Fair value measurement (Tables)

3 Months Ended

Sep. 30, 2025

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present the Group’s assets and liabilities measured at fair value on a recurring basis:


	Fair value measured as of September 30, 2025
(in USD thousands)	Total carrying value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Financial assets
2030 Prepaid Forward Contract	$	267,600	$	-	$	267,600	$	-
2029 Prepaid Forward Contract	413,800		-		413,800		-
Total financial assets	$	681,400	$	-	$	681,400	$	-

Derivative assets
2030 Capped Call Transactions	$	127,600	$	-	$	-	$	127,600
2029 Capped Call Transactions	186,800		-		-		186,800
Bitcoin purchase option	2,910		-		2,910		-
Total derivative assets	$	317,310	$	-	$	2,910	$	314,400


	Fair value measured as of June 30, 2025
(in USD thousands)	Total carrying value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Financial assets
2030 Prepaid Forward Contract	$	83,117	$	-	$	83,117	$	-
2029 Prepaid Forward Contract	128,500		-		128,500		-
Total financial assets	$	211,617	$	-	$	211,617	$	-

Derivative assets
2030 Capped Call Transactions	$	46,400	$	-	$	-	$	46,400
2029 Capped Call Transactions	75,700		-		-		75,700
Bitcoin purchase option	5,756		-		5,756		-
Total derivative assets	$	127,856	$	-	$	5,756	$	122,100

Fair value of financial instruments not recognized at fair value

The following tables present information about the Group’s financial instruments that are not recognized at fair value on the Condensed Consolidated Balance Sheets:


	Fair value measured as of September 30, 2025
(in USD thousands)	Total carrying value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
2030 Convertible Notes	$	428,502	$	1,291,080	$	-	$	-
2029 Convertible Notes	535,707		1,973,360		-		-
Total financial liabilities at amortized cost	$	964,209	$	3,264,440	$	-	$	-


	Fair value measured as of June 30, 2025
(in USD thousands)	Total carrying value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
2030 Convertible Notes	$	427,837	$	483,089	$	-	$	-
2029 Convertible Notes	534,928		712,844		-		-
Total financial liabilities at amortized cost	$	962,765	$	1,195,933	$	-	$	-