As of June 30, 2026 and September 30, 2025, the Company held 12,205 and 10,428 bitcoin, respectively. The following table presents a description of the Company’s bitcoin holdings as of June 30, 2026 and September 30, 2025:


	As of
Bitcoin holdings	June 30, 2026		September 30, 2025
Number of bitcoin held		12,205		10,428
Cost basis - per bitcoin	$	90,188	$	105,025
Fair value - per bitcoin	$	58,524	$	114,068
Cost basis of bitcoin (in '000s)	$	1,100,759	$	1,095,151
Fair value of bitcoin (in '000s)	$	714,293	$	1,189,443

The cost basis represents the valuation of bitcoin at the time of initial recognition, primarily through mining activities, and may be affected by subsequent derecognition and reacquisition of bitcoin in connection with activities such as the posting of collateral.

The following table presents information based on the activity of bitcoin for the three and nine months ended June 30, 2026 and 2025:


	For the three months ended June 30,						For the nine months ended June 30,
($ in thousands)	2026			2025			2026			2025
Beginning Balance	$	813,221		$	979,635		$	1,189,443		$	431,661
Addition of bitcoin from mining activities(1)		138,006			198,644			455,594			542,662
Bitcoin purchased(2)		—			82,152			46,374			82,152
Bitcoin sold		(48,086	)		(127,829	)		(105,676	)		(127,829	)
Bitcoin issued for services and other non-cash consideration		(535	)		(81,360	)		(48,907	)		(88,263	)
Bitcoin transferred to collateral account		(87,614	)		(282,418	)		(698,947	)		(291,278	)
Bitcoin received from collateral account		15,550			42,279			463,601			171,459
(Loss) gain on fair value of bitcoin, net		(116,249	)		268,651			(587,189	)		359,190
Ending Balance(3)	$	714,293		$	1,079,754		$	714,293		$	1,079,754

(1) Net of mining pool fees.

(2) Excludes bitcoin purchased through settlement of put options where the initial storage location was an account used for posted collateral.

(3) Includes Bitcoin - current of $592,058 and Bitcoin - noncurrent of $122,235 as presented within Condensed Consolidated Balance Sheets as of June 30, 2026.

The Company’s bitcoin holdings shown in this note are not subject to rehypothecation and do not serve as collateral for any existing loans or agreements (see Note 5 - Receivable from Bitcoin Collateral). As of June 30, 2026, the Company held no other crypto assets; approximately 93.2% of its bitcoin is held in cold storage and 6.8% is held in hot wallets.

The Company recognized cumulative realized gains from dispositions of bitcoin of $0 and $218,148 during the three months ended June 30, 2026 and 2025, respectively. The Company recognized cumulative realized losses of $76,515 and $0 during the three months ended June 30, 2026 and 2025, respectively. During the nine months ended June 30, 2026 and 2025, the Company recognized cumulative realized gains from dispositions of bitcoin of $68,635 and $227,061, respectively, and cumulative realized losses of $175,160 and $0, respectively.