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| Intangible Digital Assets | 11.Intangible Digital Assets On May 28, 2024, the Company adopted Bitcoin as its primary treasury reserve asset. Under this new treasury strategy, the Company purchases and holds Bitcoin for long term investment purposes. The Company accounts for its Bitcoin as an indefinite-lived intangible asset in accordance with ASC 350, Intangibles—Goodwill and Other and has ownership of and control over its Bitcoin, which are included in intangible digital assets in the Unaudited Condensed Consolidated Balance Sheets. As of June 30, 2025, there were no contractual restrictions on the Company’s sale of its Bitcoin. Bitcoin investment The Company’s Bitcoin purchased for investment purpose are initially recorded at cost, inclusive of transaction costs and fees. Subsequently, the at fair value at the end of each reporting period with changes recognized in net income through other (expense) income, net on the Company’s Condensed Consolidated Statements of Operations. As of June 30, 2025, the Company held approximately 4,636 Bitcoins with a cost basis of $430,000 and a fair value of $496,865. Reconciliation of fair value The following table represents a reconciliation of the fair values of the Company’s intangible digital assets held:
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