v3.26.1
Warrants
 9 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Warrants

12. Warrants

As of March 31, 2026, we have the following warrants outstanding:

 

 

Number of
Warrants Outstanding

 

 

Exercise Price

 

 

Initial Exercise Date

 

Expiration Date

Pre-Funded Warrants

 

 

 

 

 

 

 

 

 

 

Issued for services

 

 

546,348

 

 

$

0.0001

 

 

September 24, 2025

 

Until Exercised in Full

Advisory Warrants

 

 

 

 

 

 

 

 

 

 

Asset Manager Warrants

 

 

 

 

 

 

 

 

 

 

GSR 1

 

 

584,795

 

 

$

3.42

 

 

July 22, 2025

 

July 22, 2030

GSR 2

 

 

292,398

 

 

$

3.93

 

 

July 22, 2025

 

July 22, 2030

GSR 3

 

 

292,398

 

 

$

4.62

 

 

July 22, 2025

 

July 22, 2030

GSR 4

 

 

292,398

 

 

$

5.13

 

 

July 22, 2025

 

July 22, 2030

Strategic Advisor Warrants

 

 

438,597

 

 

$

4.10

 

 

July 22, 2025

 

July 22, 2030

Placement Agent Warrants

 

 

1,169,591

 

 

$

4.10

 

 

July 22, 2025

 

July 22, 2030

GD Advisory Warrants in lieu of cash
    payment

 

 

234,149

 

 

$

0.0001

 

 

October 8, 2025

 

October 8, 2030

Other warrant

 

 

102,513

 

 

$

6.80

 

 

October 25, 2022

 

October 25, 2027

Total warrants outstanding

 

 

3,953,187

 

 

 

 

 

 

 

 

Pre-Funded Warrants

As discussed in Note 1. Description of Business and Basis of Presentation, we issued Pre-Funded Warrants to purchase up to an aggregate of 6,022,869 shares of Common Stock. Each Pre-Funded Warrant was immediately exercisable for one share of Common Stock at an exercise price of $0.0001 per Pre-Funded Warrant Share and could be exercised at any time until all the Pre-Funded Warrants issued in the Offering are exercised in full. Each holder of the Pre-Funded Warrant's ability to exercise its Pre-Funded Warrants in exchange for shares of Common Stock was subject to certain beneficial ownership limitations set forth therein. On July 24, 2025, Pre-Funded Warrants for the purchase of 2,084,509 shares of Common Stock were exercised for a de minimis amount of cash proceeds. During the three months ended September 30, 2025, we issued 2,807,967 shares of Common Stock upon cashless exercises of 2,808,070 Pre-Funded Warrants. In October 2025, Pre-Funded Warrants issued in the PIPE for the purchase of 1,130,290 shares of Common Stock were cashless exercised in exchange for 1,130,242 shares of Common Stock at which time no Pre-Funded Warrants issued in the PIPE remained outstanding.

On September 24, 2025, as payment of the annual Asset-based Fee under the GSR Asset Management Agreement, we issued GSR fully vested, nonforfeitable pre-funded warrants (the GSR Pre-Funded Warrants, as more fully discussed in Note 14. Related Party Transactions) for the purchase of up to 546,348 shares of our Common Stock with an exercise price of $0.0001 per share. During the first year of the GSR Asset Management Agreement, it is noncancelable, by us, other than for Cause (as defined therein). The annual Asset-based Fee of $1.9 million will be amortized to expense through the one-year anniversary of the GSR Asset Management Agreement. Amounts in excess of fees recognized through March 31, 2026, are recorded in prepaid expenses and other current assets in the condensed consolidated balance sheets. We concluded the fair value of services received by GSR represented the fair value of the warrants issued in settlement of the Asset-based Fee and recorded such fair value as additional paid-in capital in the condensed consolidated balance sheets. During the three and nine months ended March 31, 2026, we recognized $0.5 million and $1.3 million, respectively, of the Asset-based Fee within general and administrative expenses within our digital asset treasury strategy segment (see Note 13. Segment Information for information related to our segments).

Advisory Warrants

On July 22, 2025, in conjunction with the closing of the PIPE, we issued the Advisory Warrants (as discussed in Note 2. Summary of Significant Accounting Policies) for the purchase of 3,070,177 shares of our Common Stock to our advisors in the

transaction (the Advisory Warrants). The Advisory Warrants are immediately exercisable, expire five years from the issuance date and have exercise prices between $3.42 and $5.13 per share. Upon issuance, we recognized the fair value of the Advisory Warrants of $16.2 million within additional paid-in capital that is included in the condensed consolidated statements of stockholders' equity for the nine months ended March 31, 2026. The weighted-average grant date fair value of the Advisory Warrants was $5.28 per share as determined using the following weighted-average grant date assumptions:

Risk-free interest rate

 

 

3.9

%

Expected life (years)

 

 

5.0

 

Volatility

 

 

85.3

%

Dividend yield

 

 

—

 %

GD Advisory Warrants Issued in Lieu of Cash Fees

In October 2025, in settlement of the Annual Advisory Fee (as defined in Note 14. Related Party Transactions) for the annual period ending July 21, 2026, we issued a GD Advisory Warrants (as defined in Note 14. Related Party Transactions) for the purchase of up to 234,149 shares of Common Stock with an exercise price of $0.0001 per share. The Annual Advisory Fee of $0.8 million will be recorded to expense through the one-year anniversary of the GD Advisory Agreement (as defined in Note 14. Related Party Transactions), over the requisite service period. We concluded the fair value of services received or to be received by Green Dragon represented the fair value of the warrants issued in settlement of the Annual Advisory Fee. During the three and nine months ended March 31, 2026, we recognized $0.2 million and $0.6 million, respectively, of the Annual Advisory Fee in general and administrative expenses within our digital asset treasury strategy segment (see Note 13. Segment Information for information related to our segments).

Other Warrant

As of March 31, 2026, we have a warrant to purchase 102,513 shares of our common stock issued to Torreya Partners LLC. The warrant is fully vested, exercisable at a price of $6.80 per share and expires in October 2027. The warrant wasn't exercised as of March 31, 2026.