FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the Company's financial assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of June 30, 2026 (in thousands):


	Fair Value
	Level 1		Level 2		Level 3		Total
Assets:
SOL digital assets	$	133,329	$	—	$	—	$	133,329
SOL digital assets, restricted*	18,474		—		—		18,474
SOL digital assets collateral receivable	—		2,312		—		2,312
SOL digital assets receivable**	—		13,991		—		13,991
SOL digital assets fund investment**	—		2,513		—		2,513
Total assets	$	151,803	$	18,816	$	—	$	170,619

Liabilities:
Written put options derivative liability***	$	—	$	—	$	299	$	299
RDO put options derivative liability****	—		—		4,207		4,207
Total liabilities	$	—	$	—	$	4,506	$	4,506

*Subject to contractual sales restriction. See Note 3.

**Underlying assets subject to contractual sales restriction. See Notes 4 and 5.

***Represents the fair value of written OTC SOL put option contracts outstanding as of June 30, 2026, which are included within "Accrued and other current liabilities" on the unaudited condensed consolidated balance sheets. Fair value is estimated using standard option-pricing models incorporating SOL spot prices, implied volatility, and time to expiration. See Notes 2 and 7.

****Represents the fair value of put option agreements entered into in connection with the April 2026 Registered Direct Offering, which are included within "Derivative liability" on the unaudited condensed consolidated balance sheets. Fair value is estimated using an option lattice model. See Notes 2 and 9.

Schedule of Unobservable Inputs Used in the Fair Value Measurement

The following table presents the significant unobservable inputs used in the fair value measurement of the Company's Level 3 derivative liabilities as of June 30, 2026:

Written Put Option Derivative Liability

RDO Put Option Derivative Liability

Implied volatility - range

71.5% - 80.9%

72.8%

Implied volatility - weighted average(1)

73.2%

n/a

(1)The weighted average implied volatility is calculated by weighting each contract's implied volatility by the relative fair value of that contract.

Schedule of Derivative Liabilities Measured at Fair Value on a Recurring Basis

The following table presents a roll-forward of the Company's derivative assets measured at fair value on a recurring basis using Level 3 inputs for the three and six months ended June 30, 2026 (in thousands):


	Purchased Call Options
Fair Value as of December 31, 2025	$	—
Purchases	1,147
Settlements	—
Total loss included in earnings	(1,147)
Fair Value as of June 30, 2026	$	—

The following table presents a roll-forward of the Company's derivative liabilities measured at fair value on a recurring basis using Level 3 inputs for the three and six months ended June 30, 2026 (in thousands):


	Written Put Options		Written Call Options		RDO Put Options		Total
Fair Value as of December 31, 2025	$	—	$	—	$	—	$	—
Issuances	993		147		3,885		5,025
Settlements	(376)		—		—		(376)
Total (gain) loss included in earnings(1)	(318)		(147)		322		(143)
Fair Value as of June 30, 2026	$	299	$	—	$	4,207	$	4,506

(1)Amounts presented in parentheses reduce the carrying amount of the related derivative. Accordingly, parenthetical amounts in the derivative liabilities roll-forward represent gains included in earnings. See Note 7 for the statement of operations line items in which these gains and losses are recognized.

- 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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