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6. BITCOIN | 12 Months Ended
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Sep. 30, 2024
Common Domain Members [Abstract] |
BITCOIN | 6. BITCOIN As of September 30, 2024 and 2023, the Company held 6,819 and 2,243 bitcoin, respectively. The following table presents a description of the Company's bitcoin holdings as of September 30, 2024 and 2023:
|  | As of |
Bitcoin holdings |  | September 30, 2024 |  |  | September 30, 2023 |
Number of bitcoin held |  |  | 6,819 |  |  |  | 2,243 |
Cost basis - per bitcoin |  | $ | 55,408 |  |  | $ | 25,074 |
Fair value - per bitcoin |  | $ | 63,301 |  |  | $ | 26,961 |
Cost basis of bitcoin (in '000s) |  | $ | 377,839 |  |  | $ | 56,241 |
Fair value of bitcoin (in '000s) |  | $ | 431,661 |  |  | $ | 60,424 |
The cost basis represents the valuation of bitcoin at the time the Company earns the bitcoin through mining activities. The cost basis for 2,243 bitcoin held as of the date prior to the adoption of ASC 350-60 was determined on the "cost less impairment" basis. The following table presents information based on the activity of bitcoin for the years ended September 30, 2024 and 2023:
|  | For the year ended September 30, |
($ in thousands) |  | 2024 |  |  | 2023 |
Balance at beginning of the year |  | $ | 56,241 |  |  | $ | 11,147 |
Cumulative effect of the adoption of ASC 350-60 |  |  | 4,183 |  |  |  | — |
Adjusted beginning balance - at fair value |  | $ | 60,424 |  |  | $ | 11,147 |
Addition of bitcoin from mining activities(1) |  |  | 378,968 |  |  |  | 168,121 |
Bitcoin sold & issued for services and purchase of software |  |  | (44,801 | ) |  |  | (115,864 | )
Bitcoin transferred to collateral account |  |  | (87,895 | ) |  |  | — |
Bitcoin received from collateral account |  |  | 11,542 |  |  |  | — |
Impairment loss |  |  | — |  |  |  | (7,163 | )
Gain on fair value of bitcoin, net |  |  | 113,423 |  |  |  | — |
Balance at end of the year |  | $ | 431,661 |  |  | $ | 56,241 |
(1) Net of mining pool fees as described in Note 2 - Summary of Significant Accounting Policies The Company's bitcoin holdings shown in this note, excluding the bitcoin posted as collateral to the Coinbase Line of Credit as described in Note 12 - Loans, are not subject to rehypothecation and do not serve as collateral for any existing loans or agreements. As of September 30, 2024, the Company held approximately 99% of its bitcoin in cold storage and 1% in hot wallets. The cumulative realized gains from dispositions of bitcoin during the year ended September 30, 2024 w as $63,878. There were no cumulative realized losses from dispositions of bitcoin during the year ended September 30, 2024.

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