| Schedule of Changes in Carrying Amount of Digital Assets |
The following table presents the changes in carrying amount of the Company's digital assets as of June 30, 2026 and June 30, 2025:
|
|
|
|
|
(in USD thousands) |
|
Amount |
|
Balance as of December 31, 2024 |
|
$ |
949,501 |
|
Revenue recognized from Bitcoin mined |
|
|
12,338 |
|
Carrying value of Bitcoin sold |
|
|
(3,429 |
) |
Change in fair value of Bitcoin |
|
|
(112,394 |
) |
Adjustments post carveout of mining operations to ABTC |
|
|
(847,244 |
) |
Foreign currency translation adjustments |
|
|
1,228 |
|
Balance as of March 31, 2025 |
|
$ |
— |
|
Revenue recognized from Bitcoin mined |
|
|
30,285 |
|
Bitcoin contributed |
|
|
10,000 |
|
Change in fair value of Bitcoin |
|
|
3,037 |
|
Balance as of June 30, 2025 |
|
$ |
43,322 |
|
|
|
|
|
Number of Bitcoin held as of June 30, 2025 |
|
|
404 |
|
Cost basis of Bitcoin held as of June 30, 2025 |
|
$ |
40,285 |
|
Realized gains on the sale of Bitcoin for the six months ended June 30, 2025 |
|
$ |
828 |
|
|
|
|
|
Balance as of December 31, 2025 |
|
$ |
472,577 |
|
Revenue recognized from Bitcoin mined |
|
|
62,118 |
|
Bitcoin purchased |
|
|
61,316 |
|
Mining revenue earned in prior period received in current period |
|
|
812 |
|
Bitcoin mining revenue not received |
|
|
(646 |
) |
Change in fair value of Bitcoin |
|
|
(117,188 |
) |
Balance as of March 31, 2026 |
|
$ |
478,989 |
|
Revenue recognized from Bitcoin mined |
|
|
67,015 |
|
Bitcoin purchased |
|
|
4,000 |
|
Mining revenue earned in prior period received in current period |
|
|
646 |
|
Bitcoin mining revenue not received |
|
|
(581 |
) |
Change in fair value of Bitcoin |
|
|
(71,178 |
) |
Balance as of June 30, 2026 |
|
$ |
478,891 |
|
|
|
|
|
Number of Bitcoin held as of June 30, 2026 |
|
|
8,002 |
|
Number of Bitcoin pledged to Bitmain as of June 30, 2026 |
|
|
3,090 |
|
Cost basis of Bitcoin held as of June 30, 2026 |
|
$ |
781,928 |
|
|
| Schedule of Details of Bitcoin |
The details of Bitcoin are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount |
|
|
Number of Digital Assets |
|
(in USD thousands) |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
Non-current |
|
|
|
|
|
|
|
|
|
|
|
|
Bitcoin held in custody |
|
$ |
293,949 |
|
|
$ |
229,641 |
|
|
|
4,912 |
|
|
|
2,625 |
|
Total non-current digital assets – held in custody |
|
|
293,949 |
|
|
|
229,641 |
|
|
|
4,912 |
|
|
|
2,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bitcoin pledged for miner purchase |
|
$ |
184,942 |
|
|
$ |
242,936 |
|
|
|
3,090 |
|
|
|
2,776 |
|
Total Bitcoin pledged for miner purchase |
|
|
184,942 |
|
|
|
242,936 |
|
|
|
3,090 |
|
|
|
2,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total digital assets |
|
$ |
478,891 |
|
|
$ |
472,577 |
|
|
|
8,002 |
|
|
|
5,401 |
|
|