
(in USD thousands)		June 30, 2026				June 30, 2025
Derivative	Balance Sheet Line	Asset		Liability		Asset		Liability
Derivatives designated as hedging instruments:
Interest-rate swaps — cash flow hedges	Derivative assets - Non current	$	3,141	$	—	$	—	$	—
Derivatives not designated as hedging instruments:
Bitcoin purchase option	Derivative assets - Current	—		—		5,756		—
Capped Call Transactions	Derivative assets - Non current	412,500		—		122,100		—
Total derivatives		$	415,641	$	—	$	127,856	$	—


(in USD thousands)		Years ended June 30,
Derivative	Statement of Operations Line	2026		2025		2024
Derivatives not designated as hedging instruments:
Bitcoin purchase option	Net gain (loss) on financial instruments	(5,756)		3,918		—
Capped Call Transactions	Unrealized gain (loss) on financial instruments	101,848		28,200		—
Total gain (loss) on derivatives		$	96,092	$	32,118	$	—

In conjunction with the offering of each series of the Group’s Convertible Notes, the Group has entered into capped call transactions with certain financial institutions (the “Capped Call Transactions”). The Capped Call Transactions are generally expected to reduce potential dilution to holders of the Company’s Ordinary shares upon any conversion of the related Convertible Notes and/or offset any cash payments the Group is required to make in excess of the principal amount of the Convertible Notes upon conversion, in the event that the market price per share of the Company’s Ordinary shares is greater than the strike price of the applicable Capped Call Transaction, with such reduction and/or offset subject to a cap. If any Capped Call Transactions are terminated or unwound prior to their scheduled expiration, the anticipated reduction in potential dilution and/or offset of cash payments may be diminished or may not be realized, and any payments received by the Group in connection with such an early termination or unwind may be less than the value of the protection that would otherwise have been available. The key terms of each Capped Call Transaction are summarized below.


(in USD thousands)
Capped Call Transactions	Related Convertible Notes	Net proceeds used to purchase		Transaction costs expensed		Last reported sale price of Ordinary shares		Date of last reported sale price of Ordinary shares
2030 Capped Call	2030 Convertible Notes	$	44,352	$	1,452	$	12.93	December 3, 2024
2029 Capped Call	2029 Convertible Notes	$	53,790	$	2,790	$	10.49	June 10, 2025
2031 Capped Call	2031 Convertible Notes	$	56,700	$	1,418	$	60.09	October 8, 2025
2032 Capped Call	2032 Convertible Notes	$	104,305	$	2,503	$	41.12	December 2, 2025
2033 (Jun) Capped Call	2033 (Jun) Convertible Notes	$	96,715	$	1,547	$	41.12	December 2, 2025
2033 (Dec) Capped Call	2033 (Dec) Convertible Notes	$	201,300	$	5,400	$	55.15	May 11, 2026

On November 19, 2025, the Company’s shareholders approved the repurchase of the Company’s Ordinary shares underlying the 2030 Capped Call Transactions and the 2029 Capped Call Transactions, if so elected. Following shareholder approval, the 2030 Capped Call Transactions and the 2029 Capped Call Transactions met the conditions for equity classification under ASC 815‑40. Accordingly, the 2030 Capped Call Transactions and the 2029 Capped Call Transactions were reclassified to stockholders’ equity as a reduction of additional paid‑in capital at their fair value on the date of shareholder approval of $259.6 million.

Prior to their reclassification to equity, the Group estimated the fair value of the 2030 Capped Call Transactions and 2029 Capped Call Transactions using the Black-Scholes-Merton pricing model, which includes several inputs and assumptions including the risk-free interest rate, dividend yield, and the expected stock-price volatility. The following table represents the significant and unobservable fair value assumptions used for Capped Call Transactions as at the date of shareholder approval:

The Group determined that the Capped Call Transactions are Level 3 derivative assets given that significant unobservable inputs are included in its valuation. The Group estimates the fair value of the derivative using the Black-Scholes-Merton pricing model, which includes several inputs and assumptions including the risk-free interest rate, dividend yield, and the expected stock-price volatility. The following table represents the significant fair value assumptions used for Capped Call Transactions as at June 30, 2026:


	2031 Capped Call		2032 Capped Call		2033 (Jun) Capped Call		2033 (Dec) Capped Call
Closing share price	$45.73		$45.73		$45.73		$45.73
Long strike price	$85.63		$51.40		$51.40		$73.07
Short strike price	$120.18		$82.24		$82.24		$110.30
Risk free interest rate	4.10	%	4.15	%	4.20	%	4.23	%
Dividend yield	nil		nil		nil		nil
Expected volatility	67.5	%	65.0	%	62.5	%	60.0	%

Volatility is a measure of the expected change in variables over a fixed period of time. Some financial instruments benefit from an increase in volatility and others benefit from a decrease in volatility. Generally, for a long position in an option, an increase in volatility would result in an increase in the fair values of financial instruments.


(in USD thousands)						Total Capped Call Transactions
Balance as at July 1, 2025						$122,100
Initial recognition of new Capped Call transactions						448,152
Unrealized gain (loss) recognized						101,848
Reclassification to equity						(259,600)
Balance as at June 30, 2026						$412,500

In May 2026, in connection with the Group’s GPU Financing (see Note 23. Debt), the Group entered into pay-fixed, receive-Term-SOFR interest-rate swaps with an aggregate notional amount of $1,500 million as of June 30, 2026, designated as cash flow hedges of the variability in interest payments on the facility. The swaps mature in October 2031 and amortize in line with the scheduled principal of the facility.

In June 2025, the Group entered into a supplemental agreement with Bitmain Technologies Delaware Limited (“Bitmain”) relating to outstanding payments for mining hardware. Upon settlement of the outstanding obligation, the Group received a Bitcoin purchase option, which was accounted for separately as a derivative financial instrument and measured at fair value through earnings. As of December 31, 2025, the option had expired unexercised and its carrying value was nil.