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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).

  

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:

 

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:

 

     
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