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4. BITCOIN | 6 Months Ended
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Mar. 31, 2025
Common Domain Members [Abstract] |
BITCOIN | 4. BITCOIN The following table presents the Company's bitcoin holdings as of March 31, 2025 and September 30, 2024:
|  | As of |
Bitcoin holdings |  | March 31, 2025 |  |  | September 30, 2024 |
Number of bitcoin held |  |  | 11,869 |  |  |  | 6,819 |
Cost basis - per bitcoin |  | $ | 75,660 |  |  | $ | 55,408 |
Fair value - per bitcoin |  | $ | 82,537 |  |  | $ | 63,301 |
Cost basis of bitcoin (in '000s) |  | $ | 898,009 |  |  | $ | 377,839 |
Fair value of bitcoin (in '000s) |  | $ | 979,635 |  |  | $ | 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 and six months ended March 31, 2025 and 2024:
|  | Three months ended |  |  | Six months ended |  |
($ in thousands) |  | March 31, 2025 |  |  | March 31, 2024 |  |  | March 31, 2025 |  |  | March 31, 2024 |  |
Beginning Balance - before cumulative effect change |  | $ | 929,078 |  |  | $ | 126,951 |  |  | $ | 431,661 |  |  | $ | 56,241 |  |
Cumulative effect of the adoption of ASC 350-60 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,183 |  |
Adjusted beginning balance after cumulative effect change |  | $ | 929,078 |  |  | $ | 126,951 |  |  | $ | 431,661 |  |  | $ | 60,424 |  |
Addition of bitcoin from mining activities(1) |  |  | 181,712 |  |  |  | 111,799 |  |  |  | 344,018 |  |  |  | 185,585 |  |
Bitcoin sold & issued for services and purchase of software |  |  | (3,488 | ) |  |  | (471 | ) |  |  | (6,903 | ) |  |  | (43,771 | ) |
Bitcoin transferred to collateral account |  |  | — |  |  |  | — |  |  |  | (8,860 | ) |  |  | — |  |
Bitcoin received from collateral account |  |  | — |  |  |  | — |  |  |  | 129,180 |  |  |  | — |  |
(Loss) gain on fair value of bitcoin |  |  | (127,667 | ) |  |  | 119,702 |  |  |  | 90,539 |  |  |  | 155,743 |  |
Ending Balance(2) |  | $ | 979,635 |  |  | $ | 357,981 |  |  | $ | 979,635 |  |  | $ | 357,981 |  |
(1) Net of mining pool fees. (2) Includes Bitcoin - current of $832,690 and Bitcoin - noncurrent of $146,945 as presented within condensed consolidated balance sheets as of March 31, 2025. 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 March 31, 2025, 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 from dispositions of bitcoin of $2,209 and $332 during the three months ended March 31, 2025 and 2024, respectively. For the six months ended March 31, 2025 and 2024, cumulative realized gains totaled $8,913 and $12,419, respectively. There were no cumulative realized losses from dispositions of bitcoin during the three and six months ended March 31, 2025 and 2024.

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