| Schedule of bitcoin holdings |
| | | | | | | | | | Quantity | | Amounts | Balance as of January 1, 2026 | | | 18,005 | | $ | 1,575,441 | Revenue recognized from bitcoin mined | | | 4,697 | | | 341,621 | Change in bitcoin receivable | | | (2) | | | (122) | Proceeds from sale of bitcoin | | | (20,264) | | | (1,483,958) | Exchange of bitcoin for employee compensation | | | (18) | | | (1,618) | Change in fair value of bitcoin | | | — | | | (229,369) | Balance as of September 30, 2026 | | | 2,418 | | $ | 201,995 | | | | | | | | Carrying value of bitcoin as of September 30, 2026 (a) | | | | | $ | 168,814 | Realized losses on the sale or exchange of bitcoin for the three months ended September 30, 2026 (b) | | | | | $ | (176,008) | Realized losses on the sale or exchange of bitcoin for the nine months ended September 30, 2026 (b) | | | | | $ | (289,217) | Revenue recognized from bitcoin mined for the three months ended September 30, 2026 | | | | | $ | 115,990 | Change in fair value of bitcoin for the three months ended September 30, 2026 | | | | | $ | 171,907 | | | | | | | | Balance as of January 1, 2025 | | | 17,722 | | $ | 1,654,468 | Revenue recognized from bitcoin mined | | | 4,362 | | | 444,540 | Change in bitcoin receivable | | | 2 | | | (149) | Proceeds from sale of bitcoin | | | (2,762) | | | (290,953) | Exchange of bitcoin for employee compensation | | | (37) | | | (3,745) | Change in fair value of bitcoin | | | — | | | 395,892 | Balance as of September 30, 2025 | | | 19,287 | | $ | 2,200,053 | | | | | | | | The following reconciles Bitcoin and Restricted bitcoin as of September 30, 2025 to the amounts above: | | | | | | | Bitcoin | | | 15,987 | | $ | 1,823,630 | Restricted bitcoin (c) | | | 3,300 | | $ | 376,423 | Total | | | 19,287 | | $ | 2,200,053 | | | | | | | | Carrying value of bitcoin as of September 30, 2025 (a) | | | | | $ | 1,277,024 | Realized gains on the sale or exchange of bitcoin for the three months ended September 30, 2025 (b) | | | | | $ | 29,455 | Realized gains on the sale or exchange of bitcoin for the nine months ended September 30, 2025 (b) | | | | | $ | 33,389 | Revenue recognized from bitcoin mined for the three months ended September 30, 2025 | | | | | $ | 160,792 | Change in fair value of bitcoin for the three months ended September 30, 2025 | | | | | $ | 133,120 |
| (a) | The carrying value of bitcoin is equal to the initial value of bitcoin as determined for revenue recognition purposes. |
| (b) | Bitcoin is sold on a first-in, first-out (FIFO) basis. Realized gains (losses) recognized on sales of bitcoin and exchanges of bitcoin for employee compensation are included in Change in fair value of bitcoin on the Condensed Consolidated Statements of Operations. |
| (c) | Restricted bitcoin was the Company’s bitcoin pledged as collateral for the Company’s $200 Million Credit Facility, which was voluntarily prepaid in full and terminated on September 21, 2026, at which time all pledged bitcoin was released. See Note 11. Debt for more information. |
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