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Non-controlling interests | 9 Months Ended
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Sep. 30, 2025
Noncontrolling interest [Abstract] |
Non-controlling interests | (11) Non-controlling interests The following table presents the changes in the balances of non-controlling interests for the three and nine months ended September 30, 2025 and 2024 (in thousands):
|  | BitAccess |  | BT HoldCo |  | Total |
Beginning balance January 1, 2025 |  | $ | 2,674 |  | $ | 4,472 |  | $ | 7,146 |
Distributions |  |  | — |  |  | (2,477 | ) |  | (2,477 | )
Share-based compensation expense |  |  | 8 |  |  | — |  |  | 8 |
Foreign currency translation |  |  | — |  |  | (89 | ) |  | (89 | )
Net (loss) income |  |  | (49 | ) |  | 8,031 |  |  | 7,982 |
Balance March 31, 2025 |  | $ | 2,633 |  | $ | 9,937 |  | $ | 12,570 |
Distributions |  |  | — |  |  | (7,640 | ) |  | (7,640 | )
Share-based compensation expense |  |  | 8 |  |  | — |  |  | 8 |
Distribution related to Up-C Restructuring |  |  | — |  |  | (8,595 | ) |  | (8,595 | )
Foreign currency translation |  |  | — |  |  | (59 | ) |  | (59 | )
Net (loss) income |  |  | (104 | ) |  | 6,357 |  |  | 6,253 |
Ending balance June 30, 2025 |  | $ | 2,537 |  | $ | — |  | $ | 2,537 |
Distributions |  |  | — |  |  | — |  |  | — |
Share-based compensation expense |  |  | 8 |  |  | — |  |  | 8 |
Distribution related to Up-C Restructuring |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  |  | (6 | ) |  | — |  |  | (6 | )
Net (loss) |  |  | (57 | ) |  | — |  |  | (57 | )
Ending balance September 30, 2025 |  | $ | 2,482 |  | $ | — |  | $ | 2,482 |
|  | BitAccess |  | BT HoldCo |  | Total |
Beginning balance January 1, 2024 |  | $ | 2,707 |  | $ | 22,480 |  | $ | 25,187 |
Distributions |  |  | — |  |  | (916 | ) |  | (916 | )
Share-based compensation expense |  |  | 8 |  |  | — |  |  | 8 |
Foreign currency translation |  |  | — |  |  | 9 |  |  | 9 |
Net income (loss) |  |  | 4 |  |  | (2,694 | ) |  | (2,690 | )
Balance March 31, 2024 |  | $ | 2,719 |  | $ | 18,879 |  | $ | 21,598 |
Distributions |  |  | — |  |  | (6,832 | ) |  | (6,832 | )
Share-based compensation expense |  |  | 8 |  |  | — |  |  | 8 |
Foreign currency translation |  |  | — |  |  | 4 |  |  | 4 |
Redemption of non-controlling interest |  |  | — |  |  | (585 | ) |  | (585 | )
Net income (loss) |  |  | 40 |  |  | 6,871 |  |  | 6,911 |
Ending balance June 30, 2024 |  | $ | 2,767 |  | $ | 18,337 |  | $ | 21,104 |
Distributions |  |  | — |  |  | (15,000 | ) |  | (15,000 | )
Share-based compensation expense |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  |  | 8 |  |  | (13 | ) |  | (5 | )
Redemption of non-controlling interest |  |  | — |  |  | — |  |  | — |
Net (loss) income |  |  | (128 | ) |  | 3,366 |  |  | 3,238 |
Ending balance September 30, 2024 |  | $ | 2,647 |  | $ | 6,690 |  | $ | 9,337 |
Non-controlling Interest - BitAccess In July 2021, the Company obtained a controlling interest in BitAccess Inc. in a business combination. The un-affiliated interest in BitAccess Inc. is reported as non-controlling interests in the accompanying consolidated financial statements. As of both September 30, 2025 and December 31, 2024, the non-controlling interest owne rship was 17.86%. The non-controlling interest has certain rights as defined in the Amended and Restated Shareholders Agreement, including the right, but not the obligation, to cause the Company to purchase the non-controlling interest immediately prior to a liquidity event (as defined in the Amended and Restated Shareholders Agreement) at the fair value of the non-controlling interest as of the liquidity event. The non-controlling interest is not mandatorily redeemable. The Company also holds a right, but not an obligation, to cause the non-controlling interest holders to sell the non-controlling interest under the same conditions. The Merger was not considered to be a liquidity event as defined in the agreement. Non-controlling Interest - BT HoldCo As a result of the Up-C Restructuring transaction, income attributable to BT HoldCo of $6.4 million was apportioned through the date of the transaction. A s o f May 30, 2025, there is no longer a balance in non-controlling interests in BT HoldCo. See Note 2a for further discussion of the Up-C Restructuring.

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- Definition The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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