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Derivatives (Tables)

3 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Consolidated Balance Sheet Classification of Derivatives

The following table presents the Group’s Condensed Consolidated Balance Sheets classification of derivatives carried at fair value:

(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					$	—

Schedule of Effect of Derivatives on the Consolidated Statement of Operations and Comprehensive Income (Loss)

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					$	—

Schedule of Derivative Instruments, Capped Call Transactions

						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

Schedule of Significant Fair Value Assumptions

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		%

Schedule of Movement in the Fair Value

The following tables show the valuation techniques used in measuring Level 2 fair values for the financial instruments in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), as well as the significant unobservable inputs used as at September 30, 2025:

Fair Value Hierarchy Level			Asset Description			Valuation Technique			Significant Inputs
Level 2			2030 Prepaid forward contract			Analytical formula			Share price, risk free rate, dividend yield
Level 2			2029 Prepaid forward contract			Analytical formula			Share price, risk free rate, dividend yield
Level 2			Prepaid Electricity - Financial asset			Forward Price Approach			Forward Prices from OTC Global Holdings

The following table reconciles the movement in the fair value of the Capped Call Transactions:

(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

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

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Schedule of Derivative Instruments, Capped Call Transactions

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period.

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Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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