DIGITAL ASSETS

3 Months Ended

Mar. 31, 2026

NOTE 4 – DIGITAL ASSETS

Our digital asset holdings as of March 31, 2026 and December 31, 2025 consist of the following:

			As of March 31, 2026						As of December 31, 2025
	Units		Cost Basis		Fair Value		Units		Cost Basis		Fair Value
Bitcoin		9,542.16	$	1,131,024.3	$	647,121.8		9,542.16	$	1,131,024.3	$	836,371.8
Cronos		756,079,523.00		113,949.3		52,953.5		756,079,523.00		113,949.3		67,998.8
			$	1,244,973.6	$	700,075.3			$	1,244,973.6	$	904,370.6

The following table presents a reconciliation of our digital asset holdings:

	Bitcoin			Cronos
Balance at December 31, 2025	$	836,371.8		$	67,998.8
Unrealized loss on digital assets⁽¹⁾		(189,250.0	)		(15,045.3	)
Balance at March 31, 2026	$	647,121.8		$	52,953.5

(1)	Excludes unrealized loss on digital assets pledged of $39,666.1 for the three months ended March 31, 2026.

As of March 31, 2026, and December 31, 2025, we had 4,260.73 bitcoin with a fair value of $288,950.5 and $373,453.7, respectively, serving as collateral to convertible notes (Note 10). We are restricted from distributing or withdrawing this bitcoin subject to meeting certain loan indenture requirements, with restrictions lifted no later than maturity of the convertible notes on May 29, 2028.

We hold covered-call options on 4,000.00 bitcoin with a counterparty to hedge our exposure to bitcoin’s volatility, which requires us to maintain 2,000.00 bitcoin as collateral that the counterparty can rehypothecate at their sole discretion. As of March 31, 2026 and December 31, 2025, the fair value of bitcoin restricted by covered-call options was $271,268.6 and $350,600.8, respectively, and the covered-call options expire in June 2026. The fair value of the liability on the covered-call options on bitcoin hedged was $307.6 and $7,517.4 as of March 31, 2026 and December 31, 2025, and is recorded within accounts payable and accrued liabilities on our condensed consolidated balance sheet.

The digital assets pledged had a fair value of $135,634.3 as of March 31, 2026. We did not record an expected credit loss related to the digital assets pledged.

We purchased 684,427,004.00 Cronos pursuant to a purchase agreement in August 2025, which restricts our ability to sell our Cronos over a three-year period. Beginning February 26, 2026, we are able to sell up to 68,442,700.40 Cronos over the next six months. Subsequent sales windows for the ensuing three years from February 26, 2026 allow for the sale of between 15% and 25% of our restricted Cronos holdings in each window. On February 26, 2029, all sales restrictions on our restricted Cronos will lapse. As of March 31, 2026, we are restricted from selling 615,984,303.6 Cronos with a fair value of $43,141.7.