Annual report pursuant to Section 13 and 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.22.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
SCHEDULE OF RESTRICTED CASH

 

(in thousands)   2022    

2021

(Restated)

 
    As of December 31,  
(in thousands)   2022    

2021

(Restated)

 
Cash and cash equivalents   $ 103,705     $ 268,556  
Restricted cash     8,800        
Cash, cash equivalents and restricted cash   $ 112,505     $ 268,556  
SCHEDULE OF ACTIVITIES OF DIGITAL ASSETS

The following tables presents the activities of the digital assets and digital assets, restricted for the years ended December 31, 2022 and 2021:

 

    (in thousands)  
Digital assets and digital assets, restricted at December 31, 2020     2,272  
Additions of digital assets     150,592  
Impairment of digital assets     (30,329 )
Derecognition of loaned digital assets     (27,241 )
Disposition of digital assets     (68 )
Digital assets and digital assets, restricted at December 31, 2021 (Restated)     95,226  
Additions of digital assets     117,557  
Transfer of digital assets from digital assets held in Fund    

137,844

 
Recognition of loaned digital assets     13,324  
Impairment of digital assets     (173,214 )
Disposition of digital assets     (20 )
Digital assets and digital assets, restricted at December 31, 2022   $ 190,717  
SCHEDULE OF DIGITAL CURRENCIES HELD IN FUND

 

Digital assets held in Fund at December 31, 2020   (in thousands)  
      -  
Purchase of digital assets held in Fund   $ 150,000  
Unrealized appreciation on digital assets held in Fund     74,516  
Disposition of digital assets held in Fund     (600 )
Digital assets held in Fund at December 31, 2021 (Restated)     223,916  
Unrealized depreciation on digital assets held in Fund     (74,723 )
Disposition of digital assets held in Fund     (794 )
Realized loss on in-kind distribution     (10,555 )
Digital assets transferred out of Fund     (137,844 )
Digital assets held in Fund at December 31, 2022   $  
SCHEDULE OF DISAGGREGATION OF REVENUE

The following table presents revenue of the Company disaggregated for those arrangements in which the Company is the Operator and Participant:

 

(in thousands)   2022    

2021

(Restated)

    2020  
    Year ended December 31,  
(in thousands)   2022    

2021

(Restated)

    2020  
Revenues from contracts with customers                        
Participant   $ 4,652     $ 20,903     $ 4,357  
Operator - Transaction fees     5,231       3,317        
Other revenue                        
Operator - Block rewards     107,869       134,943        
Total revenue   $ 117,753     $ 159,163     $ 4,357