| 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 March 31, | | |
As of December 31, | |
| | |
2026 | | |
2025 | |
| | |
Capped call
transactions | | |
Bitcoin option and selling contracts | | |
Capped call transactions | | |
Bitcoin redemption
options | | |
Bitcoin option and selling contracts | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
Derivative Assets | | |
Derivative Assets | | |
Derivative Liabilities | | |
Derivative Assets | | |
Derivative Assets | | |
Derivative Assets | | |
Derivative Liabilities | |
| Balance as of January 1, | |
| 5,200 | | |
| 2,287 | | |
| (2,922 | ) | |
| — | | |
| 3,418 | | |
| — | | |
| (128 | ) |
| Initial recognition | |
| — | | |
| — | | |
| — | | |
| 69,090 | | |
| 1,072 | | |
| — | | |
| — | |
| Purchases | |
| — | | |
| — | | |
| 4,122 | | |
| — | | |
| — | | |
| 89,478 | | |
| 64,965 | |
| Settlement | |
| — | | |
| (5,363 | ) | |
| — | | |
| — | | |
| — | | |
| (73,659 | ) | |
| (99,256 | ) |
| Remeasurement recognized in statement of operations | |
| (3,440 | ) | |
| 3,076 | | |
| (1,200 | ) | |
| (63,890 | ) | |
| (4,490 | ) | |
| (13,532 | ) | |
| 31,497 | |
| Balance as of period end | |
| 1,760 | | |
| — | | |
| — | | |
| 5,200 | | |
| — | | |
| 2,287 | | |
| (2,922 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total derivative assets | |
| — | | |
| | | |
| | | |
| 2,287 | | |
| | | |
| | | |
| | |
| Total long-term derivative assets | |
| 1,760 | | |
| | | |
| | | |
| 5,200 | | |
| | | |
| | | |
| | |
| Total derivative liabilities | |
| — | | |
| | | |
| | | |
| (2,922 | ) | |
| | | |
| | | |
| | |
|
| Schedule of Gain (Loss) on Derivatives |
The
following gain (loss) on derivatives is recognized in the unaudited condensed consolidated statements of operations:
| | |
Three months ended March 31, | |
| | |
2026 | | |
2025 | |
| Gain (loss) on Bitcoin options and selling contracts | |
| | |
| |
| Unrealized change in fair value of outstanding contracts | |
| (1,553 | ) | |
| (6,338 | ) |
| Realized gain on settled contracts | |
| 3,429 | | |
| 4,789 | |
| | |
| 1,876 | | |
| (1,549 | ) |
| Gain (loss) on Bitcoin redemption options | |
| | | |
| | |
| Unrealized change in fair value | |
| — | | |
| (3,180 | ) |
| Realized gain on settled options | |
| — | | |
| 1,015 | |
| | |
| — | | |
| (2,165 | ) |
| Loss on Capped call transactions | |
| | | |
| | |
| Unrealized change in fair value | |
| (3,440 | ) | |
| — | |
| | |
| | | |
| | |
| Loss on derivative assets and liabilities | |
| (1,564 | ) | |
| (3,714 | ) |
|