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


	For the Six Months Ended June 30,
	2024			2023
Opening balance	$	32,978		$	6,283
Cumulative effect upon adoption of ASU 2023-08		-			209
Bitcoin received from equity investees		5,907			317
Bitcoin received from mining activities		85,281			52,836
Proceeds from sale of bitcoin		(10,334	)		(52,479	)
Realized gains on sale of bitcoin		4,868			2,695
Unrealized gains on fair value of bitcoin		19,379			2,435
Ending balance	$	138,079		$	12,296

The Company held approximately 2,203, and 780 bitcoin at June 30, 2024, and December 31, 2023, respectively. The associated fair value and cost basis of bitcoin held was $138.1 million, and $116.6 million, respectively, at June 30, 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 June 30, 2024, 30 bitcoin with a fair value of $1.9 million were pledged. Restrictions on this bitcoin pledged as collateral will lapse in the fourth quarter of 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.