| Fair value measurement |
Note 18. Fair value measurement Assets and liabilities that are measured in the Consolidated Balance Sheets at fair value are categorized into a three-level hierarchy based on the priority of the inputs to the valuation. The categorization within the hierarchy is based on the lowest level input that is significant to the fair value measurement, being: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly Level 3: Unobservable inputs for the asset or liability. The following tables present the Group’s assets and liabilities measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | Fair value measured as of June 30, 2026 | | (in USD thousands) | Total carrying value | | Quoted prices in active markets (Level 1) | | Significant other observable inputs
(Level 2) | | Significant unobservable inputs
(Level 3) | Derivative assets | | | | | | | | | Capped Call Transactions | $ | 412,500 | | | $ | — | | | $ | — | | | $ | 412,500 | | | Interest-Rate Swaps | 3,141 | | — | | | 3,141 | | | — | | Total derivative assets | $ | 415,641 | | | $ | — | | | $ | 3,141 | | | $ | 412,500 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Fair value measured as of June 30, 2025 | | (in USD thousands) | Total carrying value | | Quoted prices in active markets (Level 1) | | Significant other observable inputs
(Level 2) | | Significant unobservable inputs
(Level 3) | Financial assets | | | | | | | | Prepaid Forward Contracts | $ | 211,617 | | | $ | — | | | $ | 211,617 | | | $ | — | | Total financial assets | $ | 211,617 | | | $ | — | | | $ | 211,617 | | | $ | — | | | | | | | | | | Derivative assets | | | | | | | | | Bitcoin purchase option | $ | 5,756 | | | $ | — | | | $ | 5,756 | | | $ | — | | | Capped Call Transactions | 122,100 | | | — | | | — | | | 122,100 | | Total derivative assets | $ | 127,856 | | | $ | — | | | $ | 5,756 | | | $ | 122,100 | |
Fair value of financial instruments not recognized at fair value The following tables present information about the Group’s financial instruments that are not recognized at fair value on the Consolidated Balance Sheets. | | | | | | | | | | | | | | | | | | | | | | | | | Fair value measured as of June 30, 2026 | | (in USD thousands) | Total carrying value | | Quoted prices in active markets (Level 1) | | Significant other observable inputs
(Level 2) | | Significant unobservable inputs
(Level 3) | | 2030 Convertible Notes | $ | 207,621 | | | $ | 613,361 | | | $ | - | | | $ | - | | | 2029 Convertible Notes | 228,343 | | | 828,943 | | | - | | | - | | | 2031 Convertible Notes | 981,814 | | | 873,774 | | | - | | | - | | | 2032 Convertible Notes | 1,136,412 | | | 1,271,515 | | | - | | | - | | | 2033 (Jun) Convertible Notes | 1,136,208 | | | 1,279,326 | | | - | | | - | | | 2033 (Dec) Convertible Notes | 2,962,393 | | | 2,617,185 | | | - | | | - | | | USPP Senior Notes | 514,545 | | | - | | | 524,274 | | | - | | | Total financial liabilities at amortized cost | $ | 7,167,336 | | | $ | 7,484,104 | | | $ | 524,274 | | | $ | - | |
Debt instruments that bear interest at variable market rates are not included in the table above, as the carrying value of such instruments approximates fair value due to the variable interest rates resetting to reflect current market conditions. | | | | | | | | | | | | | | | | | | | | | | | | | Fair value measured as of June 30, 2025 | | (in USD thousands) | Total carrying value | | Quoted prices in active markets (Level 1) | | Significant other observable inputs
(Level 2) | | Significant unobservable inputs
(Level 3) | | 2030 Convertible Notes | $ | 427,837 | | | $ | 483,089 | | | $ | - | | | $ | - | | | 2029 Convertible Notes | 534,928 | | | 712,844 | | | - | | | - | | | Total financial liabilities at amortized cost | $ | 962,765 | | | $ | 1,195,933 | | | $ | - | | | $ | - | |
There were no transfers between Level 1, 2 or 3 during the years ended June 30, 2026 and 2025. Refer to Note 13. Financial assets and Note 17. Derivatives for the significant fair value assumptions and activities of the financial instruments measured and recorded at fair value on a recurring basis.
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