Warrants |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Warrants | Note 12. Warrants As of June 30, 2026, we have the following warrants outstanding:
Pre-Funded Warrants As discussed in Note 1. Description of Business and Basis of Presentation, we issued Pre-Funded Warrants to purchase up to an aggregate of 6,022,869 shares of Common Stock. Each Pre-Funded Warrant was immediately exercisable for one share of Common Stock at an exercise price of $0.0001 per Pre-Funded Warrant Share and could be exercised at any time until all the Pre-Funded Warrants issued in the Offering are exercised in full. Each holder of the Pre-Funded Warrant's ability to exercise its Pre-Funded Warrants in exchange for shares of Common Stock was subject to certain beneficial ownership limitations set forth therein. On July 24, 2025, Pre-Funded Warrants for the purchase of 2,084,509 shares of Common Stock were exercised for a de minimis amount of cash proceeds. During fiscal year 2026, we issued 3,938,209 shares of Common Stock upon cashless exercises of 3,938,360 Pre-Funded Warrants. As of June 30, 2026, no Pre-Funded Warrants issued in the PIPE remained outstanding. On September 24, 2025, as payment of the annual Asset-based Fee under the GSR Asset Management Agreement, we issued the AMA Pre-Funded Warrants which were fully vested and nonforfeitable as of the issuance date, as more fully discussed in Note 17. Related Party Transactions) for the purchase of up to 546,348 shares of our Common Stock with an exercise price of $0.0001 per share. During the first year of the GSR Asset Management Agreement, it is noncancelable by us, other than for Cause (as defined therein). The annual Asset-based Fee of $1.9 million will be amortized to expense through the one-year anniversary of the GSR Asset Management Agreement. Amounts in excess of fees recognized through June 30, 2026, are recorded in prepaid expenses and other current assets in the consolidated balance sheets. We concluded the fair value of services received by GSR represented the fair value of the warrants issued in settlement of the Asset-based Fee and recorded such fair value as additional paid-in capital in the consolidated balance sheets. During the fiscal year ended June 30, 2026, we recognized $1.8 million of the Asset-based Fee within general and administrative expenses within our digital asset treasury strategy segment (see Note 14. Segment Information for information related to our segments). As more fully described in Note 18. Subsequent Events, we issued the Second Annual Pre-Funded Warrants in settlement of the Second Annual Asset-based Fee under the GSR Asset Management Agreement. Advisory Warrants On July 22, 2025, in conjunction with the closing of the PIPE, we issued the Advisory Warrants (as discussed in Note 2. Summary of Significant Accounting Policies) for the purchase of 3,070,177 shares of our Common Stock to our advisors in the transaction (the Advisory Warrants). The Advisory Warrants are immediately exercisable, expire s from the issuance date and have exercise prices between $3.42 and $5.13 per share. Upon issuance, we recognized the fair value of the Advisory Warrants of $16.2 million within additional paid-in capital that is included in the consolidated statements of stockholders' equity for fiscal year ended June 30, 2026. The weighted-average grant date fair value of the Advisory Warrants was $5.28 per share as determined using the following weighted-average grant date assumptions:
GD Advisory Warrants Issued in Lieu of Cash Fees In October 2025, in settlement of the Annual Advisory Fee (as defined in Note 17. Related Party Transactions) for the annual period ending July 21, 2026, we issued a GD Advisory Warrants (as defined in Note 17. Related Party Transactions) for the purchase of up to 234,149 shares of Common Stock with an exercise price of $0.0001 per share. The Annual Advisory Fee of $0.8 million will be recorded to expense through the one-year anniversary of the GD Advisory Agreement (as defined in Note 17. Related Party Transactions), over the requisite service period. We concluded the fair value of services received or to be received by Green Dragon represented the fair value of the warrants issued in settlement of the Annual Advisory Fee. During the fiscal year ended June 30, 2026, we recognized $0.7 million of the Annual Advisory Fee in general and administrative expenses within our digital asset treasury strategy segment (see Note 14. Segment Information for information related to our segments). As more fully described in Note 18. Subsequent Events, we issued the Second Annual GD Advisory Warrants in settlement of the Second Annual Advisory Fee. Other Warrant As of June 30, 2026, we have a warrant to purchase 102,513 shares of our common stock issued to Torreya Partners LLC. The warrant is fully vested, exercisable at a price of $6.80 per share and expires in October 2027. The warrant wasn't exercised as of June 30, 2026. |
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