5. BITCOIN

6 Months Ended

Mar. 31, 2024

Common Domain Members [Abstract]

BITCOIN

5.BITCOIN

The following table presents the Company's bitcoin holdings as of March 31, 2024 and September 30, 2023:

	As of
Bitcoin holdings	March 31, 2024		September 30, 2023 (unaudited)
Number of bitcoin held		5,021		2,243
Cost basis - per bitcoin	$	41,886	$	25,074
Fair value - per bitcoin	$	71,291	$	26,961
Cost basis of bitcoin (in '000s)	$	210,324	$	56,241
Fair value of bitcoin (in '000s)	$	357,981	$	60,424

The cost basis represents the valuation of bitcoin at the time the Company earns the bitcoin through mining activities. The cost basis for 2,243 bitcoin held as of the adoption of ASC 350-60, was determined on the "cost less impairment" basis.

The following table presents information based on the activity of bitcoin for the six months ended March 31, 2024:

($ in thousands)
Balance as of September 30, 2023	$	56,241
Cumulative effect of the adoption of ASC 350-60		4,183
Adjusted beginning balance - at fair value	$	60,424
Addition of bitcoin from mining activities		185,585
Bitcoin sold & issued for services and purchase of software		(43,771	)
Gains from fair value adjustments		155,743
Balance as of March 31, 2024	$	357,981

The Company's bitcoin holdings are not subject to rehypothecation and do not serve as collateral for any existing loans or agreements. As of March 31, 2024, the Company held no other crypto currency. The cumulative realized gains from dispositions of bitcoin during the three and six months ended March 31, 2024 were $332 and $12,419, respectively.