Material Event (Form 8-K)

Item 8.01 Other Events.

On September 10, 2025, Hoth Therapeutics, Inc.'s (the "Company's") board of directors approved the expansion of the Company's previously announced treasury reserve strategy to include Ethereum and Solana. As such, the Company may purchase up to $1 million in Bitcoin, Ethereum and/or Solana as a treasury reserve asset, provided that the aggregate cost of such purchases does not exceed 20% of the Company's cash on hand at the time of purchase.

Risk Factors

The Company is supplementing the risk factors previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024 with the following risk factor:

Risks Related to the Company

Our digital assets strategy exposes us to various risks.

Our digital assets strategy exposes us to various risks, including the following:

Digital assets are highly volatile assets. The price of digital assets such as Bitcoin, Ethereum and Solana has been volatile and often experiences sharp price movements due to its speculative nature and diverse sentiments of its global investor base. Regulatory changes may further effect such volatility. While the Company's board has approved the purchase up to $1 million in Bitcoin, Ethereum and/or Solana as a treasury reserve asset, the volatility associated with such digital assets may undermine their reliability as a store of value, including its long-term value, which may have a material adverse effect on the Company's financial condition.

Bitcoin, Ethereum and Solana do not pay dividends. Bitcoin, Ethereum and Solana do not pay dividends and we can only generate cash from our holdings if we sell our digital assets or implement strategies to create income streams or otherwise generate cash by using our holdings. Even if we pursue any such strategies, we may be unable to create income streams or otherwise generate cash from our holdings, and any such strategies may subject us to additional risks.

Our digital assets strategy has not been tested over an extended period of time or under different market conditions. We intend to continually examine the risks and rewards of our strategy to acquire and hold Bitcoin, Ethereum and/or Solana. This strategy has not been tested over an extended period of time or under different market conditions. For example, although we believe Bitcoin, due to its fixed supply, has the potential to serve as a hedge against inflation in the long term, the short-term price of Bitcoin has declined in recent periods during which the inflation rate increased. Some investors and other market participants may disagree with our digital assets strategy or actions we undertake to implement it. If the price of Bitcoin, Ethereum and/or Solana were to decrease or our strategy otherwise proves unsuccessful, our financial condition, results of operations, and the market price of our common stock could be materially adversely affected.

The digital assets industry is subject to counterparty risks, which could adversely impact the adoption rate, price, and use of digital assets. A series of high-profile bankruptcies, closures, liquidations, regulatory enforcement actions and other events relating to companies operating in the digital asset industry have highlighted the counterparty risks applicable to owning and transacting in digital assets. Such bankruptcies, closures, liquidations and other events have likely negatively impacted the adoption rate and use of digital assets. Additional bankruptcies, closures, liquidations, regulatory enforcement actions or other events involving participants in the digital assets industry in the future may further negatively impact the adoption rate, price, and use of digital assets including Bitcoin, Ethereum and/or Solana, limit the availability to us of financing collateralized by digital assets, or create or expose additional counterparty risks.

The digital assets industry, including the technology associated with digital assets, the rate of adoption and development of, and use cases for, digital assets, market perception of digital assets, and the legal, regulatory, and accounting treatment of digital assets are constantly developing and changing, and there may be additional risks in the future that are not possible to predict.