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Intangible Digital Assets | 6 Months Ended
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Jun. 30, 2024
Intangible Digital Assets |
Intangible Digital Assets | 10.Intangible Digital Assets ​ On May 28, 2024, the Company announced that its board of directors adopted bitcoin as its primary treasury reserve asset. Under this new treasury strategy, the Company purchases and holds bitcoins for long term investment purposes. The Company accounts for its bitcoin as an indefinite-lived intangible asset in accordance with ASC 350, Intangibles—Goodwill and Other and has ownership of and control over its bitcoin, which are included in Intangible digital assets in the Unaudited Condensed Balance Sheets. As of June 30, 2024, there were no contractual restrictions on the sale of bitcoins. Bitcoin Investment The Company early adopted ASU No. 2023-08 in the second quarter of 2024 effective retroactively as of January 1, 2024. See Recently Adopted Accounting Pronouncement in Note 1 to the Unaudited Condensed Financial Statements. The Company’s bitcoin purchased for investment purpose are initially recorded at cost, inclusive of transaction costs and fees. Subsequently, the Company remeasures its bitcoin investment at fair value at the end of each reporting period with changes recognized in net income through “Other (expense) income, net” in the Company’s Unaudited Condensed Statements of Income. As of June 30, 2024, the Company held approximately 877 bitcoins with a cost basis of $60,000 (all of which were purchases in the quarter ended June 30, 2024) and a fair value of $54,945. ​ ​ Reconciliation of fair value The following table represents a reconciliation of the fair values of the Company’s Intangible digital assets held: ​
​ | ​ | ​ | ​ | ​ | ​
​ | For the | ​ | For the
​ | Three-Months | ​ | Six-Months
​ | Period Ended | ​ | Period Ended
​ | June 30, 2024 | ​ | June 30, 2024
​ | ​ | ​ | ​ | ​ | ​
Intangible digital assets held: | ​ | ​ | ​ | ​ | ​
Beginning balance at fair value | $ | — | ​ | $ | —
Additions | ​ | 60,000 | ​ | ​ | 60,000
Dispositions | ​ | — | ​ | ​ | —
Unrealized gain, net | ​ | 87 | ​ | ​ | 87
Unrealized loss, net | ​ | (5,142) | ​ | ​ | (5,142)
Ending Balance | $ | 54,945 | ​ | $ | 54,945
​

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- Definition The entire disclosure for crypto asset. Excludes crypto asset held for platform user. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147476168/350-60-50-6 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147476168/350-60-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147476168/350-60-50-4 + Details
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