Quantitative and Qualitative Disclosures About Market Risk
−Removed: Quantitative and qualitative disclosures about market risk appear in “Management’s Discussion and Analysis of Financial Condition and Results of
−Removed: Operations” and “Quantitative and Qualitative Disclosures about Market Risk” in the Company’s Annual Report.
−Removed: There has been no significant change in our exposure to market risk during the quarter ended March 31, 2025.
+Added: Quantitative and qualitative disclosures about market risk appear in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Quantitative and Qualitative
+Added: Disclosures about Market Risk” in the Company’s Annual Report.
+Added: There has been no significant change in our exposure to market risk during the quarter ended June 30, 2025, except as follows:
+Added: We have used a significant portion of our cash and cash equivalents, including cash generated from capital raising transactions, to acquire bitcoin subsequent to June 30,
+Added: We will account for our bitcoin as indefinite-lived intangible assets.
+Added: Although we will initially record our bitcoin purchases at cost, any subsequent increases or decreases in fair value are recognized as incurred in the consolidated
+Added: statements of operations, and the fair value of our bitcoin is reflected within the consolidated balance sheets each reporting period-end.
+Added: As of June 30, 2025, we did not hold any bitcoin.
+Added: Bitcoin is a highly volatile asset that has traded below
+Added: $50,000 per bitcoin and above $120,000 per bitcoin in our principal market in the 12 months preceding the date of this Quarterly Report.
+Added: A significant decrease in the price of bitcoin would have a material adverse effect on our earnings.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.