v3.25.2
Derivatives (Tables)
6 Months Ended
Jun. 30, 2025
Derivatives  
Schedule of balance sheet classification and effect of derivatives on statements of operations and comprehensive income (loss)

(in USD thousands)

June 30, 2025

December 31, 2024

Derivative

Balance Sheet Line

    

Asset

    

Liability

    

Asset

    

Liability

Derivatives not designated as hedging instruments:

Bitcoin redemption option

Derivative asset

$

3,096

$

$

18,076

$

Covered call options

Derivative liability

1,807

18,437

Total derivatives

$

3,096

$

1,807

$

18,076

$

18,437

(in USD thousands)

Three Months Ended

Six Months Ended

Derivative

Statement of Operations Line

    

June 30, 2025

    

June 30, 2024

    

June 30, 2025

    

June 30, 2024

Derivatives not designated as hedging instruments:

Bitcoin redemption option

(Loss) gain on derivatives

$

(18,301)

$

$

(14,980)

$

Covered call options

(Loss) gain on derivatives

(102)

17,219

17,439

17,219

Total derivatives

$

(18,403)

$

17,219

$

2,459

$

17,219

Summary of activity and change in fair value of the Company's Bitcoin redemption option

Three Months Ended

Six Months Ended

(in USD thousands)

    

June 30, 2025

    

June 30, 2025

Balance, beginning of period

$

$

18,076

Transfer out of Level 3 (1)

(18,076)

Balance, end of period

$

$

(1) The Bitcoin redemption option was transferred out of Level 3 during the six months ended June 30, 2025 due to changes in the observability of inputs used in the valuation.

Summary of activity and change in fair value of the Company's separated embedded derivative from convertible note

Three Months Ended

Six Months Ended

(in USD thousands)

    

June 30, 2025

    

June 30, 2025

Balance, beginning of period

$

$

Balance, end of period

$

$

Separated embedded derivative from convertible note  
Derivatives  
Schedule of estimated fair value of derivatives

    

June 30, 2025

Dividend yield

%

Implied volatility

80.80

%

Risk-free interest rate

3.90

%

Credit spread

18.70

%