v3.25.4
Fair Value Measurements (Tables)
 6 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets Measured at Fair Value on Recurring Basis The following table presents our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 (in thousands):

 

 

As of December 31, 2025

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

6,562

 

 

$

6,562

 

 

$

—

 

 

$

—

 

Digital assets

 

 

63,970

 

 

 

63,970

 

 

 

—

 

 

 

—

 

Digital assets receivable, net

 

 

7,350

 

 

 

7,350

 

 

 

—

 

 

 

—

 

Total assets measured on a recurring basis

 

$

77,882

 

 

$

77,882

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative liabilities - Covered Call Options

 

$

28

 

 

 

—

 

 

$

28

 

 

 

—

 

Total liabilities measured on a recurring
    basis

 

$

28

 

 

$

—

 

 

$

28

 

 

$

—

 

 
Schedule of Changes in Carrying Amount of Digital Assets

The following table presents the changes in the carrying amount of our digital assets (in thousands):

Balance as of June 30, 2025

 

$

—

 

Purchases of digital assets

 

 

100,000

 

Change in fair value of digital assets

 

 

(631

)

Balance as of September 30, 2025

 

 

99,369

 

Change in fair value of digital assets

 

 

(26,516

)

Digital assets transferred as collateral

 

 

(10,696

)

Digital assets returned by GSR Markets

 

 

1,813

 

Balance as of December 31, 2025

 

$

63,970