v3.26.1
Non-controlling Interests
 12 Months Ended
Dec. 31, 2025
Noncontrolling Interest [Abstract]  
Non-controlling Interests
(11)
Non-controlling
Interests
The following table presents the changes in the balances of
non-controlling
interests for the year ended December 31, 2025 and 2024 (in thousands):
 
    
BitAccess
     
BT HoldCo
     
Total
  
Beginning balance January 1, 2024
    $ 2,707      $ 22,480      $ 25,187  
Distributions
      —         (37,160 )       (37,160 ) 
Share-based compensation expense
      31        —         31  
Foreign currency translation
      —         173        173  
Recapitalization
      —         (585 )       (585 ) 
Net (loss) income
      (64 )       19,564        19,500  
  
 
 
     
 
 
     
 
 
  
Ending balance December 31, 2024
    $ 2,674      $ 4,472      $ 7,146  
Distributions
      —         (10,116 )       (10,116 ) 
Share-based compensation expense
      31        —         31  
Distribution related to
Up-C
Restructuring
      —         (8,595 )       (8,595 ) 
Foreign currency translation
      (48 )       (149 )       (197 ) 
Recapitalization
      —         —         —   
Net (loss) income
      (3,497 )       14,388        10,891  
  
 
 
     
 
 
     
 
 
  
Ending balance December 31, 2025
    $ (840 )     $ —       $ (840 ) 
  
 
 
     
 
 
     
 
 
  
Non-controlling
Interest—BitAccess
In July 2021, the Company obtained a controlling interest in BitAccess Inc. in a business combination. The
un-affiliated
interest in BitAccess Inc. is reported as
non-controlling
interests in the accompanying consolidated financial statements. As of both December 31, 2025 and December 31, 2024, the
non-controlling
interest ownership was 17.86%.
The
non-controlling
interest has certain rights as defined in the Amended and Restated Shareholders Agreement, including the right, but not the obligation, to cause the Company to purchase the
non-controlling
interest immediately prior to a liquidity event (as defined in the Amended and Restated Shareholders Agreement) at the fair value of the
non-controlling
interest as of the liquidity event. The
non-controlling
interest is not mandatorily redeemable. The Company also holds a right, but not an obligation, to cause the
non-controlling
interest holders to sell the
non-controlling
interest under the same conditions. The Merger was not considered to be a liquidity event as defined in the agreement.
Non-controlling
Interest—BT HoldCo
As a result of the
Up-C
Restructuring transaction, income attributable to BT HoldCo of $6.4 million was apportioned through the date of the transaction. As of May 30, 2025, there is no longer a balance in
non-controlling
interests in BT HoldCo. See Note 2a for further discussion of the
Up-C
Restructuring.