Digital Assets

3 Months Ended

Mar. 31, 2026

NOTE 5: DIGITAL ASSETS

Bitcoin transactions and the corresponding values for the three months ended March 31, 2026 and 2025 were as follows:

	Three months ended March 31,
	2026						2025
	Quantity			Value ($)			Quantity			Value ($)
Balance of digital assets including restricted digital assets as of January 1,		2,060			180,285			1,285			120,124
Bitcoin earned*		388			29,426			492			45,332
Bitcoin earned from discontinued operations		78			6,082			201			18,743
Hosting revenue received in Bitcoin		7			200			6			343
Change in Bitcoin earned, not received		—			120			(9	)		(812	)
Bitcoin exchanged for cash		(64	)		(4,373	)		(428	)		(37,263	)
Bitcoin exchanged for goods and services		—			—			(55	)		(5,179	)
Realized gain (loss) on disposition of digital		—			(1,810	)		—			4,977
Change in fair value of digital assets		—			(41,449	)		—			(23,033	)
Balance of digital assets excluding restricted digital assets as of March 31,		2,469			168,481			1,492			123,232
Less: Restricted digital assets as of March 31,**		—			—			(353	)		(29,120	)
Balance of digital assets excluding restricted digital assets as of March 31,		2,469			168,481			1,139			94,112

Management estimates the fair value of Bitcoin earned on a daily basis as the quantity of cryptocurrency received multiplied by the price quoted on Coinbase Prime on the day it was received. Management considers the prices quoted on Coinbase Prime to be a Level 1 input under ASC 820, Fair Value Measurement.

As of March 31, 2025, the restricted digital assets comprises of i) 293 Bitcoin for the Bitcoin payment (“Bitcoin Pledged”) to a third party as a deposit of Miners presented as restricted digital assets. As the Company has the right to redeem the Bitcoin Pledged, the ability of the third party to control the asset is limited, and the Bitcoin Pledged does not meet the definition of a sale; and ii) 60 Bitcoin held by a financial institution in connection with Bitcoin selling contracts.

Keel Infrastructure Corp. 10-Q