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5. BITCOIN | 9 Months Ended
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Jun. 30, 2024
Common Domain Members [Abstract] |
BITCOIN | 5. BITCOIN The following table presents the Company's bitcoin holdings as of June 30, 2024 and September 30, 2023:
|  | As of |
Bitcoin holdings |  | June 30, 2024 |  |  | September 30, 2023 |
Number of bitcoin held |  |  | 6,590 |  |  |  | 2,243 |
Cost basis - per bitcoin |  | $ | 47,680 |  |  | $ | 25,074 |
Fair value - per bitcoin |  | $ | 62,675 |  |  | $ | 26,961 |
Cost basis of bitcoin (in '000s) |  | $ | 314,212 |  |  | $ | 56,241 |
Fair value of bitcoin (in '000s) |  | $ | 413,033 |  |  | $ | 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 nine months ended June 30, 2024:
|  | Three months ended |  |  | Nine months ended |  |
($ in thousands) |  | June 30, 2024 |  |  | June 30, 2024 |  |
Beginning Balance |  | $ | 357,981 |  |  | $ | 56,241 |  |
Cumulative effect of the adoption of ASC 350-60 |  |  | — |  |  |  | 4,183 |  |
Adjusted balance as of September 30, 2023 - at fair value |  | $ | 357,981 |  |  | $ | 60,424 |  |
Addition of bitcoin from mining activities |  |  | 104,108 |  |  |  | 289,693 |  |
Bitcoin sold & issued for services and purchase of software |  |  | (718 | ) |  |  | (44,490 | ) |
(Loss) gains from fair value adjustments |  |  | (48,338 | ) |  |  | 107,406 |  |
Ending Balance |  | $ | 413,033 |  |  | $ | 413,033 |  |
The Company's bitcoin holdings are not subject to rehypothecation and do not serve as collateral for any existing loans or agreements. As of June 30, 2024, the Company held no other crypto currency. The cumulative realized gains from dispositions of bitcoin during the three and nine months ended June 30, 2024 were $443 and $12,862, respectively. There were no cumulative realized losses from dispositions of bitcoin during the three and nine months ended June 30, 2024.

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