Fair Value Measurements (Tables)

9 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on Recurring Basis

The following table presents our financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 (in thousands):


		As of March 31, 2026
		Total				Level 1				Level 2				Level 3
Assets:
Cash equivalents		$	6,616			$	6,616			$	—			$	—
Digital assets			2,084				2,084				—				—
Digital assets, net of current portion			38,237				38,237				—				—
Digital assets receivable, net			7,899				7,899				—				—
Total assets measured on a recurring basis		$	54,836			$	54,836			$	—			$	—

Liabilities:
Derivative liabilities - Covered Call Options		$	9				—			$	9				—
Total liabilities measured on a recurring basis		$	9			$	—			$	9			$	—

Schedule of Changes in Carrying Amount of Digital Assets

The following table presents the changes in the carrying amount of our digital assets (in thousands):


Balance as of June 30, 2025		$	—
Purchases of digital assets			100,000
Change in fair value of digital assets - unrealized loss			(631	)
Balance as of September 30, 2025			99,369
Change in fair value of digital assets:
Realized loss upon transfer of digital assets as collateral			(1,964	)
Unrealized loss on digital assets			(24,552	)
Digital assets transferred as collateral			(10,696	)
Digital assets returned by GSR Markets			1,813
Balance as of December 31, 2025			63,970
Change in fair value of digital assets:
Realized loss on sale of digital assets			(1,889	)
Realized loss upon transfer of digital assets as collateral			(2,626	)
Unrealized loss on digital assets			(14,330	)
Digital assets transferred as collateral			(2,879	)
Disposition of digital assets			(1,925	)
Balance as of March 31, 2026		$	40,321