The following table presents the Company's bitcoin holdings as of March 31, 2025 and September 30, 2024:


	As of
Bitcoin holdings	March 31, 2025		September 30, 2024
Number of bitcoin held		11,869		6,819
Cost basis - per bitcoin	$	75,660	$	55,408
Fair value - per bitcoin	$	82,537	$	63,301
Cost basis of bitcoin (in '000s)	$	898,009	$	377,839
Fair value of bitcoin (in '000s)	$	979,635	$	431,661

The cost basis represents the valuation of bitcoin at the time the Company earns the bitcoin through mining activities.

The following table presents information based on the activity of bitcoin for the three and six months ended March 31, 2025 and 2024:


	Three months ended						Six months ended
($ in thousands)	March 31, 2025			March 31, 2024			March 31, 2025			March 31, 2024
Beginning Balance - before cumulative effect change	$	929,078		$	126,951		$	431,661		$	56,241
Cumulative effect of the adoption of ASC 350-60		—			—			—			4,183
Adjusted beginning balance after cumulative effect change	$	929,078		$	126,951		$	431,661		$	60,424
Addition of bitcoin from mining activities(1)		181,712			111,799			344,018			185,585
Bitcoin sold & issued for services and purchase of software		(3,488	)		(471	)		(6,903	)		(43,771	)
Bitcoin transferred to collateral account		—			—			(8,860	)		—
Bitcoin received from collateral account		—			—			129,180			—
(Loss) gain on fair value of bitcoin		(127,667	)		119,702			90,539			155,743
Ending Balance(2)	$	979,635		$	357,981		$	979,635		$	357,981

(1) Net of mining pool fees.

(2) Includes Bitcoin - current of $832,690 and Bitcoin - noncurrent of $146,945 as presented within condensed consolidated balance sheets as of March 31, 2025.

The Company's bitcoin holdings shown in this note, excluding the bitcoin posted as collateral to the Coinbase Line of Credit as described in Note 9 - Loans, are not subject to rehypothecation and do not serve as collateral for any existing loans or agreements. As of March 31, 2025, the Company held no other crypto assets; approximately 99% of its bitcoin is held in cold storage and 1% is held in hot wallets.

The Company recognized cumulative realized gains from dispositions of bitcoin of $2,209 and $332 during the three months ended March 31, 2025 and 2024, respectively. For the six months ended March 31, 2025 and 2024, cumulative realized gains totaled $8,913 and $12,419, respectively. There were no cumulative realized losses from dispositions of bitcoin during the three and six months ended March 31, 2025 and 2024.