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DIGITAL ASSETS | 3 Months Ended
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Mar. 31, 2026
DIGITAL ASSETS |
DIGITAL ASSETS | NOTE 3 – DIGITAL ASSETS During the three months ended March 31, 2026, the Company continued to hold SUI tokens acquired pursuant to the Digital Asset Purchase and Sale Agreement with the Sui Foundation, which remain subject to contractual transfer restrictions through July 31, 2027. The Company is permitted to stake the restricted SUI tokens during the restriction period. The discount associated with the acquisition of 32,613,028 restricted SUI tokens is recorded as deferred income and is recognized on a straight‑line basis over the restriction period as an adjustment to gains or losses on digital assets. As of March 31, 2026, the Company recorded deferred income related to the acquisition discount of $16.8 million, of which $11.9 million was classified as current and $4.9 million was classified as non‑current. For the three months ended March 31, 2026, the Company recognized $3.0 million of amortized deferred income, which was recorded as a reduction to realized loss on digital assets in the statements of operations. The following table presents the activities in digital assets for the three months ended March 31, 2026:
Digital Assets |  | Number of Tokens |  |  | Cost basis |  |  | Fair value |
Balance as of January 1, 2026 |  |  | 105,086,451 |  |  | $ | 401,991,598 |  |  | $ | 147,415,273 |
Purchases/acquisitions |  |  | — |  |  |  | - |  |  |  | — |
Transfer of digital assets |  |  | (11,900,024 | ) |  |  | (11,666,132 | ) |  |  | (11,666,132 | )
Realized loss on transfer |  |  | — |  |  |  | (34,854,553 | ) |  |  | (34,854,553 | )
Staking rewards earned |  |  | 425,318 |  |  |  | 510,027 |  |  |  | 510,027 |
Lending rewards earned |  |  | 46,856 |  |  |  | 51,093 |  |  |  | 51,093 |
Staking/lending rewards received |  |  | 28,316 |  |  |  | 45,106 |  |  |  | 45,106 |
Unrealized gains (losses) |  |  | — |  |  |  | - |  |  |  | (19,693,395 | )
Balance as of March 31, 2026 |  |  | 93,686,917 |  |  | $ | 356,077,139 |  |  | $ | 81,807,419 |
Digital assets were transferred to the Company’s asset manager for participation in decentralized finance arrangements through third‑party protocols on the SUI blockchain. See Note 5 – Digital Asset Receivable for further detail. Digital assets are measured at fair value on a recurring basis in accordance with ASC 820, Fair Value Measurement, using quoted prices in active markets (Level 1 inputs). For the three months ended March 31, 2026, we incurred $340 thousand in asset and strategic management fees under our strategic and asset management arrangements.

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