Treasury & Capital

Disclosure map

Treasury transaction log

Company records published through the governed workflow, newest first. Also available as the treasury RSS feed.

No individual transaction records have been published through the governed workflow yet. The position - 515,544 BNB held at July 31, 2026, unchanged in token count from April 30, 2026 and accumulated at a weighted-average cost of $865.99 per BNB - is disclosed in the Q1 FY2027 Form 10-Q; per-transaction records appear here when published.

Share repurchases are capital transactions, not treasury-BNB transactions: the FY2026 10-K discloses a $250.0 million repurchase program (authorized September 2025) under which 3,242,210 shares were repurchased for $17.4 million (average $5.36) in FY2026, and the Q1 FY2027 10-Q reports a further 1,434,112 shares repurchased and cancelled for $3.8 million (average $2.63) in the quarter ended July 31, 2026, leaving 41,173,850 shares issued and outstanding at July 31, 2026 and 4,676,322 shares repurchased under the program to date.

Cost basis

The Q1 FY2027 Form 10-Q reports 515,544 BNB held at July 31, 2026 at the same weighted-average cost of $865.99 per BNB - aggregate cost basis of $446.5 million against a $302.3 million fair value at the July 31, 2026 price of $586.36, a 32.3% decline from the weighted-average price paid. The FY2026 Form 10-K reported the same 515,544 BNB at a $317.3 million fair value at the April 30, 2026 price of $615.38; the token count is unchanged between the two dates. Digital assets are carried at fair value with changes recognized in earnings. The dashboard shows an Avg. BNB Cost Basis card only when a company-reported figure is on record; that card is a company-reported treasury KPI, not the GAAP carrying amount of digital assets, as its footnote states.

Debt schedule and collateral

Total debt was $16.8 million at July 31, 2026: $15.0 million of USDC borrowings under the BitGo Prime uncommitted master loan facility dated April 30, 2026 (May 6, 2026 Form 8-K) and $1.8 million of related-party notes. The BitGo borrowings were drawn during the quarter at 9.5% per annum with a 0.3% onboarding fee, reported at a 9.8% weighted funding cost, and are fixed-term loans maturing October 30, 2026 and January 21, 2027 with no contractual right of early repayment; covenants require minimum net equity of $25.0 million and a maximum ratio of total assets to net equity of 2:1. The 10-Q reports 44,198 BNB restricted as pledged collateral ($25.9 million of BNB pledged) at July 31, 2026, against 27,588 BNB ($17.0 million) at April 30, 2026. The Fat Panda seller notes - a $0.7M interest-only note at 7.0% maturing November 2026, a $0.7M convertible note at 7.0% convertible at $19.00 per share until June 1, 2027, and a $0.4M non-interest tax indemnification note with no stated maturity - make up the related-party balance, and accrued interest payable on debt was $0.2 million. Pledged BNB appears on the dashboard as the restricted-BNB split. See asset security for custody detail.

Maximum contractual dilution at April 30, 2026

As of April 30, 2026, per the FY2026 Form 10-K (accession 0001482541-26-000019). Not the July 31, 2026 share count shown elsewhere on this page.

The FY2026 Form 10-K’s period-end dilution summary reports 105,338,544 common-share equivalents at April 30, 2026 assuming every warrant exercised on a cash basis regardless of moneyness (42,607,962 shares outstanding; 50,990,135 warrant common-share equivalents including the out-of-the-money BNCWZ stapled warrants at $15.15 and the 1/12th-share public and underwriter warrants; 7,750,510 pre-funded and 3,564,362 strategic-advisor warrants at nominal exercise prices; 364,966 unvested RSUs; 22,109 stock options; 38,500 convertible-note shares). The dashboard’s share-count table carries a register-derived maximum-dilution row: full exercise or conversion of every CURRENT register instrument regardless of moneyness or vesting, excluding instruments whose contractual rights have expired - so it tracks the current register where the 10-K figure is the filed April 30, 2026 snapshot. Neither figure predicts expected dilution - both are contractual upper bounds.

