Digital Assets (Fair Value) (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Digital Assets |
|
| Schedule of Crypto Assets Held |
The
following tables present the Company’s digital assets held as of June 30, 2026 and December 31, 2025:
Schedule of Crypto Assets Held
| | |
As of June 30, 2026 | | |
As of December 31, 2025 | |
| Asset | |
Tokens | | |
Cost | | |
Fair Value | | |
Tokens | | |
Cost | | |
Fair Value | |
| Ethereum (ETH) | |
| 51,226 | | |
$ | 142,061,385 | | |
$ | 80,420,354 | | |
| 70,787 | | |
$ | 215,204,804 | | |
$ | 210,592,607 | |
| BNB Chain (BNB) | |
| 167 | | |
| 162,148 | | |
| 90,868 | | |
| 167 | | |
| 162,148 | | |
| 168,644 | |
| Rocket Pool (RPL) | |
| - | | |
| - | | |
| - | | |
| 640 | | |
| 6,774 | | |
| 3,001 | |
| Total | |
| | | |
$ | 142,223,533 | | |
$ | 80,511,222 | | |
| | | |
$ | 215,373,726 | | |
$ | 210,764,252 | |
| |
(1) |
As
of June 30, 2026, the Company’s ETH holdings included: |
| |
(a) |
Approximately
2,880 ETH staked to validator nodes with an approximate fair value of $4,519,000, presented in Digital assets – staked;
and |
| |
(b) |
Approximately
47,775 Aave aEthWETH tokens representing wrapped ETH deployed in DeFi protocols and serving as collateral for outstanding DeFi borrowings,
with a fair value of approximately $75,003,000. The underlying ETH remains recognized within Digital assets - DeFi at fair
value on the balance sheet. Although the associated aEthWETH tokens reside in the Company’s wallets, they are subject to protocol-enforced
restrictions while the related borrowing is outstanding. |
|
| Schedule of Digital Assets by Operational Use |
As
described in Note 3 – Summary of Significant Accounting Policies, the Company classifies its digital assets by operational
use into three categories:
Schedule of Digital Assets by Operational Use
| | |
June 30, 2026 | | |
December 31, 2025 | |
| Digital assets – treasury | |
| 988,924 | | |
| 2,388,607 | |
| Digital assets – DeFi | |
| 75,003,047 | | |
| 177,718,244 | |
| Digital assets – staked | |
| 4,519,251 | | |
| 30,657,401 | |
| Total crypto assets | |
| 80,511,222 | | |
| 210,764,252 | |
|
| Schedule of Crypto Assets Rollforward Activity |
The
following table presents a roll forward of the Company’s digital assets measured at fair value for the six months ended June 30,
2026:
Schedule of Crypto Assets Rollforward Activity
| | |
| | |
| December 31, 2025 - Fair Value | |
$ | 210,764,252 | |
| Additions and purchases of digital assets | |
| 1,915,822 | |
| Digital asset rewards earned from blockchain infrastructure and DeFi activities | |
| 3,891,151 | |
| Sales of digital assets | |
| (44,726,770 | ) |
| Deposits into Liquidity Pool positions | |
| (29,265,878 | ) |
| Withdrawals from Liquidity Pool positions | |
| 32,533,007 | |
| Digital asset payments | |
| (2,009,864 | ) |
| Dividends distributions paid in ETH | |
| (723,218 | ) |
| Digital asset fees | |
| (892 | ) |
| Realized gains on sale of digital assets | |
| 94,840 | |
| Realized losses on sale of digital assets | |
| (34,856,238 | ) |
| Unrealized gains and losses on digital assets | |
| (57,104,990 | ) |
| June 30, 2026 - Fair Value | |
$ | 80,511,222 | |
|