5. BITCOIN

9 Months Ended

Jun. 30, 2024

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.