5. Digital assets at fair value 

The following table presents the changes in the Company’s digital assets measured at fair value for the period:

Schedule of digital assets measured at fair value

As of May 31, 2026, the Company’s only significant digital asset holding consisted of Injective (“INJ”) tokens. The Company held 7,561,000 INJ with an aggregate cost basis of $46,590,579 and an aggregate fair value of $49,400,549. The Company did not hold any other individually significant digital assets as of May 31, 2026.

Digital assets purchased with financing proceeds represent INJ tokens acquired using proceeds from the Company’s financing arrangements. Digital assets received in exchange for equity issuance represent digital assets received as consideration for the issuance of the Company’s equity securities.

Digital assets acquired through staking income represent reward tokens for which the Company obtained control during the period. Staking rewards are measured at fair value at the time control is obtained and are recognized in other income. After initial recognition, such reward tokens are included in digital assets and are subsequently remeasured at fair value at each reporting date.

For the nine months ended May 31, 2026, the Company recognized a net unrealized gain of $2,809,970 related to changes in the fair value of its digital assets. The fair value change is non-cash in nature and reflects changes in quoted market prices for the Company’s digital assets during the period. The net change in fair value is recognized in earnings in the consolidated statements of operations and comprehensive loss in accordance with ASC 350-60.

Digital assets Held in Connection with Financing Arrangements

Certain of the Company’s Injective (“INJ”) holdings are maintained in institutional custody accounts in connection with the Company’s secured financing arrangements. Under these arrangements, transfers, releases, or substitutions of such digital assets are subject to the applicable custody procedures and collateral maintenance requirements specified in the financing agreements. The Company retains ownership of the digital assets and may obtain the release or substitution of collateral, provided the applicable collateral requirements and other terms of the financing arrangements continue to be satisfied. As of May 31, 2026, approximately 7,303,725 INJ tokens, with an aggregate fair value of $47,719,617, were pledged as collateral under these arrangements. Refer to Note 12 for additional information regarding the Company’s financing and collateral arrangements. These arrangements do not result in derecognition of the underlying digital assets, which continue to be recognized in the Company’s condensed consolidated balance sheets.