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 not recognize any realized losses.