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DIGITAL ASSET RECEIVABLE | 3 Months Ended
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Mar. 31, 2026
DIGITAL ASSET RECEIVABLE |
DIGITAL ASSET LOAN RECEIVABLE | NOTE 5 – DIGITAL ASSET RECEIVABLE During the three months ended March 31, 2025, with the assistance of its asset manager, Galaxy Digital, the Company participated in decentralized finance (“DeFi”) protocols built on the SUI blockchain, including liquid staking pools, decentralized lending pools, and vault‑based arrangements governed by on‑chain smart contracts. Prior to deployment, the Company’s digital assets were transferred to wallets controlled by Galaxy Digital. In liquid staking arrangements, Galaxy Digital deposited SUI tokens into staking smart contracts and receives liquid staking tokens (“LSTs”) that represent the Company’s beneficial interest in the underlying staked SUI and accumulated rewards. Through Galaxy Digital, the Company also provided liquidity to decentralized lending protocols by depositing SUI tokens or LSTs and is entitled to earn yield that accrues on‑chain based on the terms of the applicable protocols. In addition, the Company has deployed suiUSDe, a native synthetic U.S. dollar stablecoin, into a vault operated by Ember Protocol and receives vault tokens representing its proportional interest in the assets and activities of the vault. Because Galaxy Digital controls the wallets that hold LSTs, vault tokens, and the other assets deployed into DeFi protocols, and the Company does not retain direct access to the associated private keys and these wallets are not protected from Galaxy Digital’s creditors, digital assets held by Galaxy Digital on the Company’s behalf are recognized as a digital asset receivable. Due to differences in the nature of the underlying rights associated with the receivable, the Company applies different subsequent measurement approaches. The receivable related to decentralized lending pools are subsequently remeasured at fair value, as they represent rights to receive SUI and contain embedded derivatives that require bifurcation, with fair value determined using quoted prices in active markets (Level 1 inputs), and changes in fair value recognized in earnings. In contrast, the receivable representing rights to receive LSTs or vault tokens do not include embedded derivatives and are therefore carried at cost, net of impairment, as applicable. The impairment was recognized as a result of volatility of SUI during the three months ended March 31, 2026 and an observable decline in the market prices of the underlying digital assets below the carrying value of the related receivable. The impairment was measured based on the estimated recoverable amount of the receivable as of the assessment date, determined with reference to quoted prices for the underlying digital assets in active markets (Level 2 inputs), with the carrying value written down accordingly. The digital asset receivable is subject to counterparty, protocol, liquidity, and operational risks. The Company evaluates these exposures at each reporting date and records allowances for expected credit losses in accordance with the current expected credit loss model. Digital asset receivable activity for the three months ended March 31, 2026, is as follows:
|  | Suilend |  |  | AlphaLend |  |  | AlphaLend |  |  | NAVI Protocol |  |  | NAVI |  |  |  |  |  |  |
Protocol Position type |  | Lending (Supply) |  |  | Lending (Collateral) |  |  | Lending (Collateral) |  |  | Lending (Supply) |  |  | Vault (Staking) |  |  | esuiUSDe Vault |  |  |  |
Token held (Quantity) |  | sSUI |  |  | SUI |  |  | stSUI |  |  | SUI |  |  | Volo |  |  | esuiUSDe |  |  | Total |
December 31, 2025 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Origination of digital asset receivable |  |  | 5,499,975 |  |  |  | 3,250,000 |  |  |  | 2,100,000 |  |  |  | 800,011 |  |  |  | 250,000 |  |  |  | 10,000,000 |  |  |  | 21,899,986 |
Yield earned |  |  | 9,280 |  |  |  | 6,194 |  |  |  | 1,268 |  |  |  | 373 |  |  |  | 124 |  |  |  | 18,391 |  |  |  | 35,630 |
Receipt of yield earned |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (18,391 | ) |  |  | (18,391 | )
March 31, 2026 |  |  | 5,509,255 |  |  |  | 3,256,194 |  |  |  | 2,101,268 |  |  |  | 800,384 |  |  |  | 250,124 |  |  |  | 10,000,000 |  |  |  | 21,917,225 |
|  | Cost basis measured at fair value |  |  | Cost basis measured at cost |  |  | Total cost basis |  |  | Carrying value |
December 31, 2025 |  | $ | 53,565 |  |  | $ | — |  |  | $ | 53,565 |  |  | $ | 28,774 |
Origination of digital asset receivable |  |  | 14,066,157 |  |  |  | 7,599,975 |  |  |  | 21,666,132 |  |  |  | 21,666,132 |
Staking accruals |  |  | 13,421 |  |  |  | — |  |  |  | 13,421 |  |  |  | 13,421 |
Yield earned |  |  | 24,648 |  |  |  | 9,840 |  |  |  | 34,488 |  |  |  | 34,488 |
Received in USDC |  |  | (18,391 | ) |  |  | — |  |  |  | (18,391 | ) |  |  | (18,391 | )
Received in SUI |  |  | (39,514 | ) |  |  | — |  |  |  | (39,514 | ) |  |  | (39,514 | )
Allowance for credit losses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (540,799 | )
Impairment of digital asset receivables |  |  | — |  |  |  | (1,367,236 | ) |  |  | (1,367,236 | ) |  |  | (1,367,236 | )
Unrealized losses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (307,856 | )
March 31, 2026 |  | $ | 14,099,886 |  |  | $ | 6,242,579 |  |  | $ | 20,342,465 |  |  | $ | 19,469,019 |
Digital asset receivables as of December 31, 2025 included staking accruals, substantially all of which were collected during the three months ended March 31, 2026, with an outstanding accrual balance of $6 thousand as of March 31, 2026.

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