Non-controlling interests

6 Months Ended

Jun. 30, 2025

(11) Non-controlling interests

The following table presents the changes in the balances of non-controlling interests for the three and six months ended June 30, 2025 and 2024 (in thousands):


	BitAccess			BT HoldCo			Total
Beginning balance January 1, 2025	$	2,674		$	4,472		$	7,146
Distributions		—			(2,477	)		(2,477	)
Share-based compensation expense		8			—			8
Foreign currency translation		—			(89	)		(89	)
Net (loss) income		(49	)		8,031			7,982
Balance March 31, 2025	$	2,633		$	9,937		$	12,570
Distributions		—			(7,640	)		(7,640	)
Share-based compensation expense		8			—			8
Distribution related to Up-C Restructuring		—			(8,595	)		(8,595	)
Foreign currency translation		—			(59	)		(59	)
Net (loss) income		(104	)		6,357			6,253
Ending balance June 30, 2025	$	2,537		$	—		$	2,537


	BitAccess		BT HoldCo			Total
Beginning balance January 1, 2024	$	2,707	$	22,480		$	25,187
Distributions		—		(916	)		(916	)
Share-based compensation expense		8		—			8
Foreign currency translation		—		9			9
Net income (loss)		4		(2,694	)		(2,690	)
Balance March 31, 2024	$	2,719	$	18,879		$	21,598
Distributions		—		(6,832	)		(6,832	)
Share-based compensation expense		8		—			8
Foreign currency translation		—		4			4
Redemption of non-controlling interest		—		(585	)		(585	)
Net income (loss)		40		6,871			6,911
Ending balance June 30, 2024	$	2,767	$	18,337		$	21,104

Non-controlling Interest - BitAccess

In July 2021, the Company obtained a controlling interest in BitAccess Inc. in a business combination. The un-affiliated interest in BitAccess Inc. is reported as non-controlling interests in the accompanying consolidated financial statements. As of both June 30, 2025 and December 31, 2024, the non-controlling interest ownership was 17.86%.

The non-controlling interest has certain rights as defined in the Amended and Restated Shareholders Agreement, including the right, but not the obligation, to cause the Company to purchase the non-controlling interest immediately prior to a liquidity event (as defined in the Amended and Restated Shareholders Agreement) at the fair value of the non-controlling interest as of the liquidity event. The non-controlling interest is not mandatorily redeemable. The Company also holds a right, but not an obligation, to cause the non-controlling interest holders to sell the non-controlling interest under the same conditions. The Merger was not considered to be a liquidity event as defined in the agreement.

Non-controlling Interest - BT HoldCo

As a result of the Up-C Restructuring transaction, income attributable to BT HoldCo of $6.4 million was apportioned through the date of the transaction. As of May 30, 2025, there is no longer a balance in non-controlling interests in BT HoldCo. See Note 2a for further discussion of the Up-C Restructuring.