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Bitcoin

3 Months Ended

Mar. 31, 2024

NOTE 3. BITCOIN

The following table presents information about the Company’s bitcoin (in thousands):


	March 31,
	2024		2023
Opening balance	$	32,978	$	6,283
Cumulative effect upon adoption of ASU 2023-08		-		209
Bitcoin received from equity investees		1,694		317
Revenue recognized from bitcoin mined, net of receivable		48,079		21,717
Proceeds from sale of bitcoin		-		(20,958	)
Change in fair value of bitcoin		40,556		4,265
Ending balance	$	123,307	$	11,833

The Company held approximately 1,730, and 780 bitcoin at March 31, 2024, and December 31, 2023, respectively. The associated fair value and cost basis of bitcoin held was $123.3 million, and $80.7 million, respectively, at March 31, 2024, and $33.0 million, and $30.9 million, respectively at December 31, 2023. Fair value of bitcoin is estimated using the closing price of bitcoin, which is a Level 1 input (i.e., an observable input such as a quoted price in an active market for an identical asset).

The Company may pledge bitcoin as collateral related to bitcoin trading strategies. As of March 31, 2024, 67 bitcoin with a fair value of $4.8 million were pledged. Restrictions on that collateral lapsed on April 1, 2024. As of December 31, 2023, 10 bitcoin with a fair value of $0.4 million were pledged. Restrictions on that collateral lapsed on January 26, 2024.