Short-Term Debt	9 Months Ended
Sep. 30, 2025
Short-Term Debt
Short-Term Debt	16. Short-Term Debt On April 15, 2025, the Company entered into a Master Loan Agreement (the “Master Loan Agreement”) with Coinbase Credit, Inc., a Delaware corporation, and Coinbase, Inc., a Delaware corporation, acting in its principal capacity and as agent for each of its affiliates (each, a “Coinbase Entity” and together the “Lender”). The Master Loan Agreement governs separate loan transactions (each, a “Loan”) whereby the Lender may, from time to time, lend to the Company (i) specified quantities of digital assets or (ii) cash in U.S. dollars (collectively, “Loaned Assets”). Each Loan shall be documented by a written confirmation that sets forth, among other matters, the principal amount, asset type, commencement date, loan-fee rate and any other mutually agreed terms. A Loan shall only be deemed to commence once the Company pledges the required collateral to the appropriate account custodied by the lender; and the Lender transfers the Loaned Assets to the Company. On September 25, 2025, the Company borrowed $20,000 of cash from the Lender (the “Coinbase Loan”) pursuant to the Master Loan Agreement. As set forth in a separate confirmation thereunder, the Coinbase Loan has a maturity date of March 26, 2026 and bears interest at a rate of 10% per annum, payable monthly, with full interest due if prepayment occurs prior to the maturity date. The Company accrued interest of $33 for the three and nine-month periods ended September 30, 2025. The Coinbase Loan is secured by a portion of the Company’s Bitcoin holdings, which are pledged as collateral under the Master Loan Agreement. Upon borrowing the Coinbase Loan, the Company segregated 315 bitcoins as collateral against the Coinbase Loan, which are held in separate account custodied by the Lender. The Master Loan Agreement includes provisions requiring the collateral to be balanced against the outstanding borrowings. If the value of the collateral securing the borrowings fluctuates below or above a set threshold, the Company will be required to contribute additional collateral, or may withdraw excess collateral, as applicable, to maintain the agreed-upon level. Because the Lender has the rights to lend, invest, transfer, pledge and rehypothecate the Bitcoin during the term of the Master Loan Agreement, the Company derecognized the Bitcoin transferred as collateral. As the Company has the right to receive the Bitcoin back from the Lender upon the repayment of the Coinbase Loan, the Company recorded a corresponding receivable for Bitcoin collateral. The receivable for Bitcoin collateral is measured at fair value and changes in fair value are recorded as change in fair value of Bitcoin collateral within other income (expense), net in the unaudited condensed consolidated statement of operations. As of September 30, 2025, 315 Bitcoins were posted as collateral for the Coinbase Loan at a fair value of $35,928. For the three and nine months ended September 30, 2025, an unrealized gain of $1,471 was recognized on the collateral. In the event the Company returns the Loan earlier than the Loan maturity date it shall (i) provide 1 Business Day prior notice to Lender of such Early Termination, and (ii) pay the Lender an early termination fee. In the event of an early termination, the Company remains responsible for the full amount of all remaining outstanding interest (calculated through the Loan maturity date). These embedded features do not require bifurcation as the loan doesn’t contain conversion features.

Short-Term Debt

9 Months Ended

Sep. 30, 2025

16. Short-Term Debt

On April 15, 2025, the Company entered into a Master Loan Agreement (the “Master Loan Agreement”) with Coinbase Credit, Inc., a Delaware corporation, and Coinbase, Inc., a Delaware corporation, acting in its principal capacity and as agent for each of its affiliates (each, a “Coinbase Entity” and together the “Lender”). The Master Loan Agreement governs separate loan transactions (each, a “Loan”) whereby the Lender may, from time to time, lend to the Company (i) specified quantities of digital assets or (ii) cash in U.S. dollars (collectively, “Loaned Assets”). Each Loan shall be documented by a written confirmation that sets forth, among other matters, the principal amount, asset type, commencement date, loan-fee rate and any other mutually agreed terms. A Loan shall only be deemed to commence once the Company pledges the required collateral to the appropriate account custodied by the lender; and the Lender transfers the Loaned Assets to the Company.

On September 25, 2025, the Company borrowed $20,000 of cash from the Lender (the “Coinbase Loan”) pursuant to the Master Loan Agreement. As set forth in a separate confirmation thereunder, the Coinbase Loan has a maturity date of March 26, 2026 and bears interest at a rate of 10% per annum, payable monthly, with full interest due if prepayment occurs prior to the maturity date. The Company accrued interest of $33 for the three and nine-month periods ended September 30, 2025.

The Coinbase Loan is secured by a portion of the Company’s Bitcoin holdings, which are pledged as collateral under the Master Loan Agreement. Upon borrowing the Coinbase Loan, the Company segregated 315 bitcoins as collateral against the Coinbase Loan, which are held in separate account custodied by the Lender. The Master Loan Agreement includes provisions requiring the collateral to be balanced against the outstanding borrowings. If the value of the collateral securing the borrowings fluctuates below or above a set threshold, the Company will be required to contribute additional collateral, or may withdraw excess collateral, as applicable, to maintain the agreed-upon level.

Because the Lender has the rights to lend, invest, transfer, pledge and rehypothecate the Bitcoin during the term of the Master Loan Agreement, the Company derecognized the Bitcoin transferred as collateral. As the Company has the right to receive the Bitcoin back from the Lender upon the repayment of the Coinbase Loan, the Company recorded a corresponding receivable for Bitcoin collateral. The receivable for Bitcoin collateral is measured at fair value and changes in fair value are recorded as change in fair value of Bitcoin collateral within other income (expense), net in the unaudited condensed consolidated statement of operations. As of September 30, 2025, 315 Bitcoins were posted as collateral for the Coinbase Loan at a fair value of $35,928. For the three and nine months ended September 30, 2025, an unrealized gain of $1,471 was recognized on the collateral.

In the event the Company returns the Loan earlier than the Loan maturity date it shall (i) provide 1 Business Day prior notice to Lender of such Early Termination, and (ii) pay the Lender an early termination fee. In the event of an early termination, the Company remains responsible for the full amount of all remaining outstanding interest (calculated through the Loan maturity date). These embedded features do not require bifurcation as the loan doesn’t contain conversion features.