Bitcoin

6 Months Ended

Jun. 30, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

The following table presents the activities of Bitcoin (in thousands):


Balance at January 1, 2026	$	3,263
Revenue recognized from Bitcoin mined	4,003
Proceeds from sale of Bitcoin	(5,260)

Change in fair value of Bitcoin	(816)
Bitcoin assumed from acquisition	7
Balance at June 30, 2026	$	1,197

During the six months ended June 30, 2026, the Company received approximately $0.3 million of customer payments in Tether (USDT) and was immediately converted into U.S. dollars. Because the conversion occurred upon receipt and resulted in no gain or loss, the transaction is reflected as a cash inflow from operating activities in the condensed consolidated statements of cash flows. The Company continues to only hold Bitcoin as part of its digital asset strategy, and the receipt and conversion of USDT did not impact its digital asset balances.

The following table presents Bitcoin holdings (in thousands except for number of Bitcoin):


	June 30, 2026		December 31, 2025
Number of Bitcoin held	20.5		37.3
Carrying basis of Bitcoin	$	1,460	$	3,835

For the three months ended June 30, 2026 and 2025, the Company had a realized loss on the sale of Bitcoin of $0.2 million and a realized gain of $0.3 million, respectively. For the six months ended June 30, 2026 and 2025, the Company had a realized loss of $1.1 million and a realized gain of $0.2 million, respectively, on the sale of Bitcoin.

All additions of Bitcoin were generated by the Company’s Bitcoin mining operations, except Bitcoin assumed from acquisition. All dispositions of Bitcoin were the result of sales on the open market and used to fund operations. Bitcoin holdings are not subject to sale restrictions and do not serve as collateral for any agreements. As of June 30, 2026 and December 31, 2025, the Company held no other cryptocurrency.