v3.26.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Stock-Based Compensation [Abstract]  
Schedule of Stock-Based Compensation Expense The stock-based compensation expense related to (i) Options, RSUs, and (ii) PSUs for employees, directors, consultants and former employees and share awards for a former executive of Stronghold were as follows:
   Year ended December 31, 
   2025   2024   2023 
Options   8,102    10,045    10,012 
RSUs   4,140    2,034    594 
PSUs   969    
—
    
—
 
Share awards   1,557    
—
    
—
 
    14,768    12,079    10,606 
Schedule of Outstanding Options

Details of the outstanding Options are as follows:

 

   Year ended December 31, 
   2025   2024   2023 
   Number of Options   Weighted Average Exercise Price ($CAD)   Number of Options   Weighted Average Exercise Price ($CAD)   Number of Options   Weighted Average Exercise Price ($CAD) 
Outstanding, January 1,   26,865,764    2.64    20,939,387    2.41    21,804,233    3.47 
Granted   4,358,727    1.92    9,010,000    2.96    13,156,250    2.58 
Exercised   (12,591,449)   2.36    (2,644,873)   1.50    (3,047,346)   0.85 
Cancelled   
—
    
—
    
—
    
—
    (10,633,750)   5.15 
Forfeited   (565,625)   2.30    (142,500)   2.97    
—
    
—
 
Expired   (1,370,752)   2.70    (296,250)   5.90    (340,000)   5.47 
Outstanding, December 31,   16,696,665    2.67    26,865,764    2.64    20,939,387    2.41 
Exercisable, December 31,   9,687,377    1.58    9,515,764    1.58    11,112,519    2.01 
Schedule of Outstanding Options

Additional information on Options are as follows:

 

  Year ended December 31,
  2025 2024 2023
Weighted-average grant date fair value of Options granted 0.72 per share 1.12 per share 1.12 per share
Weighted-average grant date fair values of Options vested 1.08 per share 1.03 per share 1.19 per share
Weighted-average grant date fair value of non-vested Options 0.93 per share 1.19 per share 1.08 per share
Total intrinsic values of the Options exercised 21,021 5,544 6,442
Total fair value of Options vested 2,722 10,318 12,932

 

   Year ended
December 31,		 
   2025 
Total intrinsic values of the Options outstanding   12,757 
Total intrinsic values of the Options exercisable   9,156 

 

   As at
December 31,		 
   2025 
Weighted-average remaining contractual life of the outstanding Options    3.3 years 
Weighted average remaining contractual life of the exercisable Options    3.1 years 
Unrecognized compensation cost related to the non-vested Options   1,452 
Remaining weighted-average vesting period    0.7 years 
Schedule of Options Grants Using the Black-Scholes Model

The weighted-average inputs used to value the Options grants using the Black-Scholes model are as follows:

 

   Year ended December 31, 
   2025   2024   2023 
Dividend yield (%)   
—
    
—
    
—
 
Expected share price volatility (%)*   78%   82%   96%
Risk-free interest rate (%)   3.70%   3.68%   4.33%
Expected life of Options (years)    3.0 years     3.0 years     3.0 years 

 

*Expected share price volatility is estimated based on a combination of the Company’s stock price and Bitcoin price data.
Schedule of RSU

Details of the RSUs are as follows:

 

   Year ended December 31, 
   2025   2024   2023 
   Number of
RSUs		   Weighted
Average
Grant Price
($CAD)		   Number of
RSUs		   Weighted
Average
Grant Price
($CAD)		   Number of
RSUs		   Weighted
Average
Grant Price
($CAD)		 
Outstanding, January 1,   897,666    3.61    624,998    4.05    400,000    3.73 
Granted   6,767,857    1.57    706,000    3.27    475,000    3.83 
Settled   (2,744,083)   2.25    (416,666)   3.64    (250,002)   3.13 
Forfeited   (73,865)   1.45    (16,666)   5.01    
—
    
—
 
Outstanding, December 31,   4,847,575    1.56    897,666    3.61    624,998    4.05 
Schedule of Additional information on RSU

Additional information on RSUs are as follows:

 

   Year ended December 31, 
   2025   2024   2023 
Total fair value of RSUs vested   4,427    1,160    691 

 

   As at
December 31,		 
   2025 
Unrecognized compensation cost related to the unvested RSUs   2,908 
Remaining weighted-average vesting period    1.8 years 
Schedule of PSU

Details of the PSUs are as follows:

 

   Year ended December 31, 
   2025 
   Number of
PSUs		   Weighted
Average Grant
Price ($CAD)		 
Outstanding, January 1,   
—
    
—
 
Granted   4,349,985    1.41 
Cancelled   (841,710)   1.41 
Outstanding, December 31,   3,508,275    1.41 
Schedule of Additional information on PSU

Additional information on PSUs are as follows:

 

    Year ended
December 31,		 
    2025 
Total fair value of PSUs vested   
—
 
Schedule of Additional information on PSU

Additional information on PSUs are as follows:

   As at
December 31,		 
   2025 
Unrecognized compensation cost related to the unvested PSUs   5,135 
Remaining weighted-average vesting period    2.5 years 
Schedule of Options Grants Using the Black-Scholes Model The assumptions used to value the PSUs grants using the Monte Carlo simulation model are as follows:
   Year ended
December 31,		 
   2025 
Dividend yield (%)   
—
%
Expected share price volatility (%)   98%
Risk-free interest rate (%)   3.85%
Expected life of PSU (years)    3.0 years