
- Sep 1, 20268-K Listing notice or transfer23
- Jun 25, 20268-K Executive or director change; Shareholder vote24
- May 14, 20268-K Other events25
- Apr 21, 20268-K Change to shareholders' rights; Bylaws or fiscal year changed; Other events26
- Apr 16, 20268-K Executive or director change; Regulation FD disclosure27
- Apr 14, 20268-K Shareholder vote28
- Mar 20, 20268-K Listing notice or transfer29
- Feb 27, 20268-K Results of operations30
- Feb 19, 20268-K Regulation FD disclosure31
- Feb 18, 20268-K Bylaws or fiscal year changed; Regulation FD disclosure32
- Jan 8, 20268-K Regulation FD disclosure33
- Dec 29, 20258-K Ended a material agreement; Regulation FD disclosure34
- Nov 18, 2024New chief executive Justin B. Stiefel becomes CEO10
Filings
202 filings to the SEC since October 2021: 3 annual reports, 6 quarterly reports, 40 major events, 67 insider forms, 3 large holders, 5 private raises, 78 other. The latest 20:
- Oct 5, 20264 EDGAR
- Oct 5, 20264 EDGAR
- Sep 24, 2026SCHEDULE 13G EDGAR
- Sep 1, 20268-K EDGAR
- Aug 17, 2026NT 10-Q EDGAR
- Aug 3, 20264 EDGAR
- Aug 3, 20264 EDGAR
- Aug 3, 20264 EDGAR
- Jul 6, 20264 EDGAR
- Jul 6, 20264 EDGAR
- Jun 25, 20268-K EDGAR
- Jun 2, 2026S-3 EDGAR
- May 20, 202610-Q EDGAR
- May 18, 2026NT 10-Q EDGAR
- May 14, 20268-K EDGAR
- May 5, 20264 EDGAR
- May 5, 20264 EDGAR
- May 5, 20264 EDGAR
- May 1, 20264/A EDGAR
- May 1, 20264/A EDGAR
The 202 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
9 open-market trades by officers, directors and large owners since October 2021: 9 buys and 0 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Feb 14, 2025 | Varga Andrew M.Director | Buy | 47,500 | $1.23 | $58.4K | Form 4 |
| Feb 13, 2025 | Marker Beth ASVP of Retail Operations | Buy | 8,500 | $1.17 | $9.9K | Form 4 |
| Feb 7, 2025 | Stiefel Justin BCEO & Treasurer | Buy | 5,366 | $1.21 | $6.5K | Form 4 |
| Feb 7, 2025 | Stiefel Jennifer D HPresident & Secretary | Buy | 5,366 | $1.21 | $6.5K | Form 4 |
| Jan 14, 2025 | Varga Andrew M.Director | Buy | 5,000 | $1.27 | $6.3K | Form 4 |
| Nov 25, 2024 | Wensel Jeffrey PDirector | Buy | 1,250 | $4.00 | $5.0K | Form 4 |
| Nov 25, 2024 | Trevan Eric SDirector | Buy | 2,500 | $4.00 | $10.0K | Form 4 |
| Nov 25, 2024 | Smith Christopher HDirector | Buy | 2,500 | $4.00 | $10.0K | Form 4 |
| Nov 22, 2024 | Trevan Eric SDirector | Buy | 2,894 | $3.46 | $10.0K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- JANE STREET GROUP, LLCSCHEDULE 13G, 1 filing Sep 24, 202635
- C/M CAPITAL PARTNERS, LPSCHEDULE 13G/A, 2 filings Jul 31, 2025 to Nov 14, 202536
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Michael CarrosinoExecutive Vice President, Finance and Chief Financial Officer | 65 | $215.1K | $642.9K37 |
| 2025 | Justin B. StiefelChief Executive Officer and Treasurer | 51 | $159.4K | $464.3K37 |
| 2025 | Jennifer D.H. StiefelPresident and Secretary | 50 | $164.4K | $438.9K37 |
| 2025 | Danielle B. PerkinsSenior Vice President, Wholesale | 36 | $134.8K | $274.7K37 |
| 2025 | Beth A. MarkerSenior Vice President, Retail Operations | 65 | $168.5K | $242.0K37 |
| 2024 | Jennifer D.H. StiefelPresident and Secretary | 50 | $139.4K | $316.5K37 |
| 2024 | Justin B. StiefelChief Executive Officer and Treasurer | 51 | $135.2K | $312.3K37 |
| 2024 | Michael CarrosinoExecutive Vice President, Finance and Chief Financial Officer | 65 | $210.7K37 | |
| 2024 | Beth A. MarkerSenior Vice President, Retail Operations | 65 | $175.6K | $181.6K37 |
| 2024 | Danielle B. PerkinsSenior Vice President, Wholesale | 36 | $163.2K | $173.2K37 |
Money raised
Private offerings the company reported to the SEC on Form D.
