FAIR VALUE MEASUREMENT

9 Months Ended

Sep. 30, 2025

FAIR VALUE MEASUREMENT [Abstract]

FAIR VALUE MEASUREMENT

NOTE 4 - FAIR VALUE MEASUREMENT

Fair value is defined as an exit price, representing the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. We use a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:

Level 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2. Significant other inputs that are directly or indirectly observable in the marketplace.

Level 3. Significant unobservable inputs which are supported by little or no market activity.

	As of September 30, 2025
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets
Money market funds(1)	$	138,334.7	$	-	$	-
Repurchase agreements		550,421.7		-		-
Exchange traded funds(2)		584,865.1		-		-
Call option asset(2)		2,640.0		-		-
Digital assets		1,466,689.0		-		-
Total assets measured at fair value	$	2,742,950.5	$	-	$	-

Liabilities
Option premium liabilities(3)	$	13,136.5	$	-	$	-
Convertible notes		-		-		1,013,040.6
Total liabilities measured at fair value	$	13,136.5	$	-	$	1,013,040.6

	As of December 31, 2024
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Money market funds(1)	$	160,084.0	$	-	$	-
Repurchase agreements		606,547.3		-		-
Total assets measured at fair value	$	766,631.3	$	-	$	-

⁽¹⁾  Money market funds are reflected in cash, cash equivalents, and restricted cash in the condensed consolidated balance sheets.

⁽²⁾  Reflected in trading securities in the condensed consolidated balance sheets.

⁽³⁾  Option premium liabilities is reflected in accounts payable and accrued expenses in the condensed consolidated balance sheets.

The fair value of our money market funds, repurchase agreements, trading securities, digital assets, call option asset and option premium liabilities are classified within Level 1, because we use quoted market prices to determine their fair value. Options and exchange traded funds are valued based on the last trade price on the primary exchange on which they are traded. We have not experienced any material losses related to these securities.