v3.25.4

4. BITCOIN | 3 Months Ended
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Dec. 31, 2025
Common Domain Members [Abstract] |
BITCOIN | 4. BITCOIN As of December 31, 2025 and September 30, 2025, the Company held 11,452 and 10,428 bitcoin, respectively. The following table presents a description of the Company’s bitcoin holdings as of December 31, 2025 and September 30, 2025:
|  | As of |
Bitcoin holdings |  | December 31, 2025 |  |  | September 30, 2025 |
Number of bitcoin held |  |  | 11,452 |  |  |  | 10,428 |
Cost basis - per bitcoin |  | $ | 104,390 |  |  | $ | 105,025 |
Fair value - per bitcoin |  | $ | 87,498 |  |  | $ | 114,068 |
Cost basis of bitcoin (in '000s) |  | $ | 1,195,444 |  |  | $ | 1,095,151 |
Fair value of bitcoin (in '000s) |  | $ | 1,001,997 |  |  | $ | 1,189,443 |
The cost basis represents the valuation of bitcoin at the time of initial recognition, primarily through mining activities, and may be affected by subsequent derecognition and reacquisition of bitcoin in connection with activities such as the posting of collateral. The following table presents information based on the activity of bitcoin for the three months ended December 31, 2025 and 2024:
|  | Three months ended |
($ in thousands) |  | December 31, 2025 |  |  | December 31, 2024 |
Beginning Balance |  | $ | 1,189,443 |  |  | $ | 431,661 |
Addition of bitcoin from mining activities(1) |  |  | 181,180 |  |  |  | 162,306 |
Bitcoin purchased |  |  | 31 |  |  |  | — |
Bitcoin sold |  |  | (28,177 | ) |  |  | — |
Bitcoin issued for services and other non-cash consideration |  |  | (712 | ) |  |  | (3,413 | )
Bitcoin transferred to collateral account |  |  | (524,299 | ) |  |  | (8,860 | )
Bitcoin received from collateral account |  |  | 431,363 |  |  |  | 129,180 |
(Loss) gain on fair value of bitcoin, net |  |  | (246,832 | ) |  |  | 218,206 |
Ending Balance(2) |  | $ | 1,001,997 |  |  | $ | 929,080 |
(1) Net of mining pool fees. (2) Includes Bitcoin - current of $830,073 and Bitcoin - noncurrent of $171,924 as presented within Condensed Consolidated Balance Sheets as of December 31, 2025. The Company’s bitcoin holdings shown in this note are not subject to rehypothecation and do not serve as collateral for any existing loans or agreements (see Note 5 - Receivable from Bitcoin Collateral). As of December 31, 2025, the Company held no other crypto assets; approximately 99.6% of its bitcoin is held in cold storage and 0.4% is held in hot wallets. During the three months ended December 31, 2025, the Company recognized cumulative realized gains from dispositions of bitcoin of $68,635 and cumulative realized losses from dispositions of bitcoin of $27,729. During the three months ended December 31, 2024, the Company recognized cumulative realized gains from dispositions of bitcoin of $6,704 and did no t recognize any realized losses.

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