- Aug 15, 2025Raised $223.8 million in a private offering of securities Form D: 49 investors so far Form D
- Jan 23, 2025Filed a private offering of equity Form D: $15 million offered in all Form D
- Jan 23, 2025Raised $500,000 in a private offering of equity Form D: $5 million offered in all Form D
- Nov 25, 2024Raised $1.5 million in a private offering of securities Form D: 2 investors so far Form D
- Apr 7, 2022Filed a private offering of debt Form D: $10 million offered in all Form D
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Arrington Capital Management, LLC | 20,685 | $48.6K | 0.1% | New |
| Susquehanna International Group, Llp | 17,783 | $41.8K | 0.0% | New |
| Citadel Advisors LLC | 12,574 | $29.5K | 0.0% | New |
| Vanguard Capital Management LLC | 5,076 | $11.9K | 0.0% | New |
| a16z Capital Management, L.L.C. | 4,137 | $9.7K | 0.0% | New |
| Vanguard Fiduciary Trust Co | 2,356 | $5.5K | 0.0% | New |
| Tower Research Capital LLC (TRC) | 1,057 | $2.5K | 0.0% | New |
| Vanguard Global Advisers, LLC | 336 | $790 | 0.0% | New |
| Morgan Stanley | 310 | $729 | 0.0% | New |
| BlackRock, Inc. | 31 | $73 | 0.0% | New |
| Barclays PLC | 15 | $35 | 0.0% | New |
| Harbour Investments, Inc. | 6 | $14 | 0.0% | −119 |
| Caitong International Asset Management Co., Ltd | 1 | $2 | 0.0% | New |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How IP STRATEGY HOLDINGS, INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARIP STRATEGY HOLDINGS, INC.1
- CIK0001788230
- Employer ID (EIN)83-45582194
- Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company4
- Incorporated inDelaware4
- Fiscal year endsDecember 311
- Industry code (SIC)2080 Beverages1
- SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
- Business address9668 Bujacich Road, Gig Harbor, WA1
- Phone253-509-00081
- Shares outstanding686,080 as of May 19, 20269
- Public float$5.1M as of Jun 30, 20254
- AuditorCBIZ CPAs P.C., Costa Mesa, California PCAOB ID 199; no auditor attestation of internal control over financial reporting4
- On EDGAR sinceSep 13, 20191
- Filings204 in all: 4 (48), 8-K (40), CORRESP (14), 3 (12), UPLOAD (12), S-1/A (8), 424B3 (7), D (7)1
All 36 form types
10-Q (5), EFFECT (5), 3/A (4), DEF 14A (4), NT 10-Q (4), S-1 (4), 4/A (3), PRE 14A (3), 10-K (2), NT 10-K (2), POS AM (2), SCHEDULE 13G (2), 10-K/A (1), 10-Q/A (1), 424B4 (1), 424B5 (1), 8-A12B (1), AW (1), CERT (1), DEFA14A (1), DRS (1), DRS/A (1), DRSLTR (1), RW (1), RW WD (1), S-3 (1), S-8 (1), SCHEDULE 13G/A (1)
- Latest filingsAnnual report (10-K) Apr 14, 2026
Quarterly report (10-Q) May 20, 2026
Proxy statement (DEF 14A) Apr 29, 2026
Latest 8-K (8-K) Sep 1, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, par value $.0001 per share | IPST | NASDAQ |
From the cover page of the 10-K filed Apr 14, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks IP STRATEGY HOLDINGS, INC. names in Item 1A of its 10-K filed Apr 14, 2026: 76 risks under these headings, as written.4
- Risks Related to Our Financial Position and Capital Needs
- We have a history of losses and our profitability may be subject to large swings in the future due to changes in the value of the $IP Tokens we own based on their value in the market.
