As of June 30, 2026, the Company’s holdings of digital assets were concentrated with two custodians used by the Company to hold digital assets, including unrestricted SOL (“Unlocked SOL”), which unless qualified otherwise, shall only refer to unrestricted SOL tokens that are readily transferable on-chain on the Solana network or staked SOL subject to the normal unbonding period and restricted SOL subject to contractual lock-up (“Locked SOL”). The Company primarily holds SOL at custodians but may also hold cash and cash equivalents. As of June 30, 2026, the Company held $2.7 million in fiat currency at custodians which is presented on the unaudited condensed consolidated balance sheets within "Cash and cash equivalents". The Company does not hold a significant portion of digital assets at an exchange. As of June 30, 2026, the Company held less than 1% of the total supply of SOL.

Certain digital assets, digital assets receivable and digital assets underlying equity investments are subject to sale restrictions through lock-up schedules typically associated with lock-up agreements with digital asset foundations such as the Solana Foundation.

Locked SOL that are held directly in the Company’s custodial digital asset wallets are recorded as digital assets, restricted on the consolidated balance sheets, and include the Locked SOL contributed to the Company as part of the September 2025 private placement (“Locked PIPE SOL”), see Note 9 for additional details. The underlying restricted SOL for the Locked PIPE SOL unlock on a monthly basis in relatively even intervals and amounts through January 2028.

The Company has staked the majority of its digital assets as of June 30, 2026 as shown in the table below. The Company’s ability to sell or transfer staked digital assets is subject to restrictions related to the unbonding period on the blockchain. As of June 30, 2026, all the Company’s staked digital assets were SOL and were staked on the Solana network and the unbonding period is between 2 and 3 days.


	Quantity	Quantity Staked	Cost Basis (in thousands)		Fair Value (in thousands)
SOL	1,812,866	1,728,626	$	374,555	$	133,329
Locked PIPE SOL	251,202	251,202	53,834		18,474
Total digital assets	2,064,068	1,979,828	$	428,389	$	151,803

The Company’s digital asset holdings represent 86.2% of the Company’s total assets as of June 30, 2026. The following table presents a roll-forward of digital assets fair value for the three and six months ended June 30, 2026 (in thousands):


	SOL		Locked PIPE SOL		Total
Fair Value as of December 31, 2025	$	217,724	$	39,219	$	256,943
Sales	(5,452)		—		(5,452)
Staking rewards	2,631		455		3,086
Restricted SOL unlocked	7,702		(3,664)		4,038
Losses(1)	(74,018)		(12,446)		(86,464)
Fair value as of March 31, 2026	148,587		23,564		172,151
Purchases	5,495		—		5,495
Sales	(7,869)		—		(7,869)
Transfer to margin collateral	(10,994)		—		(10,994)
Return of margin collateral	8,824		—		8,824
Staking rewards	2,014		287		2,301
Restricted SOL unlocked	6,111		(2,870)		3,241
Losses(2)	(18,839)		(2,507)		(21,346)
Fair value as of June 30, 2026	$	133,329	$	18,474	$	151,803