XML 23 R13.htm IDEA: XBRL DOCUMENT
v3.25.3

Crypto Assets | 9 Months Ended
--- | ---
Sep. 30, 2025
Other Liabilities Disclosure [Abstract] |
Crypto Assets | Note 4 – Crypto Assets The following table presents the Company’s crypto assets held as of September 30, 2025, which are measured at fair value in accordance with ASC 350-60, Intangibles – Crypto Assets. Measurement is based on quoted prices in active markets (Level 1 inputs under ASC 820, Fair Value Measurement). Schedule of Crypto Assets Held
Asset |  | Tokens |  |  | Cost |  |  | Fair Market Value |
Ethereum (ETH) (1)(2) |  |  | 70,322 |  |  | $ | 213,513,938 |  |  | $ | 291,581,923 |
Solana (SOL) |  |  | 7,355 |  |  |  | 541,505 |  |  |  | 1,526,883 |
BNB Chain (BNB) |  |  | 68 |  |  |  | 48,246 |  |  |  | 69,015 |
Rocket Pool (RPL) |  |  | 610 |  |  |  | 6,751 |  |  |  | 2,861 |
Total |  |  |  |  |  | $ | 214,110,440 |  |  | $ | 293,180,682 |
| (1) | As of September 30, 2025, the Company’s ETH holdings included:
| (a) | Approximately 30,784 ETH staked to validator nodes with an approximate fair market value of $127,642,000, presented in Crypto assets – staked; and
| (b) | Approximately 38,999 Aave aEthWETH tokens representing wrapped ETH deployed in DeFi protocols and serving as collateral for outstanding DeFi borrowings, with a fair market value of approximately $161,704,000. The underlying ETH remains recognized within Crypto assets - DeFi at fair value on the balance sheet. Although the associated aEthWETH tokens reside in the Company’s wallets, they are subject to protocol-enforced restrictions while the related borrowing is outstanding.
|  | These assets remain recorded as ETH within Crypto Assets – DeFi at fair value on the balance sheet and are subject to protocol restrictions and smart-contract risk while serving as staking or collateralized assets.
As described in Note 3, the Company classifies its crypto assets by operational use into three categories: Schedule of Crypto Assets by Operational Use
Category |  | September 30, 2025 |  |  | December 31, 2024 |
Crypto assets – treasury |  |  | 2,304,873 |  |  |  | 646,539 |
Crypto assets – DeFi |  |  | 161,703,903 |  |  |  | - |
Crypto assets – staked |  |  | 129,171,906 |  |  |  | 35,410,144 |
Total crypto assets |  |  | 293,180,682 |  |  |  | 36,056,683 |
Category Descriptions
| ● | Crypto assets – treasury represent unencumbered crypto assets maintained for liquidity and general corporate purposes.
| ● | Crypto assets – DeFi represent crypto assets deployed in DeFi protocols, primarily Aave, for lending and liquidity provision. When ETH is deposited into Aave, the protocol issues an equivalent amount of Wrapped Aave ETH (“WAETH”) to the Company’s wallet. Management concluded under ASC 610-20 that these transactions do not constitute exchanges and that the underlying ETH remains recognized at fair value.
| ● | Crypto assets – staked represent crypto assets actively deployed in validator operations to earn staking rewards. These assets are subject to protocol lock-ups and governance risks.
Fair Value Measurement All categories of crypto assets are valued using quoted prices in active markets for identical assets and are therefore classified as Level 1 within the fair-value hierarchy (see Note 5 – Fair Value of Financial Assets and Liabilities). Encumbrances arising from staking or DeFi deployments do not affect fair-value classification because such restrictions are entity-specific and do not influence observable market pricing. Activity Rollforward The following table summarizes the activity in the Company’s crypto assets for the nine months ended September 30, 2025: Schedule of Crypto Assets Rollforward Activity
December 31, 2024 - Fair Market Value |  | $ | 36,056,683 |
Additions and purchases of crypto assets |  |  | 199,858,288 |
Rewards earned from blockchain infrastructure and DeFi operations |  |  | 9,403,200 |
Sales of crypto assets |  |  | (3,431,427 | )
Crypto payments |  |  | (8,115,551 | )
Crypto fees |  |  | (10,050 | )
Realized gains on sale of crypto assets |  |  | 203,352 |
Realized losses on sale of crypto assets |  |  | (8,771,033 | )
Change in unrealized appreciation (depreciation) of crypto assets |  |  | 67,987,220 |
September 30, 2025 - Fair Market Value |  | $ | 293,180,682 |

X
- Definition The entire disclosure for crypto-asset held for platform user. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section FF -Paragraph Question 2 -Publisher SEC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 5.FF.Q2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147476188/405-10-S99-1 + Details
Name: | srt_PlatformOperatorCryptoAssetTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_OtherLiabilitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration