4 unchanged sentences
We generate income through bitcoin lending arrangements.
−Removed: As of June 30, 2025, approximately 7,877 bitcoin were loaned to third parties under such arrangements, representing a material portion of our total bitcoin holdings.
+Added: As of September 30, 2025, approximately 10,377 bitcoin were loaned to third parties under such arrangements, representing a material portion of our total bitcoin holdings.
Lending bitcoin involves risk of default, particularly in a highly volatile market.
7 unchanged sentences
Our use of a separately managed account to actively manage a portion of our bitcoin holdings exposes us to significant risks, including market losses, loss of control, counterparty failure and the potential loss of part or all of our investment.
−Removed: As of June 30, 2025, we held approximately 2,004 bitcoin in a separately managed account with a third-party manager that exercises discretionary authority to actively trade the bitcoin.
+Added: As of September 30, 2025, we held approximately 1,903 bitcoin in a separately managed account with a third-party manager that exercises discretionary authority to actively trade the bitcoin.
This structure exposes us to numerous risks beyond those associated with passive holding, including losses resulting from poor investment decisions, trading errors, leverage, concentration or unfavorable market movements.
3 unchanged sentences
Such a loss could materially and adversely affect our business, financial condition and results of operations.
+Added: Targeted energy or property regulations and taxes could increase our costs and adversely affect our business.
+Added: Bitcoin mining requires significant energy consumption, and our operations could be negatively impacted by government regulations or taxes specifically targeting energy usage in digital asset mining.
+Added: Federal, state or local
+Added: authorities may impose restrictions on energy consumption, mandate the use of renewable energy sources or implement higher electricity rates for mining operations, increasing our operating costs.
+Added: Additionally, governments may introduce taxes on energy usage or carbon emissions that disproportionately affect Bitcoin miners, further reducing our profitability.
+Added: If regulatory or tax burdens make mining economically unviable in certain jurisdictions, we may be forced to relocate operations, secure alternative power sources at higher costs or scale back our Bitcoin mining activities, all of which could materially and adversely affect our business, financial condition, and results of operations.
+Added: Moreover, our Bitcoin mining operations may be negatively impacted by new land use and property laws, regulations or taxes enacted by state or local governments.
+Added: Governmental authorities have and may continue to pursue and implement legislation and regulation that seeks to limit greenhouse gas emissions and noise generated by our facilities, which could adversely affect our ability to source electricity or mine bitcoin in a potentially material manner.
+Added: For example, residents of Hood County, Texas, have proposed to incorporate the land housing our Granbury, Texas Bitcoin mining facility.
+Added: If the land surrounding our Granbury, Texas facility is incorporated, the newly formed municipality could impose additional restrictions and taxes on our operations.
+Added: New legislation and regulation in other jurisdictions housing our operations could also negatively impact the profitability of our power generation and Bitcoin mining facilities, which could adversely impact on our business, financial condition and results of operations.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
3 unchanged sentences
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.