Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Financial assets and liabilities that are measured at fair value on a recurring basis are classified as Level 1, Level 2 and Level 3 as follows (in thousands):


	As of June 30, 2026
	Total		Level 1		Level 2		Level 3
Assets:


Digital assets	$	1,215	$	—	$	1,215	$	—

Transchem Warrants	107,906		—		—		107,906
Total Assets	$	109,121	$	—	$	1,215	$	107,906

Liabilities:

DTR top-up consideration	$	4,919	$	—	$	—	$	4,919
Warrant liability - Class 1 and Class 2 warrants	$	10,187	$	—	$	—	$	10,187
Warrant liability - public warrants	428		428		—		—

Total Liabilities	$	15,534	$	428	$	—	$	10,192


	As of December 31, 2025
	Total		Level 1		Level 2		Level 3
Assets:

Digital assets	$	1,238	$	—	$	1,238	$	—
Derivative assets	3,352		—		—		3,352

Total Assets	$	4,590	$	—	$	1,238	$	3,352

Liabilities:

Warrant liability - Class 1 and Class 2 warrants	$	15,589	$	—	$	—	$	15,589
Warrant liability - public warrants	1,143		1,143		—		—
Total Liabilities	$	16,732	$	1,143	$	—	$	15,589

Level 3 Assets

The following table presents the change in the fair value of the Transchem Warrants (a recurring Level 3 measurement) for the period from allotment through June 30, 2026 (in thousands):


Investment in Transchem Warrants (ASC 321 – Fair Value Option)	Fair Value
Balance as of January 1, 2026	$	—
Purchases (allotment date cash consideration)	9,410
Unrealized gains included in the statement of operations	98,496
Balance as of June 30, 2026	$	107,906

Fair Value Measurement Inputs and Valuation Techniques

The following table presents quantitative information about the significant unobservable inputs used in the Level 3 fair value measurement as of June 30, 2026:


Unobservable Input	June 30, 2026	Valuation Technique	Directional Sensitivity*
Underlying share price (Transchem, BSE-listed)	₹342.10 ($3.62)	Option-pricing (Black-Scholes)	Increase in price → increase in FV
Expected volatility	58%	Historical (18-month lookback)	Increase in volatility → increase in FV
Risk-free interest rate	6%	India 1yr/2yr G-Sec average	Increase in rate → increase in FV
Discount for lack of marketability (DLOM)	22%	Calibrated / put-option models	Increase in discount → decrease in FV
Remaining contractual term	1.39 years	Contractual	Increase in term → increase in FV
* Directional sensitivity reflects the isolated impact of an increase in the indicated input, holding all other inputs constant; inputs are not independent, and a change in one unobservable input is not necessarily accompanied by a change in another.

The significant unobservable inputs used for the fair value measurement of the Class 1 Warrants and Class 2 Warrants liabilities as of June 30, 2026 are summarized as follows:


Expected term (years)			3.18
Continuous risk-free rate			4.1%
Expected volatility			128.0%

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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