Digital Assets (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| AVAX |
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| Digital Assets |
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| Summary of digital assets |
| | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | Asset | | Tokens | | Cost basis | | Fair value | AVAX | | | 13,312,754 | | $ | 217,552,322 | | $ | 145,488,349 |
| | | | | | | | | | | | December 31, 2025 | Asset | | Tokens | | Cost basis | | Fair value | AVAX | | | 13,579,449 | | $ | 263,431,911 | | $ | 167,093,560 |
| | | | | | | | | | | | AVAX | | Fair value as of | | | tokens | | September 30, 2026 | | Classification | 1,609,888 | | $ | 17,593,657 | | Current – unrestricted AVAX that management expects to sell within the next twelve months (see Note 2) | 3,424,870 | | | 37,428,616 | | Noncurrent – unrestricted AVAX not subject to lock-up restrictions or pledged as collateral | 3,010,907 | | | 32,904,694 | | Noncurrent – pledged as collateral under the July 2026 Collateralized Term Loan (see Note 7) | 5,267,089 | | | 57,561,382 | | Noncurrent – subject to contractual lock-up restrictions (see Note 4) | 13,312,754 | | $ | 145,488,349 | | |
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| Schedule of roll forward of digital assets |
| | | | | | Amount | AVAX as of December 31, 2025 | | $ | 167,093,560 | Partial contribution from Subscription agreements | | | 699,797 | Digital assets received from staking rewards | | | 3,436,168 | Fees paid in AVAX | | | (126,001) | Deposits of AVAX staked into liquid staking activities | | | (27,511,488) | Receipt of AVAX from redemption in liquid staking activities - sAVAX | | | 18,985,510 | Receipt of AVAX from redemption in liquid staking activities - stAVAX | | | 11,569,313 | Receipt of AVAX from redemption in liquid staking activities - sAVAX (rewards) | | | 250,294 | Receipt of AVAX from redemption in liquid staking activities - stAVAX (rewards) | | | 660,693 | Sales of AVAX | | | (15,291,527) | Realized loss on digital assets | | | (38,699,853) | Change in fair value of digital assets | | | 24,421,883 | AVAX at fair value as of September 30, 2026 | | $ | 145,488,349 |
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| stAVAX |
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| Digital Assets |
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| Schedule of roll forward of digital assets |
| | | | | | Amount | Balance at December 31, 2025 | | $ | 15,246,914 | Disposal of stAVAX | | | (11,569,313) | Impairment loss on stAVAX tokens | | | (5,487,722) | Gain on redemption in liquid staking activities - stAVAX | | | 1,810,121 | Balance at September 30, 2026 | | $ | — |
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| sAVAX |
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| Digital Assets |
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| Schedule of roll forward of digital assets |
| | | | | | Amount | Balance at December 31, 2025 | | $ | — | sAVAX received for AVAX staked | | | 27,511,488 | Disposal of sAVAX | | | (18,985,510) | Impairment loss on sAVAX tokens | | | (10,672,560) | Gain on redemption in liquid staking activities - sAVAX | | | 2,146,582 | Balance at September 30, 2026 | | $ | — |
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