| Schedule of Derivatives and Reconciles the Fair Value Measurement |
The following table summarizes the derivatives and reconciles the fair value measurement, which are classified within Level 2 of the fair value hierarchy: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, | As of December 31, | | | | | 2026 | 2025 | | | | six-month period | twelve-month period | | | | | | 2025 Capped Calls | Bitcoin option and selling contracts | 2025 Capped Calls | Bitcoin redemption options | Bitcoin option and selling contracts | | | | | | Derivative Assets | Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Assets | Derivative Assets | Derivative Liabilities | | | | | Balance as of January 1, | 5,200 | | 2,287 | | (2,922) | | — | | 3,418 | | — | | (128) | | | | | | Initial recognition | — | | — | | — | | 69,090 | | 1,072 | | — | | — | | | | | | Purchases | — | | — | | 4,122 | | — | | — | | 89,478 | | 64,965 | | | | | | Settlement | — | | (5,363) | | — | | — | | — | | (73,659) | | (99,256) | | | | | | Remeasurement recognized in statement of operations | 73,600 | | 3,076 | | (1,200) | | (63,890) | | (4,490) | | (13,532) | | 31,497 | | | | | | Balance as of period end | 78,800 | | — | | — | | 5,200 | | — | | 2,287 | | (2,922) | | | | | | | | | | | | | | | | | | | Total derivative assets | — | | | | 2,287 | | | | | | | | | Total long-term derivative assets | 78,800 | | | | 5,200 | | | | | | | | | | Total derivative liabilities | — | | | | (2,922) | | | | | | | | |
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| Schedule of Gain on Derivative Assets and Liabilities |
The following Gain on derivative assets and liabilities is recognized in the unaudited consolidated statements of operations: | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | Six months ended June 30, | | | | 2026 | 2025 | 2026 | 2025 | | | | Gain (loss) on Bitcoin options and selling contracts | | | | | | | | | Unrealized change in fair value of outstanding contracts | | — | | 6,566 | | (1,553) | | 228 | | | | | Realized (loss) gain on settled contracts | | — | | (4,564) | | 3,429 | | 225 | | | | | | — | | 2,002 | | 1,876 | | 453 | | | | | Gain (loss) on Bitcoin redemption options | | | | | | | | | Unrealized change in fair value | | — | | 1,672 | | — | | (1,508) | | | | | Realized gain on settled options | | — | | 110 | | — | | 1,125 | | | | | | — | | 1,782 | | — | | (383) | | | | Gain on 2025 Capped Calls | | | | | | | | Unrealized change in fair value | | 77,040 | | — | | 73,600 | | — | | | | | | | | | | | | Gain on derivative assets and liabilities | | 77,040 | | 3,784 | | 75,476 | | 70 | | | |
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