6. Written Covered Bitcoin Call Options

The Company writes covered Bitcoin call options and receives option premiums. During the six months ended June 30, 2026, the Company received 1.29086595 BTC of premiums on written covered Bitcoin call options that expired out of the money before the end of the applicable option terms. Written call options are derivative liabilities while outstanding. Premiums received are not revenue from contracts with customers and are recognized through derivative fair-value remeasurement, expiration, close-out or settlement. The written-call strategy may generate premium income but may also limit the Company’s participation in increases in Bitcoin prices and expose the Company to derivative valuation, collateral, counterparty, settlement and liquidity risks.

At June 30, 2026, the Company recognized an $8 thousand derivative liability for the open written covered Bitcoin call position. The liability was measured at fair value using BTC-USD market inputs observed at June 30, 2026 from the market in which the Company transacts through Blockchain.com, rounded to the nearest thousand. The fair value of written-call liabilities may increase with increases in Bitcoin spot price, implied volatility or remaining contractual term.