As of March 31, 2026 and September 30, 2025, the Company held 11,920 and 10,428 bitcoin, respectively. The following table presents a description of the Company’s bitcoin holdings as of March 31, 2026 and September 30, 2025:


	As of
Bitcoin holdings	March 31, 2026		September 30, 2025
Number of bitcoin held		11,920		10,428
Cost basis - per bitcoin	$	97,309	$	105,025
Fair value - per bitcoin	$	68,222	$	114,068
Cost basis of bitcoin (in '000s)	$	1,159,953	$	1,095,151
Fair value of bitcoin (in '000s)	$	813,221	$	1,189,443

The cost basis represents the valuation of bitcoin at the time of initial recognition, primarily through mining activities, and may be affected by subsequent derecognition and reacquisition of bitcoin in connection with activities such as the posting of collateral.

The following table presents information based on the activity of bitcoin for the three and six months ended March 31, 2026 and 2025:


	For the three months ended March 31,						For the six months ended March 31,
($ in thousands)	2026			2025			2026			2025
Beginning Balance	$	1,001,997		$	929,078		$	1,189,443		$	431,661
Addition of bitcoin from mining activities(1)		136,408			181,712			317,588			344,018
Bitcoin purchased		46,343			—			46,374			—
Bitcoin sold		(29,413	)		—			(57,590	)		—
Bitcoin issued for services and other non-cash consideration		(47,661	)		(3,488	)		(48,373	)		(6,903	)
Bitcoin transferred to collateral account		(87,034	)		—			(611,333	)		(8,860	)
Bitcoin received from collateral account		16,688			—			448,051			129,180
(Loss) gain on fair value of bitcoin, net		(224,107	)		(127,667	)		(470,939	)		90,539
Ending Balance(2)	$	813,221		$	979,635		$	813,221		$	979,635

(1) Net of mining pool fees.

(2) Includes Bitcoin - current of $674,447 and Bitcoin - noncurrent of $138,774 as presented within Condensed Consolidated Balance Sheets as of March 31, 2026.

The Company’s bitcoin holdings shown in this note are not subject to rehypothecation and do not serve as collateral for any existing loans or agreements (see Note 5 - Receivable from Bitcoin Collateral). As of March 31, 2026, the Company held no other crypto assets; approximately 96.6% of its bitcoin is held in cold storage and 3.4% is held in hot wallets.

The Company recognized cumulative realized gains from dispositions of bitcoin of $0 and $2,209 during the three months ended March 31, 2026 and 2025, respectively. The Company recognized cumulative realized losses of $70,915 and $0 during the three months ended March 31, 2026 and 2025, respectively. During the six months ended March 31, 2026 and 2025, the Company recognized cumulative realized gains from dispositions of bitcoin of $68,635 and $8,913, respectively, and realized losses of $98,644 and $0, respectively.