Subsequent Events

3 Months Ended

Mar. 31, 2025

Subsequent Events

Subsequent Events

23. Subsequent Events

Coinbase Master Loan Agreement

On April 15, 2025, the Company entered into a Master Loan Agreement with Coinbase Credit Inc. as lender, and Coinbase Inc., (collectively, “Coinbase”). Under the master loan agreement, the Company may borrow, from time to time, cash or digital assets, which loans, if any, are intended to be collateralized with a first priority security interest in the bitcoin that the Company posts as collateral. Loans under the master loan agreement will be subject to certain minimum margin requirements based on the loan amount relative to the market value of the bitcoin collateral posted. The specific terms of any loan (including loan amount, rate, fees, collateral, margin requirements and maturity) will be set forth from time to time in a separate confirmation under the master loan agreement. Should the value of the bitcoin collateralizing the loan fall below the minimum margin requirements in the confirmation, the Company could be required to transfer additional bitcoin, or other eligible collateral, to Coinbase to reduce or repay the loan amount. The Company will pay a monthly loan fee to Coinbase based on the outstanding loan amount and determined in accordance with the terms of the confirmation.

At-the-Market Common Stock Offering Program

On April 15, 2025, the Company entered into a Controlled Equity Offering^sm Sales Agreement with Barclays Capital Inc., Cantor Fitzgerald & Co., Canaccord Genuity LLC, Needham & Company, LLC, Craig-Hallum Capital Group LLC and Lake Street Capital Markets, LLC., pursuant to which the Company may offer and sell from time to time up to $500,000 of its common stock in an ATM offering. From April 23, 2025 through May 12, 2025, the Company issued and sold 1,796,797 shares of its common stock for aggregate gross proceeds net, of sales commissions of approximately $61,456. The Company’s prior ATM offering terminated at the time the registration statement for this ATM offering was declared effective by the SEC.