- Our historical financial statements do not reflect the potential variability in earnings that we may experience in the future relating to our $IP Token holdings. Moreover, our quarterly operating results, revenues, and expenses may fluctuate significantly, which could have an adverse effect on the market price of our common stock.
- The release of lockups on outstanding $IP Tokens, and the increase in the supply of $IP Tokens in circulation, may have an adverse impact on the market price of $IP Tokens, which could adversely affect our business, financial condition and results of operations.
- Risks associated with our net operating loss (“NOL”) carryforwards, tax liabilities and fluctuations between reporting periods could adversely affect our results of operations and financing costs and the market price of our common stock.
- Sustained or increasing inflation could adversely impact our operations and our financial condition.
- Small Business Association (“SBA”) Paycheck Protection Program (“PPP”) loan repayment risk and timing.
- Certain previous sales made under our now closed equity line of credit may adversely affect our business, market perception and stock price.
- Our failure to maintain an effective system of internal control over financial reporting could adversely affect our ability to present accurately our financial statements and could materially and adversely affect us, including our business, reputation, results of operations, financial condition or liquidity.
- Risks Related to Our Business Operations
- Our management team may not be able to successfully implement our business strategies.
- If we are unable to retain key executives and other key affiliates, our growth could be significantly inhibited and our business harmed with a material adverse effect on our business, financial condition and results of operations.
The other 66 risks
- There is a risk that the Cryptocurrency Treasury Reserve Policy we adopted, as it may be amended from time to time, does not adequately address risks regarding the acceptance, acquisition, handling, storage, use, and disposition of cryptocurrencies, which could create a number of risks for us and our stockholders
- Our strategy may include acquiring companies or brands, which may result in unsuitable acquisitions or failure to successfully integrate acquired companies or brands, which could lead to reduced profitability.
- We may enter into partnerships, co-branding arrangements, licensing agreements, co-location, joint branding or other collaborative arrangements with other brands, producers, partners or celebrities which could distract from our core business plans, create new risks for our company or otherwise dilute our efforts at growing the value of our company or our brands.
- A failure of one or more of our key IT systems, networks, processes, associated sites or service providers could have a material adverse impact on our business operations, and if the failure is prolonged, our financial condition.
- Global conflicts and geopolitical tensions could increase cybersecurity risks and disrupt our operations, which could adversely affect our business, financial condition and results of operations.
- Risks Related to Our Cryptocurrency Treasury Reserve Strategy and $IP Tokens
- In relation to our acquisition, accumulation, holding, storing, selling, transferring or otherwise using any cryptocurrencies, there is a risk that rules or regulations could change, impacting the value of any such cryptocurrencies we hold and our ability to continue to use them or how we recognize, use and value them.
- Declines in the broader cryptocurrency market could adversely affect the $IP Token, our business and the value of our digital assets.
- A principal component of our cryptocurrency treasury reserve policy is the acquisition of $IP Tokens, the price of which has been, and will likely continue to be, highly volatile. Our operating results and share price may significantly fluctuate due to the highly-volatile nature of the price of such digital assets and erratic market movements.
- We have engaged, and plan to continue to engage, in derivatives transactions, including for the purpose of generating yield by the sale of covered call options on our $IP Tokens, and such transactions may expose us to material risks that could adversely impact our business, operating results and financial condition.
- Our common stock may trade at a substantial premium or discount to the value of the $IP Tokens we hold, and our stock price may be more volatile than the price of $IP Tokens.
- $IP Tokens and other digital assets are novel assets and are subject to significant legal, commercial, tax, regulatory and technical uncertainty, which could materially adversely affect our financial position, operations and prospects.
- Our shift towards an $IP-focused strategy requires substantial changes in our day-to-day operations and exposes us to significant operational risks.
- We plan to purchase additional digital assets using primarily proceeds from equity and debt financings, but we may be unable to obtain such financings on favorable terms.
