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Crypto Assets Held
 3 Months Ended
Mar. 31, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Crypto Assets Held

4. Crypto Assets Held

 

The Company’s crypto assets are comprised solely of Bitcoin. In accordance with ASC Topic 820, Fair Value Measurement, the Company measures the fair value of its Bitcoin based on the quoted end-of-day price on the measurement date for a single Bitcoin on an active trading platform, River.com. Management has determined that River.com, an active exchange market, represents a principal market for Bitcoin and the end-of-day quoted price is both readily available and representative of fair value (Level 1 inputs). The following table sets forth the units held, cost basis, and fair value of its investments in crypto assets, as shown on the condensed consolidated balance sheets (in thousands):

 

   March 31, 2026 
   Units   Cost Basis   Fair Value 
Crypto assets held:               
Bitcoin   1   $111   $66 
Total   1   $111   $66 

 

   December 31, 2025 
   Units   Cost Basis   Fair Value 
Crypto assets held:               
Bitcoin   6   $653   $506 
Total   6   $653   $506 

 

The following table presents a reconciliation of the fair values of the Company’s investments in crypto assets for the three months ended March 31, 2026 (in thousands):

 

   Bitcoin 
Balance, December 31, 2025  $506 
Dispositions   (542)
Unrealized loss, net   102
Balance, March 31, 2026  $66 

 

Dispositions are the result of sales of Bitcoin. During the three months ended March 31, 2026, the Company had Bitcoin dispositions of $0.5 million, inclusive of realized gains of $0.2 million. The Company uses a first-in, first-out methodology to assign costs to Bitcoin for purposes of the Bitcoin held and realized gains and losses disclosure above. Bitcoin is included in current assets in the condensed consolidated balance sheets due to the Company’s ability to sell them in a highly liquid marketplace and its intent to liquidate its Bitcoin to support operations when needed.