| Schedule of Repurchase Agreements |
Repurchase agreement as of March 31, 2026 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Loan | Loan Date | Maturity Date | Principal Outstanding | Discount | Interest Rate | Interest Expense | Interest Payable(1) | Collateral Type(2) | Collateral Rate(2) | | NYDIG | 7/25/2025 | 6/30/2026 | $ | 75,000 | | (200) | | 8.5% | $ | 1,792 | | $ | 549 | | BTC | 157% | | __________________ | | (1) Outstanding interest balances payable to a third party are included in Third party loans on the condensed consolidated balance sheets as of March 31, 2026. (2) As of March 31, 2026, the Company had pledged 1,725 BTC to satisfy margin requirements, which is included in Crypto assets held on the condensed consolidated balance sheets. Total collateral associated with the repurchase agreement as of March 31, 2026 was approximately $117.7 million, representing collateralization of approximately 157% of the purchase price. If the value of the collateral held by NYDIG falls below the 143% buyer’s margin call requirement, the Company must transfer additional BTC or cash and cash equivalents to NYDIG to restore the required collateral level. If the value of the collateral (including BTC and cash posted as margin) held by NYDIG increases above the 200% seller’s margin call requirement, the Company may require NYDIG to return excess collateral, which may be satisfied through the transfer of BTC or the return of cash and cash equivalents previously deposited by the Company to satisfy margin requirements. |
Repurchase agreement as of December 31, 2025 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Loan | Loan Date | Maturity Date | Principal Outstanding | Discount | Interest Rate | Interest Expense | Interest Payable(1) | Collateral Type(2) | Collateral Rate(3) | | NYDIG | 7/25/2025 | 6/30/2026 | $ | 75,000 | | (398) | | 8.5% | $ | 3,185 | | $ | 549 | | BTC | 170% | | __________________ | | (1) Outstanding interest balances payable to a third party are included in Third party loans on the condensed consolidated balance sheets as of December 31, 2025. (2) As of December 31, 2025, the Company had pledged 1,275 BTC, which is included in Crypto assets held on the condensed consolidated balance sheets, and posted $16.4 million of cash and cash equivalents to satisfy margin requirements, which is included within Other current assets on the consolidated balance sheets. Total collateral associated with the repurchase agreement as of December 31, 2025 was approximately $127.5 million, representing collateralization of approximately 170% of the purchase price. (3) Of the 1,275 BTC pledged, 13 BTC was subject to margin requirements as of December 31, 2025. If the value of the collateral held by NYDIG falls below the 143% buyer’s margin call requirement, the Company must transfer additional BTC or cash and cash equivalents to NYDIG to restore the required collateral level. If the value of the collateral (including BTC and cash posted as margin) held by NYDIG increases above the 200% seller’s margin call requirement, the Company may require NYDIG to return excess collateral, which may be satisfied through the transfer of BTC or the return of cash and cash equivalents previously deposited by the Company to satisfy margin requirements. |
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