The Company holds an ownership interest in Digital Assets Receivable, which entitles it to receive distributions of SOL as the underlying assets unlock in accordance with predetermined lock-up schedules applicable to the relevant pools. Digital Assets Receivable represents the Company’s pro rata entitlement to receive underlying SOL upon the expiration of contractual lock-up restrictions and does not constitute a debt instrument or financial receivable. The underlying restricted SOL tokens for Digital Assets Receivable is staked through protocol-based mechanisms, and the Company is entitled to receive the associated protocol-generated staking rewards attributable to each tranche of underlying SOL as such tranche unlocks.

The underlying restricted SOL for the Digital Assets Receivable unlock on a monthly basis in relatively even intervals and amounts through January 2028. The following table presents the quantity of tokens that the Company has a right to receive upon unlock of the Digital Assets Receivable summarized by year as of June 30, 2026:

The Company’s digital asset receivables represent 9.3% of the Company’s total assets as of June 30, 2026. The following table presents a roll-forward of Digital Assets Receivable fair value for the three and six months ended June 30, 2026 (in thousands):


	Digital Assets Receivable
Fair Value as of December 31, 2025	$	31,139
Staking rewards	331
Unrestricted SOL distributed	(3,421)
Net change in fair value	(9,702)
Fair value as of March 31, 2026	$	18,347
Transfer to margin collateral	—
Return of margin collateral	—
Staking rewards	211
Unrestricted SOL distributed	(2,745)
Net change in fair value	(1,822)
Fair value as of June 30, 2026	$	13,991