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4. BITCOIN | 3 Months Ended
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Dec. 31, 2024
Common Domain Members [Abstract] |
BITCOIN | 4. BITCOIN The following table presents the Company's bitcoin holdings as of December 31, 2024 and September 30, 2024:
|  | As of |
Bitcoin holdings |  | December 31, 2024 |  |  | September 30, 2024 |
Number of bitcoin held |  |  | 9,952 |  |  |  | 6,819 |
Cost basis - per bitcoin |  | $ | 72,104 |  |  | $ | 55,408 |
Fair value - per bitcoin |  | $ | 93,356 |  |  | $ | 63,301 |
Cost basis of bitcoin (in '000s) |  | $ | 717,578 |  |  | $ | 377,839 |
Fair value of bitcoin (in '000s) |  | $ | 929,080 |  |  | $ | 431,661 |
The cost basis represents the valuation of bitcoin at the time the Company earns the bitcoin through mining activities. The following table presents information based on the activity of bitcoin for the three months ended December 31, 2024 and 2023:
|  | Three months ended |  |  | Three months ended |  |
($ in thousands) |  | December 31, 2024 |  |  | December 31, 2023 |  |
Beginning Balance - before cumulative effect change |  | $ | 431,661 |  |  | $ | 56,241 |  |
Cumulative effect of the adoption of ASC 350-60 |  |  | — |  |  |  | 4,183 |  |
Adjusted beginning balance after cumulative effect change |  | $ | 431,661 |  |  | $ | 60,424 |  |
Addition of bitcoin from mining activities(1) |  |  | 162,306 |  |  |  | 73,786 |  |
Bitcoin sold & issued for services and purchase of software |  |  | (3,413 | ) |  |  | (43,300 | ) |
Bitcoin transferred to collateral account |  |  | (8,860 | ) |  |  | — |  |
Bitcoin received from collateral account |  |  | 129,180 |  |  |  | — |  |
Gain on fair value of bitcoin |  |  | 218,206 |  |  |  | 36,041 |  |
Ending Balance |  | $ | 929,080 |  |  | $ | 126,951 |  |
(1) Net of mining pool fees. 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 9 - Loans, are not subject to rehypothecation and do not serve as collateral for any existing loans or agreements. As of December 31, 2024, the Company held no other crypto-assets; approximately 99% of its bitcoin is held in cold storage and 1% is held in hot wallets. The Company recognized cumulative realized gains of $6,704 and $12,087 from dispositions of bitcoin during the three months ended December 31, 2024 and 2023, respectively. There were no cumulative realized losses from dispositions of bitcoin during the three months ended December 31, 2024 and 2023.

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