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Intangible Digital Assets

12 Months Ended

Dec. 31, 2024

Intangible Digital Assets

Intangible Digital Assets

9.Intangible Digital Assets

​

In May 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 Balance Sheets. As of December 31, 2024, there were no contractual restrictions on the sale of bitcoins.

Bitcoin Investment

The Company early adopted ASU No. 2024-08 in the second quarter of 2024 effective retroactively as of January 1, 2024. See Recently Adopted Accounting Pronouncement in Note 2 to 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 income, net” in the Company’s Statements of Income.

Intangible Assets Cost Basis

The Company uses average cost for computing capital gains or losses.

The following table sets forth the units held, cost basis, and fair value of crypto assets held, as shown on the balance sheet as of December 31, 2024:

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​	​	​	​	​	​	​	​
​	Units Held	​	Cost Basis		​	Fair Value
​	​	​	​	​	​	​	​
Intangible digital assets held:	​	​	​	​	​	​	​
Third party bitcoin custodians	2,298	​	$	189,700	​	$	214,633
Dispositions	-	​	​	-	​	​	-
Total	2,298	​	$	189,700	​	$	214,633

​

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Reconciliation of fair value

The following table represents a reconciliation of the fair values of the Company’s Intangible digital assets held for the year ended December 31, 2024:

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​	​	​	​
​	​	​
​	​	​
​	​	For The Year Ended
​	​	December 31, 2024
​	​	​	​
Intangible digital assets held:	​	​	​
Beginning balance at fair value	​	$	—
Additions	​	​	189,700
Dispositions	​	​	-
Unrealized gain, net	​	​	29,766
Unrealized loss, net	​	​	(4,833)
Ending Balance	​	$	214,633

​

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- References

No definition available.

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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

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