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Intangible Digital Assets | 9 Months Ended
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Sep. 30, 2025
Intangible Digital Assets |
Intangible Digital Assets | 11.Intangible Digital Assets ​ On May 28, 2024, the Company adopted Bitcoin as its primary treasury reserve asset. Under this new treasury strategy, the Company purchases and holds Bitcoin 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 consolidated balance sheets. As of September 30, 2025, there were no contractual restrictions on the Company’s sale of its Bitcoin, except for those used as collateral (Note 16). 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 Consolidated Statements of Operations. As of September 30, 2025, the Company held approximately 4,733 Bitcoins with a cost basis of $448,989 and a fair value of $539,844, which excludes 315 Bitcoins pledged to Coinbase as collateral for the Coinbase Loan. 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 Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
​ | 2025 | ​ | 2025
​ | ​ | ​ | ​ | ​ | ​
Intangible digital assets held: | ​ | ​ | ​ | ​ | ​
Beginning balance at fair value | $ | 496,865 | ​ | $ | 214,633
Additions | ​ | 48,946 | ​ | ​ | 289,246
Bitcoin transferred to collateral account | ​ | (34,457) | ​ | ​ | (34,457)
Change in fair value of intangible digital assets | ​ | 28,490 | ​ | ​ | 70,422
Ending Balance at fair value | $ | 539,844 | ​ | $ | 539,844
​ ​ The Company’s Bitcoin holdings shown above, excluding the Bitcoin posted as collateral for the Coinbase Loan as described in Note 16 – Short-Term Debt, are not subject to rehypothecation and do not serve as collateral for any existing loans or agreements. As of September 30, 2025, the Company held no other crypto assets. All of the Company’s Bitcoin is held in cold storage. ​ The change in fair value of intangible digital assets consists of the following: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the | For the
​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | September 30,
​ | 2025 | ​ | 2025
​ | ​ | ​ | ​ | ​ | ​
Realized gain, net | $ | 4,500 | ​ | $ | 4,500
Unrealized gain, net | ​ | 23,990 | ​ | ​ | 65,922
Change in fair value of intangible digital assets | $ | 28,490 | ​ | $ | 70,422
​

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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/1943274/2147476162/350-60-50-6 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/1943274/2147476162/350-60-50-6 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/1943274/2147476162/350-60-50-4 + Details
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