Derivatives (Tables)

12 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Consolidated Balance Sheet classification of derivatives

The following table presents the Group’s Consolidated Balance Sheets classification of derivatives carried at fair value:


(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	$	—

Schedule of effect of derivatives on the Consolidated Statement of Operations and Comprehensive Income (Loss)

The following table presents the effect of derivatives on the Group’s Consolidated Statements of Operations and Comprehensive Income (Loss):


(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	$	—

Schedule of Derivative Instruments, Capped Call Transactions

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

Schedule of the significant fair value assumptions

The following table represents the significant and unobservable fair value assumptions used for Capped Call Transactions as at the date of shareholder approval:


	2030 Capped Call		2029 Capped Call
Closing share price	$45.83		$45.83
Long strike price	$16.81		$13.64
Short strike price	$25.86		$20.98
Risk free interest rate	3.62	%	3.59	%
Dividend yield	nil		nil
Expected volatility	62.5	%	62.5	%

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	%

Schedule of the movement in the fair value

The following table reconciles the movement in the fair value of the Capped Call Transactions:


(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

- 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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