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5. BITCOIN | 6 Months Ended
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Mar. 31, 2024
Common Domain Members [Abstract] |
BITCOIN | 5. BITCOIN The following table presents the Company's bitcoin holdings as of March 31, 2024 and September 30, 2023:
|  | As of |
Bitcoin holdings |  | March 31, 2024 |  |  | September 30, 2023 (unaudited) |
Number of bitcoin held |  |  | 5,021 |  |  |  | 2,243 |
Cost basis - per bitcoin |  | $ | 41,886 |  |  | $ | 25,074 |
Fair value - per bitcoin |  | $ | 71,291 |  |  | $ | 26,961 |
Cost basis of bitcoin (in '000s) |  | $ | 210,324 |  |  | $ | 56,241 |
Fair value of bitcoin (in '000s) |  | $ | 357,981 |  |  | $ | 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 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 six months ended March 31, 2024:
($ in thousands) |  |  |
Balance as of September 30, 2023 |  | $ | 56,241 |
Cumulative effect of the adoption of ASC 350-60 |  |  | 4,183 |
Adjusted beginning balance - at fair value |  | $ | 60,424 |
Addition of bitcoin from mining activities |  |  | 185,585 |
Bitcoin sold & issued for services and purchase of software |  |  | (43,771 | )
Gains from fair value adjustments |  |  | 155,743 |
Balance as of March 31, 2024 |  | $ | 357,981 |
The Company's bitcoin holdings are not subject to rehypothecation and do not serve as collateral for any existing loans or agreements. As of March 31, 2024, the Company held no other crypto currency. The cumulative realized gains from dispositions of bitcoin during the three and six months ended March 31, 2024 were $332 and $12,419, respectively.

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