- In connection with our focus on $IP Tokens, we expect to interact with various smart contracts deployed on the Story Network, which may expose us to risks and technical vulnerabilities.
- Transactions using $IP Tokens or on the Story Network require the payment of “gas fees,” which are subject to fluctuations that may result in high transaction fees.
- Changes in regulatory interpretations could require us to register as a money services business or money transmitter, leading to increased compliance costs or operational shutdowns.
- There is a possibility that $IP Tokens may be classified as a “security.” If $IP Tokens are classified as a “security,” that would subject us to additional regulation and could materially impact the operations of our treasury strategy and our business.
- The SEC-CFTC Memorandum of Understanding dated March 11, 2026 establishes a framework for heightened interagency coordination on crypto asset regulation and enforcement that could materially affect the regulatory treatment of $IP Tokens and our treasury strategy.
- If we were deemed to be an investment company under the Investment Company Act, applicable restrictions likely would make it impractical for us to continue segments of our business as currently contemplated.
- The availability of spot exchange-traded products (“ETPs”) for digital assets may adversely affect the market price of our listed securities.
- We are not subject to legal and regulatory obligations that apply to investment companies such as mutual funds and exchange-traded funds, or to obligations applicable to investment advisers.
- Legislative or regulatory change regarding the regulation of “commodities” by the CFTC and the regulation of digital assets as “digital commodities” could subject us to additional regulatory burdens and oversight by the CFTC and could adversely affect the market price of $IP Tokens and the market price of our listed securities.
- We may be deemed to be a “commodity pool” under CEA and CFTC Rules as a result of our commodity interest trading, which could have a material adverse effect on our business, financial condition and results of operations.
- Due to the unregulated nature and lack of transparency surrounding the operations of many digital asset trading venues, digital asset trading venues may experience greater fraud, security failures or regulatory or operational problems than trading venues for more established asset classes, which may result in a loss of confidence in digital asset trading venues and adversely affect the value of digital assets, and our financial position, operations and prospects.
- Digital asset holdings are less liquid than cash and cash equivalents and may not be able to serve as a source of liquidity for us to the same extent as cash and cash equivalents.
- Transacting in digital assets exposes us to counterparty credit risk.
- Cybersecurity risks associated with digital assets and decentralized protocols could result in significant losses.
- Intellectual property disputes related to the open-source structure of digital asset networks exposes us to risks related to software development, security vulnerabilities and potential disruptions to digital asset technology could threaten our ability to operate.
- The lack of legal recourse and insurance for digital assets increases the risk of total loss in the event of theft or destruction.
- We face risks relating to the custody of our digital assets, including the loss or destruction of private keys required to access our digital assets and cyberattacks or other data loss relating to our digital assets, including smart contract related losses and vulnerabilities.
- The use of digital asset custodians could expose us to additional risks related to custodian insolvency, as well as cybersecurity and concentration risk.
- We will face risks relating to the custody of our digital assets. If we or our third-party service providers experience a security breach or cyberattack and unauthorized parties obtain access to our digital assets, or if our private keys are lost or destroyed, or other similar circumstances or events occur, we may lose some or all of our digital assets and our financial condition and results of operations could be materially adversely affected.
- The irreversibility of digital asset transactions exposes us to risks of theft, loss and human error, which could negatively impact our business.
- We are subject to significant competition in the growing digital asset industry and our business, operating results, and financial condition may be adversely affected if we are unable to compete effectively.
- The emergence or growth of other digital assets, including those with significant private or public sector backing, including by governments, consortiums or financial institutions, could have a negative impact on the price of $IP Tokens and adversely affect our securities.
- We may be subject to risks associated with the provision and use of validator services.
- Complex valuation controls and benchmark dependence may lead to restatements or control deficiencies.
- The Story Network is a relatively new protocol and could be subject to risks inherent in new technologies.
- Because of the pseudonymous nature of blockchain transactions, we may inadvertently and without knowledge, directly or indirectly engage in transactions with or for the benefit of prohibited persons under U.S. or foreign sanctions laws.
- We may be subject to securities or corporate governance litigation, which is expensive and could divert our management’s attention.
