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Intangible Digital Assets
 3 Months Ended
Mar. 31, 2025
Intangible Digital Assets  
Intangible Digital Assets

11.Intangible Digital Assets

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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 March 31, 2025, there were no contractual restrictions on the Company’s sale of its bitcoins.

Bitcoin investment

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 on the Company’s condensed statements of operations. As of March 31, 2025, the Company held approximately 3,192 bitcoins with a cost basis of $280,400 and a fair value of $263,504.

Reconciliation of fair value

The following table represents a reconciliation of the fair values of the Company’s intangible digital assets held:

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For the

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Three-Months

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Period Ended

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March 31, 

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2025

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Intangible digital assets held:

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Beginning balance at fair value as of December 31, 2024

$

214,633

Additions

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90,700

Unrealized loss, net

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(41,829)

Ending Balance at fair value as of March 31, 2025

$

263,504

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