
(in USD thousands)		September 30, 2025				June 30, 2025
Derivative	Balance Sheet Line	Asset		Liability		Asset		Liability
Derivatives not designated as hedging instruments:
Bitcoin purchase option	Derivative assets - Current	$	2,910	$	—	$	5,756	$	—
Capped call transactions - 2030 Convertible Notes	Derivative assets - Non current	127,600		—		46,400		—
Capped call transactions - 2029 Convertible Notes	Derivative assets - Non current	186,800		—		75,700		—
Total derivatives		$	317,310	$	—	$	127,856	$	—

The following table presents the effect of derivatives on the Group’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss):


(in USD thousands)		Three Months Ended September 30,
Derivative	Statement of Operations Line	2025		2024
Derivatives not designated as hedging instruments:
Bitcoin purchase option	Realized gain (loss) on financial instruments	$	(5,756)	$	—
Bitcoin purchase option	Unrealized gain (loss) on financial instruments	2,910		$	—
Capped call transactions - 2030 Convertible Notes	Unrealized gain (loss) on financial instruments	81,200		—
Capped call transactions - 2029 Convertible Notes	Unrealized gain (loss) on financial instruments	111,100		—
Total gain (loss) on derivatives		$	189,454	$	—

In conjunction with the offering of the 2030 Convertible Notes, the Group entered into the capped call transactions with certain financial institutions (the “2030 Capped Call Transactions”). The 2030 Capped Call Transactions are generally expected to reduce potential dilution to holders of the Group’s Ordinary shares upon any conversion of the 2030 Convertible Notes and/or offset any cash payments the Group are required to make in excess of the principal amount of the 2030 Convertible Notes upon conversion of the 2030 Convertible Notes in the event that the market price per share of our Ordinary shares is greater than the strike price of the 2030 Capped Call Transactions, with such reduction and/or offset subject to a cap.

In conjunction with the offering of the 2029 Convertible Notes, the Group entered into the capped call transactions with certain institutions (the “2029 Capped Call Transactions”) with certain financial institutions. The 2029 Capped Call Transactions are generally expected to reduce potential dilution to holders of the Group's Ordinary shares upon any conversion of the 2029 Convertible Notes and/or offset any cash payments the Group is required to make in excess of the principal amount of the 2029 Convertible Notes upon conversion of the 2029 Convertible Notes in the event that the

market price per share of our Ordinary shares is greater than the strike price of the 2029 Capped Call Transactions, with such reduction and/or offset subject to a cap.


	2030 Capped Call		2029 Capped Call
Net proceeds used to purchase the Capped Call Transactions (in thousands)	$	44,352	$	53,790
Transaction costs expensed (in thousands)	$	1,452	$	2,790
Initial cap price	$	25.86	$	20.98
Last reported sale price of Ordinary shares	$	12.93	$	10.49
Date of last reported sale price of Ordinary shares	December 3, 2024		June 10, 2025

The Group determined that the 2030 Capped Call Transactions and the 2029 Capped Call Transactions (collectively, the “Capped Call Transactions”) are a Level 3 derivative asset given significant unobservable inputs are included in its valuation. The Group estimates the fair value of the derivative using the Black-Scholes-Merton pricing model, which includes several inputs and assumptions including the risk-free interest rate, dividend yield, and the expected stock-price volatility. The following table represents the significant fair value assumptions used for Capped Call Transactions as at September 30, 2025:


	2030 Capped Call			2029 Capped Call
Closing share price	$46.93			$46.93
Long strike price	$	16.81		$	13.64
Short strike price	$	25.86		$	20.98
Risk free interest rate	3.67		%	3.62		%
Dividend yield	nil			nil
Expected volatility	50		%	50		%

Volatility is a measure of the expected change in variables over a fixed period of time. Some financial instruments benefit from an increase in volatility and others benefit from a decrease in volatility. Generally, for a long position in an option, an increase in volatility would result in an increase in the fair values of financial instruments.


(in USD thousands)	2030 Capped Call		2029 Capped Call		Total
Balance as at July 1, 2025	$	46,400	$	75,700	$	122,100
Unrealized gain (loss) recognized in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	81,200		111,100		192,300
Balance as at September 30, 2025	$	127,600	$	186,800	$	314,400

In June 2025, the Group entered into a supplemental agreement with Bitmain Technologies Delaware Limited (“Bitmain”) relating to outstanding payments under existing purchase option arrangements for mining hardware. Upon settlement of the outstanding obligation, the Group is entitled to a Bitcoin purchase option. The option allows the Group to acquire Bitcoin at a mutually agreed-upon price, subject to a six-month purchase period commencing on the date of payment. The Group

may exercise the option in two equal tranches, with the right to purchase 50% of the Bitcoin at the end of each three-month interval during the purchase period.

The embedded Bitcoin purchase option was bifurcated from the host contract and is accounted for separately as a derivative financial instrument. It is initially and subsequently measured at fair value, with changes in fair value and any settlements recognized in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

The following tables show the valuation techniques used in measuring Level 2 fair values for the Bitmain purchase option in the Condensed Consolidated Balance Sheets, as well as the significant unobservable inputs used as at September 30, 2025:


Fair Value Hierarchy Level	Asset Description	Valuation Technique	Significant Input
Level 2	Bitcoin purchase option	Monte Carlo simulation option pricing model and Black-Scholes option pricing model	Strike Bitcoin price, spot Bitcoin price, risk free rate, volatility