- Risks Related to Our Craft Spirits Business
- We face significant competition with an increasing number of products and market participants that could materially and adversely affect our business, results of operations and financial results.
- We compete in an industry that is brand-conscious, so brand name recognition and acceptance of our products are critical to our success.
- A reduction in consumer demand for whiskey and other spirits, which may result from a variety of factors, including demographic shifts and decreases in discretionary spending, could materially and adversely affect our business, results of operations and financial results.
- Adverse public opinion about alcohol could reduce demand for our products.
- We could see structural changes in the amount of alcohol purchased and consumed in our markets as the use of GLP-1 and similar weight loss drugs increase among the population, which could create more pricing competition or an overall reduction in sales and revenues associated with alcohol.
- Due to the three-tier alcohol beverage distribution system in the United States, we are heavily reliant on our distributors that resell alcoholic beverages in all states in which we do business. Our inability to obtain distribution in some states, or a significant reduction in distributor demand for our products, would materially and adversely affect our sales and profitability.
- Failure of third-party distributors upon which we rely could adversely affect our business.
- We incur significant time and expense in attracting and maintaining key distributors.
- It is difficult to predict the timing and amount of our sales because our distributors and their accounts are not required to place minimum orders with us.
- The sales of our products could decrease significantly if we cannot secure and maintain listings in the control states.
- The privatization of a control state could adversely impact our sales and our results of operations.
- Substantial disruption at the distilleries and distribution facilities with which we contract or partner for our production or storage could occur.
- Disruption within our supply chain, contract manufacturing or distribution channels could have an adverse effect on our business, financial condition and results of operations.
- Our reliance on distributors, retailers and brokers, or our inability to expand the TBN, could affect our ability to efficiently and profitably distribute and market our products, maintain our existing markets and expand our business into other geographic markets.
- Our TBN efforts may not be successful.
- A non-profit or charitable partner could act in a way that damages our brand.
- If we do not adequately manage our inventory levels, our operating results could be adversely affected.
- We or our third-party producers may not be able to replicate the flavor profiles of our products.
- There is a long lead time for the production of our products due to the aging process for spirits.
- We have a minority ownership interest in another brand, the value of which may never be realized or monetized, or which could be significantly reduced or written down.
- Some of our future earnings from any sale of FBLLC have been pledged as inducements to secure past financings, which could reduce or eliminate our receipt of gains from the future sale of FBLLC for the benefit of our company or our investors.
- Our interest in FBLLC or any future brand or entity in which we invest could be subject to dilution if there is a capital call in which we do not participate.
- An interruption of our operations or a catastrophic event at the facilities of any of our third-party producers or any significant supplier could negatively affect our business.
- The formulas, recipes and proportions used in the production of our products may differ materially from those we have assumed for purposes of our business plan.
- We may be disparaged publicly or in the press for not being authentically “craft.”
- We are subject to seasonality related to sales of our products.
Legal proceedings
We may be subject to legal disputes and subject to claims that arise in the ordinary course of business. Although the results of such litigation and claims in the ordinary course of business cannot be predicted with certainty, we believe that the final outcome of such matters will not have a material adverse effect on our business, results of operations, cash flows or financial condition. Regardless of outcome, litigation can have an adverse impact on us because of defense costs, diversion of management resources and other factors. Currently, there is no litigation pending against our company that could materially affect our company.
The opening of Item 3, Legal Proceedings.4
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11SEC EDGARJennifer D. H. Stiefel, President
- 12
- 13
- 14
- 15SEC EDGARBrian C. Jun, Board member
- 16SEC EDGARMatthew J. Swann, Board member
- 17SEC EDGAREric S. Trevan, Board member
- 18SEC EDGARJeffrey P. Wensel, Board member
- 19SEC EDGARAndrew M. Varga, Board member
- 20SEC EDGARTroy Alstead, Board member
- 21
- 22
- 23SEC EDGARListing notice or transfer
- 24
- 25SEC EDGAROther events
- 26
- 27
- 28SEC EDGARShareholder vote
- 29SEC EDGARListing notice or transfer
- 30SEC EDGARResults of operations
- 31SEC EDGARRegulation FD disclosure
- 32
- 33SEC EDGARRegulation FD disclosure
- 34
- 35
- 36
- 37