| Schedule of Derivatives and Reconciles the Fair Value Measurement |
The following table summarizes the derivatives
and reconciles the fair value measurement, which are classified within Level 2 of the fair value hierarchy:
| | |
As of December 31, | | |
As of December 31, | |
| | |
2025 | | |
2024 | |
| | |
Capped call transactions | | |
Bitcoin redemption options | | |
Bitcoin option and selling contracts | | |
Bitcoin redemption options | | |
Bitcoin option and selling contracts | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
Derivative Assets | | |
Derivative Assets | | |
Derivative Assets | | |
Derivative Liabilities | | |
Derivative Assets | | |
Derivative Assets | | |
Derivative Liabilities | |
| Balance as of January 1, | |
| — | | |
| 3,418 | | |
| — | | |
| (128 | ) | |
| — | | |
| 1,281 | | |
| — | |
| Initial recognition | |
| 69,090 | | |
| 1,072 | | |
| — | | |
| — | | |
| 1,349 | | |
| — | | |
| — | |
| Purchases | |
| — | | |
| — | | |
| 89,478 | | |
| 64,965 | | |
| — | | |
| 13,610 | | |
| 351 | |
| Settlement | |
| — | | |
| — | | |
| (73,659 | ) | |
| (99,256 | ) | |
| — | | |
| (30,762 | ) | |
| (358 | ) |
| Remeasurement recognized in statement of operations | |
| (63,890 | ) | |
| (4,490 | ) | |
| (13,532 | ) | |
| 31,497 | | |
| 2,069 | | |
| 15,871 | | |
| (121 | ) |
| Balance as of period end | |
| 5,200 | | |
| — | | |
| 2,287 | | |
| (2,922 | ) | |
| 3,418 | | |
| — | | |
| (128 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total derivative assets | |
| 2,287 | | |
| | | |
| | | |
| | | |
| 3,418 | | |
| | | |
| | |
| Total long-term derivative assets | |
| 5,200 | | |
| | | |
| | | |
| | | |
| — | | |
| | | |
| | |
| Total derivative liabilities | |
| (2,922 | ) | |
| | | |
| | | |
| | | |
| (128 | ) | |
| | | |
| | |
|
| Schedule of Gain (Loss) on Derivatives |
The following gain (loss) on derivatives is recognized
in the consolidated statements of operations:
| | |
Year ended December 31, | |
| | |
2025 | | |
2024 | | |
2023 | |
| Gain (loss) on Bitcoin options and selling contracts | |
| | | |
| | | |
| | |
| Unrealized change in fair value of outstanding contracts | |
| 1,323 | | |
| (179 | ) | |
| 409 | |
| Realized gain (loss) on settled contracts | |
| 16,642 | | |
| 15,929 | | |
| (361 | ) |
| | |
| 17,965 | | |
| 15,750 | | |
| 48 | |
| Gain (loss) on Bitcoin redemption options | |
| | | |
| | | |
| | |
| Unrealized change in fair value | |
| (2,069 | ) | |
| 2,069 | | |
| — | |
| Realized loss on settled options | |
| (2,421 | ) | |
| — | | |
| — | |
| | |
| (4,490 | ) | |
| 2,069 | | |
| — | |
| Loss on Capped call transactions | |
| | | |
| | | |
| | |
| Unrealized change in fair value | |
| (63,890 | ) | |
| — | | |
| — | |
| | |
| | | |
| | | |
| | |
| (Loss) gain on derivative assets and liabilities | |
| (50,415 | ) | |
| 17,819 | | |
| 48 | |
|