Fair Value Measurements (Tables)

12 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on Recurring Basis

The following table presents our financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2026, (in thousands):


		June 30, 2026
		Total				Level 1				Level 2				Level 3
Assets:
Cash equivalents		$	4,867			$	4,867			$	—			$	—
Digital assets			27,272				27,272				—				—
Digital assets receivable, net			7,627				—				7,627				—
Investments in SAFE			400				—				—				400
Investment in token warrants			600				—				—				600
Total assets measured on a recurring basis		$	40,766			$	32,139			$	7,627			$	1,000

Liabilities:
Derivative liabilities - Covered Call Options		$	40				—			$	40				—
Total liabilities measured on a recurring basis		$	40			$	—			$	40			$	—

Schedule of Changes in Carrying Amount of Digital Assets

The following table presents the changes in the carrying amount of our digital assets (in thousands):


Balance as of June 30, 2025		$	—
Purchases of digital assets			100,000
Change in fair value of digital assets:
Realized loss on sale of digital assets			(5,421	)
Realized loss upon transfer of digital assets as collateral			(6,986	)
Unrealized loss on digital assets			(42,001	)
Digital assets transferred as collateral			(15,093	)
Digital assets returned by GSR Markets			1,813
Disposition of digital assets			(5,040	)
Balance as of June 30, 2026		$	27,272

Schedule of Reconciliation of all Financial Assets Measured at Fair Value

The following tables provide a reconciliation of all financial assets measured at fair value, during the fiscal year ended June 30, 2026, using Level 3 significant unobservable inputs (in thousands):


		Level 3 Assets
		SAFE				Token Warrants
Balance as of June 30, 2025		$	—			$	—
Issuance of financial instruments			400				600
Balance as of June 30, 2026		$	400			$	600

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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