|6 Months Ended|
Jul. 31, 2022
Note 5. Cryptocurrency Assets
The Company transacts business with cryptocurrency assets. The Company records cryptocurrency assets as an intangible asset with infinite life. We classify cryptocurrency that have a market value and substantial liquidity as current intangible assets, which we value at fair market value in accordance with Statement No. 157. Cryptocurrencies that do not trade on a market or have limited liquidity are classified as non-current intangible assets and are recorded on a cost basis. The following chart shows our cryptocurrency assets (in thousands):
During the three and six months ended July 31, 2022, the Company recorded in other income (expense), net fair market value expense adjustments of $2.1 million and $2.2 million, respectively. For the three and six months ended July 31, 2021, the Company recorded in other income (expense), net income related to cryptocurrencies of $2.4 million and $2.5 million, respectively.