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Long Term Equity Investments

9 Months Ended

Sep. 30, 2025

Long Term Equity Investments [Abstract]

Note 5. Long Term Equity Investments

The Company holds interests in several privately held companies as long-term investments. The following table presents the Company’s long-term investments as of September 30, 2025, and December 31, 2024 ($ in thousands):

	December 31, 2024				September 30, 2025
	Cost Basis		Carrying Value		Cost Basis		Carrying Value
Investment in Kerna Health	$	2,140	$	4,940	$	2,140	$	4,940
Investment in Revere Master SPV Series 1 (Qxpress Pte Ltd)*		1,000		1,000		1,000		1,000
Investment in MW LSV MasterClass, LLC (Yanka Industries, Inc. d.b.a. Masterclass)*		170		170		170		170
Investment in Payward, Inc. and MWSI VC Kraken-II, LLC (Payward, Inc. d.b.a. Kraken)**		597		364		597		364
Investment in Aeon Partners Fund Series EG (Epic Games, Inc.)*		3,500		2,248		3,500		2,248
Investment in Tesspay, Inc. and Revere Master SPV Series VI (TessPay, Inc.) **		1,240		1,240		1,240		1,240
Investment in Aeon Partners Fund Series DB (Databricks, Inc.)*		716		538		-		-
Investment in Discord Inc.		476		476		476		476
Investment in Thrasio, Inc.		300		-		300		-
Investment in Automation Anywhere, Inc.		476		397		476		397
Investment in Dominari Master SPV LLC Series VI (X.AI Corp. d.b.a. xAI)*		100		109		100		109
Investment in Dominari Master SPV LLC Series XI (Cerebras Systems Inc.)*		25		25		25		25
Investment in Dominari Master SPV LLC Series XII (Groq, Inc.)*		25		25		25		25
Investment in AdvEn Inc.		750		750		750		750

Total	$	11,515	$	12,282	$	10,799	$	11,744

*	Investments made in these companies are through a Special Purpose Vehicle (“SPV”). The SPV is the holder of the actual stock. The Company does not hold these stock certificates directly.

**	Investments made in these companies are through both an SPV and direct investments.

The Company recorded a $32.0 million decrease to the carrying value for the three-month period ended September 30, 2025 as a result of the reclassification of the ABTC investment to marketable securities and no change for the nine months ended September 30, 2025. The Company recorded a decrease of approximately $0.9 million. for the three months ended September 30, 2024 and a decrease of approximately $6.5 million for the nine-month period ended September 30, 2024.

Investment in Aeon Partners Fund Series DB (Databricks, Inc.)

During the first quarter of 2025, the Company redeemed its interest in Databricks, Inc. for net proceeds of approximately $0.5 million, which resulted in a gain of approximately $28,000.

Investment in American Bitcoin Corp.

On February 18, 2025, the Company announced the creation of American Data Centers Inc. (“ADC”), a strategic venture focused on acquiring, building out and transforming data center campuses across the United States to meet the accelerated demand for advanced computing.

On March 31, 2025, ADC completed a series of transactions (“Transactions”), wherein ADC, Hut 8 Corp., a Delaware corporation, and certain of its subsidiaries (“Hut 8”), contributed to ADC substantially all of Hut 8’s wholly owned ASIC bitcoin miners in exchange for newly issued stock representing 80% of the issued and outstanding equity interests of ADC. At the closing of the Transactions, ADC changed its name to American Bitcoin Corp. (“American Bitcoin”). In connection with the Transactions, American Bitcoin and Hut 8 entered into definitive agreements for Hut 8 to provide exclusive management back-office operational and ASIC colocation services to American Bitcoin. As a result of the Transactions, American Bitcoin became a subsidiary of Hut 8 in which the Company held a 3.17% minority interest in American Bitcoin represented by 23,199,205 shares of common stock. The Company also entered into a lock-up agreement (“Lock-Up Agreement) restricting the Company’s sale of any shares owned, until a pre-determined amount of time after any merger or other go-public events of American Bitcoin.

On June 27, 2025, American Bitcoin consummated a private placement pursuant to which it raised gross proceeds of approximately $220 million from the sale of American Bitcoin’s Class A common stock at a per share purchase price of $20 (the “Private Placement”) for which Dominari Securities acted as placement agent. The Class A and Class B common stock had the same rights, powers and privileges and were identical in all respects as to all matters. As a result of the Private Placement, the Company held an approximate 2.6% minority interest in American Bitcoin and adjusted the carrying value of its 1.6 million shares of American Bitcoin’s Class B common stock, which was exchangeable with the Class A common stock on a one for one basis, to $32.0 million at June 30, 2025. As of June 30, 2025, the carrying value of the American Bitcoin investment was recorded within the long-term equity investments caption of the Company’s unaudited condensed consolidated balance sheet.

On September 2, 2025, Gryphon Digital Mining, Inc. (NASDAQ:GRYP), a bitcoin mining company that offers carbon-neutral bitcoin mining and digital mining operations, entered into a definitive merger agreement with American Bitcoin Corp. to form a combined company that would operate under the brand American Bitcoin and be led by the board of directors of American Bitcoin and would be listed for trading on NASDAQ under the ticker symbol “ABTC”. As part of the Merger, a 14.4995-for-1 stock split was completed, resulting in the Company receiving 23,199,205 shares of ABTC common stock. ABTC began trading on NASDAQ for $8.00 per share, on September 3, 2025.

As of September 30, 2025, the Company valued its investment in ABTC using the quoted market price of $6.74 per share resulting in a fair value of approximately $156.4 million, recorded within the marketable securities caption of the condensed consolidated balance sheet. The Company recorded the entire associated unrealized gain of $156.4 million within the gain (loss) on marketable securities” caption of the unaudited condensed consolidated statement of operations for the three and nine months ended September 30, 2025. As a result of the Lock-Up Agreement, the Company is restricted from selling, transferring, or otherwise disposing of any ABTC shares until March 1, 2026.