On August 15, 2025, the Company adopted the $DATA token as its primary treasury reserve asset (which was migrated to the $DATA token on June 25, 2026. (See below.). Under this new treasury strategy, the Company purchases and holds $DATA tokens for long term investment purposes. The Company accounts for its $DATA tokens as an indefinite-lived intangible asset in accordance with ASC 350, Intangibles—Goodwill and Other and has ownership of and control over its $DATA tokens, which are included in intangible digital assets in the condensed consolidated balance sheets. As of June 30, 2026 and December 31, 2025, there were contractual restrictions consisting of restrictions on sale or transfer and lock ups on the Company’s sale of its $DATA tokens.


	As of June 30, 2026
	Units	Cost Basis		Fair Value
$DATA Tokens (a) (b)	45,819,670	$	119,081,046	$	13,539,712
APL Tokens	13,889	$	10,000	$	—
ARIAIP Tokens	125,000	$	10,000	$	3,368
USDC	397	$	397	$	397
Total	45,958,956	$	119,101,443	$	13,543,477
Less: Amount Classified as Digital Assets Receivable	2,456,010	$	12,883,365	$	(725,752)
Total Intangible Digital Assets	48,414,966	$	131,984,808	$	12,817,725


	As of December 31, 2025
	Units	Cost Basis		Fair Value
$DATA Tokens (c)	53,339,862	$	209,261,236	$	91,691,223
APL Tokens	13,889	10,000		2
ARIAIP Tokens	125,000	10,000		9,978
Total	53,478,751	$	209,281,236	$	91,701,203

(a) As of June 30, 2026, the total $DATA tokens held are comprised of: 10.0 million tokens are programmatically restricted under the layer 1 protocol through August 2028; 3.0 million tokens are available for the Covered Call Program; and the remaining 32.8 million tokens are contractually restricted through August 15, 2027.


Intangible Digital Assets	Fair Value
	$DATA Tokens		All Other
Balance - December 31, 2024	$	—	$	—
Additions (a)
PIPE Offering	128,819,949		—
Purchases	80,000,034		20,000
Staking Rewards	4,951,565		—
Dispositions
Sale of Staking Rewards	(2,890,396)		—
Sale of Purchased Intangible Digital Assets	(1,000,000)		—
Change in Fair Value of Intangible Digital Assets (b)	(118,189,929)		(10,020)
Balance -December 31, 2025	$	91,691,223	$	9,980
Additions (a)
Purchases	—		—
Staking Rewards	1,603,195		—
Dispositions	(3,629,664)		—
Reclassification of Covered Calls to Current Assets	(725,752)		—
Loss on Sale of Intangible Digital Assets	(30,529,901)		—
Change in Fair Value of Intangible Digital Assets (b)	(45,595,141)		(6,612)
Ending Balance - June 30, 2026	$	12,813,960	$	3,368

(a) Additions represent initial consideration received in 2025 as part of the August 15, 2026 PIPE offering, and purchases of, and staking rewards earned on, crypto assets held for investment. As of June 30, 2026 Per the Omnibus Amendment dated March 6, 2026, a total of 10.0 million tokens were restricted through August 2028; 3.0 million tokens are available for the Covered Call Program; and the remaining 32.8 million tokens were restricted and such restriction would not be lifted until after August 15, 2027. However, under the Company’s Covered Call Program, in the event $DATA tokens in that program are

liquidated per a specific covered call contract, the Company reserves the right to unstake long term locked $DATA tokens equal to that same number of liquidated $DATA tokens to reload for future covered calls such that up a total of 3 million $DATA tokens would be available for its Covered Call Program at any one time.

(b) The Company measures gains and losses by each asset held. These include cumulative realized losses of $27,466,760 and $0 and realized gains of $0 and $0 for the three months ended June 30, 2026 and 2025, respectively; and realized losses of $30,531,663 and $0 and realized gains of $1,762 and $0 or the six months ended June 30, 2026 and 2025, respectively.

The Company from time to time also holds stablecoins, primarily USDC, which are designed to maintain a value pegged to the U.S. dollar. These holdings are presented within other current assets on the condensed consolidated balance sheets. Because stablecoins do not meet the definition of cash or cash equivalents under ASC 305, cash and cash equivalents, they are accounted for as financial instruments and measured at fair value under ASC 820, with changes recognized in net income. The Company monitors liquidity, counterparty risk, and regulatory developments related to these holdings on an ongoing basis. As of June 30, 2026 and December 31, 2025, the Company held 397 and 0 USDC, respectively.

Sale of Covered Call Contracts on Intangible Digital Assets — On January 6, 2026, the Board approved using 3 million of unlocked $DATA tokens for covered call transactions, and the Company began entering into such covered call transactions. On March 4, 2026, the Board increased the authorization for the number of $DATA tokens allowed to be use under the Covered Call Program to 6 million.

The covered call contracts were written to generate additional income from existing holdings while retaining potential for capital appreciation up to the strike price. Each contract granted the counterparty the right, but not the obligation, to purchase the specified quantity of $DATA tokens at a predetermined strike price on or before the contract’s expiration date.

Premiums received from the sale of these options totaled $140,288 and $417,682 during the three and six months ended June 30, 2026, respectively, of which $162,718 and $402,990 was recognized as crypto and related revenue for covered call contracts that expired without exercise, and $14,692 was recognized as a liability as of June 30, 2026 until subsequent expiration or settlement of the respective covered call contracts. If any of the covered call contracts had been exercised, the carrying amount of the underlying digital asset and the option liability would have been derecognized, and any resulting gain or loss would be recognized in crypto and related revenue. Revenue from covered call contracts is recorded in crypto and related revenue without giving effect to a fee of 7.5% of premiums earned that is due to the Company’s contract Chief Investment Officer. That fee totalled $9,703 and $27,724 for the three and six months ended June 30, 2026, respectively, and was recorded in cost of crypto and related revenue.

As of June 30, 2026, the Company had outstanding covered call contracts covering 2,456,000 $DATA tokens, with a weighted average strike price of $0.3073 per $DATA token, a weighted average remaining contractual term of 10.96 days, and a fair value of outstanding option liabilities of $754,678. During the three and six months ended June 30, 2026, respectively, the Company wrote covered call contracts covering an aggregate of 7,912,000 and 14,412,000 $DATA tokens with a weighted average strike price of $0.4519 and $0.7382 per $DATA token, all with terms of 30 days.

Sale of Intangible Digital Assets (1 million $DATA Tokens) — In March 2026, the Board approved selling up to 1,000,000 $DATA tokens and using the proceeds there from for operations, and the Company sold the $DATA tokens at an average price of $0.798 for cash proceeds of $798,450 before deducting any fees or commissions on any such sales.

Sale of Restricted $DATA Tokens to The DATA Foundation - In May 2026, the Company sold to The DATA Foundation 5,000,000 $DATA tokens that had significant restrictions on future sales into the market for a period longer than one year. The Company received $459,135 USDC for the sale of these tokens, at a loss on sale of intangible digital assets of $16,540,865, for the quarter ended June 30, 2026.

Liquidation of $DATA Tokens under the Covered Call Program - In June 2026,1,000,000 $DATA tokens were liquidated under the Company’s Covered Call Program via the strike price under the contract covering those tokens. The Company received $405,000 USDC upon the liquidation of these tokens, at a loss on sale of intangible digital assets of $6,053,635, for the quarter ended June 30, 2026. Following this 1,000,000 separate $DATA tokens were unstaked from the validator to fully reload the Covered Call Program.