GAAP weighted-average shares by reporting period

As reported in company filings, generated from SEC XBRL companyfacts (snapshot 2026-10-03). Each period shows the CONTROLLING figures - where a Form 10-Q/A restated a period, the restated values render and the superseded originals remain on the financial results page as prior history.

The June 23, 2026 Form 10-Q/As corrected the originally filed weighted-average share figures: Q3 FY2026 year-to-date basic understated by 21,806,662; Q3 FY2026 basic understated by 2,376,236; Q2 FY2026 basic understated by 2,214,508; Q2 FY2026 year-to-date basic understated by 1,857,056. The restated values are shown above (details in the 10-Q/As and the 10-K’s restatement note). FY2026 basic weighted-average shares include 9,279,575 common-share equivalents from fully vested, nominal-price pre-funded warrants. These GAAP weighted-average figures are distinct from both shares outstanding and the dashboard’s diluted share count.

Staking / validator activity

The Q1 FY2027 Form 10-Q states: “We may also generate returns through additional digital asset-related activities such as validation and staking services, lending, and other DeFi protocols in the future, though we have not staked any BNB through July 31, 2026.” The 44,198 BNB pledged as loan collateral at that date are disclosed separately in the debt and collateral section above. The July 28, 2025 offering 8-K stated the intent to use at least 20% of net proceeds in income-producing service activities, with 5% expected to be invested into approved validator, wrapping, and staking technology. Any commenced staking activity would be disclosed through filings and the governed update workflow.

Fees and conflicts

Asset management: the August 5, 2025 Asset Management Agreement with 10X Capital Partners LLC carries a management fee the Q1 FY2027 Form 10-Q describes as a flat 1.4% of the fair value of DAT-strategy assets, producing $1.1 million of management fees on a $312.8 million weighted-average fair value for the quarter ended July 31, 2026, against $5.0 million of FY2026 fees on a $330.2 million weighted-average fair value, plus warrants equal to 2% of offering shares issued to the asset manager; the agreement runs a twenty-year term expiring in 2045 with a liquidated-damages acceleration clause in Section 13(a). On May 22, 2026 the company filed a complaint in the District of Delaware seeking a declaration that the agreement is void from inception as unconscionable, return of fees paid, and alternatively that the liquidated-damages clause is an unenforceable penalty; the asset manager moved to dismiss on July 28, 2026 and the company filed its opposition on August 14, 2026, with the motion pending. The 10-Q states the company has not terminated the agreement, no amount is presently due under Section 13(a), and no liability for that provision has been recorded. Strategic advisors received warrants valued at $105.6 million; the ATM agent’s commission is up to 3.0% of gross proceeds. The 10-K also discloses that the asset manager was majority-owned by a then-Board member (see related parties).

Related-party arrangements

• Asset manager ownership: Hans Thomas, a Board member until March 2026, owns the majority of the asset manager; the asset manager and affiliates hold all asset-manager warrants and exercised 2,376,236 strategic-advisor warrants cashlessly (10-K Note 10).
• Fat Panda seller notes: notes payable to Fat Panda’s president: $0.7M interest-only at 7.0%, $0.7M convertible at 7.0% (conversion at $19.00 per share until June 1, 2027), and a $0.4M non-interest tax indemnification note - together the $1.8 million related-party note balance at July 31, 2026 (Q1 FY2027 Form 10-Q filed 2026-09-11, accession 0001482541-26-000051).
• YZi Labs cooperation: YZi Labs Management Ltd. - holder of 9,749,745 shares and warrants for a further 13,616,596 following its September 17, 2026 exercise of 7,599,264 pre-funded and strategic advisor warrants (Form 4 filed September 21, 2026) - obtained three Board seats, a CEO search committee, standstill and voting provisions under the June 23, 2026 Cooperation Agreement (Form 8-K, June 24, 2026); no cash payments to YZi are described.