Digital Assets

12 Months Ended

Apr. 30, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Note 4 — Digital Assets

The Company holds its unrestricted BNB with Ceffu and periodically receives Airdrops from blockchain projects within the Binance ecosystem whereas restricted BNB held by lenders as collateral (Note 5) is not eligible to receive Airdrops. The Company may hold other digital assets at Ceffu and Circle. Digital assets to which the Company is entitled, but does not control, are presented as receivables in the Consolidated Balance Sheets; however, the Company did not have any digital asset receivables at April 30, 2026.

The following table sets forth the units held, cost basis, and fair value of digital assets held as shown in the Consolidated Balance Sheets at April 30, 2026:


Crypto Asset(A)	Number of Tokens(B)	Cost(C)		Fair Value
Current Digital Assets(D)
BTC	27	$	3,173	$	2,056

USDT	310,383	310		310



Total current Digital Assets	310,410	3,483		2,366

Non-Current Digital Assets
Unrestricted
BNB	487,956	424,942		300,279





Total unrestricted, non-current Digital Assets	487,956	424,942		300,279
Restricted
BNB	27,588	21,512		16,977





Total restricted, non-current Digital Assets	27,588	21,512		16,977
Total non-current Digital Assets	515,544	446,454		317,256












Total	825,954	$	449,937	$	319,622

A.Gains and losses presented within "Unrealized loss on digital assets" of the Consolidated Statements of Operations and Comprehensive Income. Excludes USDC presented as "Cash and cash equivalents" in the Consolidated Balance Sheets.

B.Rounded to the nearest whole token.

C.Cost basis is equal to the cost of the digital asset, net of any transaction fees, if any, at the time of purchase or upon receipt. The Company uses specific identification to determine its cost basis for computing gains and losses.

D.Current digital assets are held primarily for operating liquidity and are expected to be available for use within the next twelve months, presented within "Other current assets" in the Consolidated Balance Sheets.

The following table summarizes changes in the Company's digital asset holdings:


	BNB				Other Digital Assets(A)			Total
	Unrestricted		Restricted			Unrestricted		Restricted		Unrestricted		Restricted
June 7, 2025	$	—	$	—		$	—	$	—	$	—	$	—
Additions
Purchases(B)	380,807		—			50		—		380,857		—
PIPE Transaction(C)	—		—			66,281		—		66,281		—
Airdrop income(D)	—		—			7,863		—		7,863		—

Total additions	380,807		—			74,194		—		455,001		—
Dispositions
Sales	—		—			(3,743)		—		(3,743)		—
Commission expense(E)	(28)		—			—		—		(28)		—

Total dispositions	(28)		—			(3,743)		—		(3,771)		—
Unrealized Gains (Losses)

Unrealized losses	(124,663)		(4,535)			(1,117)		—		(125,780)		(4,535)
Total unrealized gains (losses)	(124,663)		(4,535)			(1,117)		—		(125,780)		(4,535)
Realized Gains (Losses)

Realized losses	—		—			(1,293)		—		(1,293)		—
Total realized gains (losses)	—		—			(1,293)		—		(1,293)		—
Transfers
To restricted	(21,512)		21,512			—		—		(21,512)		21,512

Conversions and other(F)	65,675		—			(65,675)		—		—		—

April 30, 2026	$	300,279	$	16,977		$	2,366	$	—	$	302,645	$	16,977

Includes USDT, BTC, and digital assets temporarily held from Airdrops. Excludes USDC presented as "Cash and cash equivalents" in the Consolidated Balance Sheets.

B.Includes BNB 436,313 and USDT 49,980 purchased.

C.The Company received BTC 55, and USDT 59,829,438 then valued at $6.5 million, and $59.8 million, respectively, in connection with the PIPE Transaction.

D.The Company received 49,497,601 of digital asset tokens from Airdrops totaling $7.9 million, of which the Company exchanged for BNB 4,932 valued at $5.8 million at time of exchange.

E.Certain counterparties that hold or transact in the Company's digital assets collect fees in certain digital assets. Typically, these fees are paid in cash, BNB, USDC, or USDT.

F.Includes the exchange of various digital assets received from Airdrops and the PIPE Transaction into BNB 79,261.