Digital Assets

12 Months Ended

Jun. 30, 2026

Digital Assets

Digital Assets

Note 5. Digital Assets

The following table summarizes the changes in the Company’s SOL holdings, on a historical cost basis, for the years ended June 30, 2026 and 2025:

		Liquid								Locked								Staking Revenue								Convertible Note								Total
		Tokens				Tokens Cost				Tokens				Tokens Cost				Tokens				Tokens Cost				Tokens				Tokens Cost				Tokens				Tokens Cost
Balance, June 30, 2024			-			$	-				-			$	-				-			$	-				-			$	-				-			$	-

SOL purchases			329,721				48,982,807				404,225				55,923,890				-				-				-				-				733,946				104,906,697

Exchanges between locked and liquid SOL, net			(22,090	)			(3,302,385	)			25,836				3,302,385				-				-				-				-				3,746				-

SOL revenue			-				-				-				-				6,334				985,009				-				-				6,334				985,009

SOL unlocked			8,610				(582,498	)			(8,610	)			582,498				-				-				-				-				-				-

Balance, June 30, 2025			316,241			$	45,097,924				421,451			$	59,808,773				6,334			$	985,009				-			$	-				744,026			$	105,891,706

SOL purchases			401,687				70,614,726				73,211				12,116,362				-				-				1,236,143				187,131,144				1,711,041				269,862,232

SOL sales			(100,000	)			(14,804,024	)			-				-				(137,729	)			(18,124,576	)			-				-				(237,729	)			(32,928,600	)

Exchanges between locked and liquid SOL, net			79,878				13,771,277				(92,461	)			(13,771,277	)			-				-				-				-				(12,583	)			-

SOL revenue			-				-				-				-				135,395				17,429,206				-				-				135,395				17,429,206

SOL unlocked			138,679				18,568,230				(138,679	)			(18,568,230	)			-				-				-				-				-				-

SOL tokens released from convertible note security			62,946				8,664,187				89,021				12,051,494				-				-				(151,967	)			(20,715,681	)			-				-

Balance, June 30, 2026			899,431			$	141,912,320				352,543			$	51,637,122				4,000			$	289,639				1,084,176			$	166,415,463				2,340,150			$	360,254,544

The following table summarizes the changes in the Company’s SOL holdings, at fair value, for the years ended June 30, 2026 and 2025:

		Fair Value
Digital assets, June 30, 2024		$	-
Purchases of digital assets			104,906,697
Digital asset revenue			985,009
Unrealized gain on digital assets			105,474
Digital assets, June 30, 2025		$	105,997,180
Purchases of digital assets			269,862,232
Proceeds from sales of digital assets			(21,223,391	)
Digital asset revenue			17,429,206
Realized loss on sale of digital assets			(11,705,209	)
Unrealized loss on digital assets			(195,059,336	)
Digital assets, June 30, 2026		$	165,300,682

As of June 30, 2026, management valued liquid SOL at $73.52 per token based on the closing market prices of SOL. The closing market prices of SOL reported by CoinMarketCap as of June 30, 2026 and 2025 were $73.52 and $154.74, respectively.

The Company purchases locked SOL on the open market at negotiated discounts to the prevailing spot price. The original purchase discount is amortized over the unlocking period. As of June 30, 2026, the Company had 263,522 locked SOL tokens that were purchased with an unamortized original purchase discount of approximately $2.4 million. As of June 30, 2025, the Company had 421,451 locked SOL tokens that were purchased with an unamortized original purchase discount of approximately $9.1 million. The resulting purchase discount is recognized over the unlocking period based on the contractual token unlocking schedule, which ends in January 2028.

As of June 30, 2026, management estimated the fair value of the Company’s locked SOL that was acquired through the issuance of convertible debt at approximately 90% of the corresponding SOL spot price, or $66.17 per locked token. As of June 30, 2026, the Company had 585,602 locked SOL tokens that were acquired through the issuance of convertible debt. There were no such amounts held as of June 30, 2025.

The Company had approximately 95% of its Solana treasury staked as of June 30, 2026 and 2025. The Company maintains control over the delegated SOL tokens throughout the staking period. Although the tokens undergo a bonding process with validators, the Company retains the ability to initiate unbonding at any time. Upon notification to the validator, the unbonding process begins, which typically takes up to two days. During this period, the tokens remain unavailable for transfer or sale on the open market. Validators do not gain control over the tokens in a manner that meets derecognition criteria. They cannot sell, pledge, or otherwise dispose of the tokens. As such, the Company continues to recognize the delegated SOL tokens as part of its digital asset holdings.

As of June 30, 2026, the Company held 849,124 tokens subject to lock up restrictions. The following table summarizes the unlocking schedule of these Solana tokens:

June 30, 2027			573,114
June 30, 2028			276,010
Total			849,124