v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net loss $ (52,228,923) $ (3,617,647)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 2,358,923 240,915
Bad debt expense 20,848 32,110
Depreciation 82,895 136,606
Debt restructuring costs 14,722,631 38,889
Loss on acquisition of Nakamoto Holdings 59,753,811
Interest paid in digital assets 3,012,563
Amortization of debt discounts 2,825,746 374,528
Change in fair value of digital assets 166,093,907
Loss on investments 9,915,745
Change in fair value of call option - related party (226,374,000)
Amortization of right-of-use assets 159,098 83,725
Other 199,461 (61,051)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (1,962,799) (172,710)
Security deposits 1,275 (8,120)
Accounts payable and accrued expenses (1,953,936) (6,085)
Non-current liabilities (138,744) (115,051)
Net cash used in operating activities (23,511,499) (3,073,891)
Cash flows from investing activities:    
Purchases of property and equipment (13,293)
Proceeds from sale of digital assets 41,224,712
Proceeds from investments 5,051,947
Capitalized software (234,383) (388,338)
Purchase of digital assets (696,247,326)
Investments in unconsolidated affiliates (30,007,992)
Cash acquired in acquisition of Nakamoto Holdings 188,569
Net cash used in investing activities (680,024,473) (401,631)
Cash flows from financing activities:    
Net proceeds from issuance of convertible notes payable 191,850,000
Net proceeds from issuance of common shares and warrants in connection with a public offering 5,860,650
Net proceeds from issuance of notes payable 45,000
Proceeds from loan payable 203,017,500
Proceeds from issuance of common stock related to PIPE Financings 518,080,468
Proceeds from issuance of common stock issued for At-The-Market offering 5,659,976
Proceeds from issuance of common stock related to exercise of warrants 9,216,534
Repurchase of treasury stock (320,404) (22,145)
Repayments of notes payable (648,828) (658,528)
Repayments of convertible notes payable (203,000,000)
Repayments of finance lease liabilities (9,645) (1,331)
Net cash provided by financing activities 723,845,601 5,223,646
Net change in cash and cash equivalents 20,309,629 1,748,124
Cash and cash equivalents - beginning of period 2,273,624 525,500
Cash and cash equivalents - end of period 22,583,253 2,273,624
Cash paid for:    
Interest 19,227
Income taxes
Non-cash investing and financing activities:    
Debt discounts on notes payable 13,285,377 10,556
Recognition of contingent financial asset related to call option 27,314,000
Issuance of common stock for Convert Fee Shares 3,304,485
Issuance of common stock for Nakamoto Holdings acquisition 24,999,679
Issuance of digital assets and common stock for intangible asset acquisition 3,009,281
Issuance of common stock for cashless exercise of warrants 62,150
Proceeds from notes payable in USDT 414,469,999
Payments of notes payable in USDT 413,788,874
Issuance of Bitcoin for Investment 5,657,020
Issuance of USDC for investment in unconsolidated affiliate 15,000,000
Repurchase of treasury stock 438,156
Fair value of derivative liability recognized upon issuance of notes payable 38,000
Extinguishment of derivative liability upon settlement of notes payable 214,949
Financed purchases of property and equipment 10,976
Operating lease right-of-use asset and liability measurement $ 489,670