v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) income $ (11,353) $ 112,958
Adjustments to reconcile net (loss) income to net cash used in operating activities, net of assets acquired    
Depreciation and amortization 3,753 5,335
Deferred Income Tax Expense (Benefit) (9,801) 17,924
Impairment of other assets 179 336
Loss (gain) on digital assets, net 18,892 (96,111)
Gain on sale of future token interests (2,000) 0
Staking and other income (271) (1,244)
Other loss, net 512 209
Share-based compensation 13,611 6,596
Noncash equity-based compensation - warrants 1,980 0
Accrued interest income (1,923) (2,225)
Other operating activities settled in digital assets and USDC [1] (38,898) (52,172)
Change in operating assets and liabilities:    
Accounts receivable 397 71
Prepaid expenses 620 (687)
Other current assets (335) (4,215)
Other long-term asset 79 (109)
Accounts payable 69 111
Accrued liabilities (716) 2,952
Income tax payable 0 (989)
Other current liabilities (13) (714)
Other long-term liabilities (343) (68)
Net cash used in operating activities (25,561) (12,042)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Investment in SAFE notes (600) 0
Purchase of equity security (249) 0
Purchases of long-lived assets (1,648) (201)
Proceeds from sale of future token interests 2,000 0
Purchases of fixed assets (267) (273)
Purchases of treasury bills (4,938) (76,667)
Redemption of treasury bills 35,692 91,403
Purchases of digital assets (5,895) (2,533)
Disposal of digital assets held 63,662 32,158
Issuance of loan receivables (80,000) 0
Other investing activities (100) 0
Net cash provided by investing activities 7,657 43,887
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowing on term loan 60,000 0
Payments on term loan (60,000) 0
Repurchase of shares to pay employee withholding taxes (15,076) (5,351)
Exercise of stock options 35 13
Net cash used in financing activities (15,041) (5,338)
Change in cash and cash equivalents (32,945) 26,507
Cash and cash equivalents, beginning of period 37,883 11,376
Cash and cash equivalents, end of period 4,938 37,883
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Non-cash issuance of stock 80 10
Non-cash purchase of fixed assets (36) (44)
Non-cash option exercises 32 3,074
Non-cash capitalized software costs settled in digital assets and stock (including share-based compensation of $726 and $561 respectively) (2,118) (3,532)
Non-cash capitalized interest on notes receivable 600 0
Long-lived assets acquired through equity issuance 1,220 0
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest on debt $ 570 $ 0
[1] See "Note 6 - Intangible Assets”