All RSAs were vested as of August 31, 2025 and the Company did not issue any additional RSAs for the nine months ended May 31, 2026.

During the three and nine months ended May 31, 2025, the Company recognized compensation expenses of $65,234 and $276,912 for RSAs, respectively. The Company did not recognize any compensation expenses for RSAs for the three and nine months ended May 31, 2026.

The Company’s RSUs include awards with service, performance, and market conditions. Some of the RSUs were fully vested upon issuance while other service based RSUs have a vesting period of one year. Some of the RSUs issued to one executive have performance conditions linked to the percentage of ETH holdings or market conditions related to market cap or target stock price.


	RSUs (Time-based)	Weighted Average Grant Date Fair Value
Unvested shares at August 31, 2025	—	$	—
Granted	1,867,614	28.03
Vested	(742,521)	28.12
Forfeited	(27,747)	43.62
Unvested shares at May 31, 2026	1,097,346	$	27.58


	RSUs (Performance-based)	Weighted Average Grant Date Fair Value
Unvested shares at August 31, 2025	—	$	—
Granted	4,500,000	25.39
Vested	—	—
Forfeited	—	—
Unvested shares at May 31, 2026	4,500,000	$	25.39


	Options	Weighted Average Exercise Price		Average Remaining Contract Term (in Years)	Aggregate Intrinsic Value
Outstanding - August 31, 2025	—	$	—	0	$	—
Granted	359,124	21.10		0	—
Vested	—	—		0	—
Forfeited	—	—		0	—
Outstanding - May 31, 2026	359,124	$	21.10	9.8	$	—

Share-based compensation expense is recorded in “General and administrative expenses” in the condensed consolidated statements of operations and comprehensive loss. During the three and nine months ended May 31, 2026, the Company recognized compensation expenses of $12,201 and $36,689, respectively, for RSUs. During both the three and nine months ended May 31, 2026, the Company recognized compensation expenses of $1,046 and $1,162, respectively, for Options. Additionally, the Company recognized compensation expenses of $506 for fully vested common shares issued to a director of the Board in Q1 2026.

For the three and nine months ended May 31, 2025, the Company recognized share-based compensation expenses of $648 and $1,319, respectively.

As of May 31, 2026, unrecognized compensation expenses for time-based RSUs is $25,185, which is expected to be amortized over an average of 1.58 years; unrecognized compensation expenses for performance-based RSUs is $103,776, which is expected to be amortized over an average of 4.05 years; unrecognized compensation expenses for stock options is $4,857, which is expected to be amortized over an average of 0.81 years.

In June 2025, the Company issued three warrant offerings (Placement Agent Warrants, Strategic Advisor Warrants, and Representative Warrants). Each warrant offering was designated as equity classified share-based compensation in accordance with ASC 718.

During the nine months ended May 31, 2026, 0 representative warrants were exercised for a cashless exercise, and 54,263 strategic warrants were exercised at a price of $5.40 per share. As of May 31, 2026 and August 31, 2025, 2,872,929 and 3,107,114 of the warrants were outstanding, respectively. No share-based compensation expense was recorded for these warrants during the three and nine months ended May 31, 2026 and 2025.