

	July 31, 2026											April 30, 2026
							Weighted Average			Collateral
	Carrying Value		Outstanding Face Amount		Month Issued	Final Stated Maturity	Funding Cost		Life (Years)	Carrying Value			Carrying Value
Debt
BitGo Facility(A)	$	15,000	$	15,000	Apr-2026	Jan-2027	9.8	%	0.3	$	25,916		$	—


Total debt	15,000		15,000				9.8	%	0.3	25,916			—



Related Party Notes Payable

Tax Indemnification Note(B)	357		357		Jun-2025	n.a.	—		n.a.	—			368
Promissory Note(C)	734		734		Jun-2025	Nov-2026	7.0		0.3	n.a.			759
Convertible Promissory Note(D)	734		734		Jun-2025	Jun-2027	7.0		0.8	n.a.			758
Total related party notes payable, gross	1,825		1,825				5.6		0.6	—			1,885
Unamortized deferred financing costs(E)	(27)		—										(49)







Total related party notes payable	1,798		1,825							—			1,836
Total, net	$	16,798	$	16,825						$	25,916		$	1,836

A.On April 30, 2026, the Company and BitGo Prime, LLC ("BitGo") entered into an uncommitted master loan facility ("BitGo Facility"), pursuant to which the Company may borrow digital assets or cash from BitGo from time to time. BitGo is not obligated to make any loan, and we have no committed borrowing capacity. Each loan is documented in a separate loan agreement by the parties setting forth the specific terms, including principal amount, fees, collateral requirements, and the date on which the loan is to commence and mature. Each loan may have a fixed term, or may include a call option held by BitGo or prepayment option held by the Company, as specified in each loan agreement. Borrowings under the master loan agreement are secured by collateral in favor of BitGo. Collateral may include BNB, cash, or other forms agreed upon by the parties. The collateral’s required value is typically higher than the borrowed amount, subject to margin calls as set forth in the master loan agreement. If the value of posted collateral falls below the margin call threshold, the Company must promptly post additional collateral. Failure to maintain sufficient collateral can result in an event of default and remedies available to BitGo, including the right to liquidate pledged collateral. BitGo holds BNB collateral owned by the Company in a segregated custody account in the Company's name, and BitGo is not permitted to use such BNB to secure any other loan or account. The final stated maturity of the facility represents the greater of the maturity of the master loan agreement or the maturity of any fixed term loan agreement thereunder. At July 31, 2026 and April 30, 2026, the Company accrued $0.1 million and $— million of unpaid interest, respectively, in "Other current liabilities" in the Condensed Consolidated Balance Sheets.

B.The $0.4 million note with the Selling Fat Panda Shareholders does not bear interest and does not have a fixed maturity date. The Company must repay the note in full within 15 days following the date that Canada Revenue Agency issues a letter confirming a certain tax liability does not exist in connection with the Fat Panda Acquisition. Conversely, the note payable is reduced in the amount of any tax liability assessed.

D.The $0.7 million convertible note with the President of Fat Panda bears interest at 7.0% per annum. The President of Fat Panda may elect to convert the note into shares of the Company's common stock at a conversion price of $19.00 per share until June 1, 2027. If no election occurs by that date, the Company must pay the entire principal plus interest in cash. At July 31, 2026 and April 30, 2026, the Company accrued $0.1 million and $— million of unpaid interest, respectively, in "Other current liabilities" in the Condensed Consolidated Balance Sheets.