Digital Assets

3 Months Ended

Sep. 30, 2026

Digital Assets

Digital Assets

Note 4. Digital Assets

The following table summarizes the changes in the Company’s SOL holdings, on a historical cost basis, for the three months ended September 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, 2025			316,241			$	45,097,924				421,451			$	59,808,773				6,334			$	985,009				-			$	-				744,026			$	105,891,706

SOL purchases			243,283				47,463,379				73,211				12,116,362				-				-				970,643				151,169,169				1,287,137				210,748,910

Exchanges between locked and liquid SOL, net			(33,222	)			(5,872,673	)			37,539				5,872,673				-				-				-				-				4,317				-

SOL revenue			-				-				-				-				31,347				6,083,617				-				-				31,347				6,083,617

SOL unlocked			22,556				3,223,415				(22,556	)			(3,223,415	)			-				-				-				-				-				-

SOL tokens released from convertible note security			7,640				1,173,045				-				-				-				-				(7,640	)			(1,173,045	)			-				-

Balance, September 30, 2025			556,498			$	91,085,090				509,645			$	74,574,393				37,681			$	7,068,626				963,003			$	149,996,124				2,066,827			$	322,724,233

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

SOL purchases			30,083				3,514,432				-				-				-				-				-				-				30,083				3,514,432

SOL sales			(27,700	)			(4,100,715	)			-				-				(25,300	)			(2,166,266	)			-				-				(53,000	)			(6,266,981	)

SOL revenue			-				-				-				-				31,286				3,052,839				-				-				31,286				3,052,839

SOL unlocked			70,871				11,456,497				(70,871	)			(11,456,497	)			-				-				-				-				-				-

Balance, September 30, 2026			972,685			$	152,782,534				281,672			$	40,180,625				9,986			$	1,176,212				1,084,176			$	166,415,463				2,348,519			$	360,554,834

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

		Fair Value
Digital assets, June 30, 2025		$	105,997,180
Purchases of digital assets			210,748,910
Digital asset revenue			6,083,617
Unrealized gain on digital assets			77,996,124
Digital assets, September 30, 2025		$	400,825,831

Digital assets, June 30, 2026		$	165,300,682
Purchases of digital assets			3,514,432
Proceeds from sales of digital assets			(4,584,836	)
Digital asset revenue			3,052,839
Realized loss on digital asset revenue conversion to USD			(156,943	)
Realized loss on sale of digital assets			(1,525,202	)
Unrealized gain on digital assets			101,999,183
Digital assets, September 30, 2026		$	267,600,155

As of September 30, 2026, management valued liquid SOL at $117.99 per token based on the closing market prices of SOL. The closing market prices of SOL reported by CoinMarketCap as of September 30, 2026 and 2025 were $117.99 and $208.74, respectively.

As of September 30, 2026, the Company held 714,833 locked SOL tokens, consisting of 228,435 locked SOL tokens purchased on the open market at negotiated discounts and 486,398 locked SOL tokens originally acquired through the issuance of convertible notes.

The Company purchases locked SOL on the open market at negotiated discounts to the prevailing spot price. The original purchase discount is calculated in SOL tokens and amortized over the unlocking period. The dollar value of the unamortized discount is determined using the SOL spot price at each reporting date. As of September 30, 2026, the Company had 228,435 locked SOL tokens that were purchased with an unamortized original purchase discount of approximately $3.8 million. 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. The resulting purchase discount is recognized over the unlocking period based on the contractual token unlocking schedule, which ends in January 2028.

As of September 30, 2026 and June 30, 2026, management estimated the fair value of the Company’s locked SOL tokens originally acquired through the issuance of convertible notes at approximately 90% of the corresponding SOL spot price, or $106.20 and $66.17 per locked token, respectively. As of September 30, 2026 and June 30, 2026, the Company held 486,398 and 585,602 locked SOL tokens that were originally acquired through the issuance of convertible notes, respectively.

The Company had over 95% of its Solana treasury staked as of September 30, 2026 and June 30, 2026. 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 September 30, 2026, the Company held 714,833 tokens subject to lock up restrictions. The following table summarizes the unlocking schedule of these Solana tokens:

June 30, 2027			435,479
June 30, 2028			279,354
Total			714,833