v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating Activities:    
Net loss $ (148,391) $ (10,510)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,305 1,077
Share-based compensation 19,136 2,079
Impairment 3,131
Realized (Gains) / Losses on Digital Assets (259,775)
Unrealized (Gains) / Losses on Digital Assets 373,931
Unrealized loss on investment in equity securities 26
Income tax expense (benefit) (234)
Reserve for credit losses 622
Non-cash consideration received in the form of convertible promissory notes (3,290)
Non-cash transaction fees paid with digital assets 254
Non-cash staking and custody fees paid with digital assets 442
Amortization of debt discount 99
Amortization of debt issuance costs 73
Non-cash finance costs 90
Unrealized loss on short-term investments 44
Change in fair value of derivative liability (1)
Effect of changes in assets and liabilities, net of acquisition:    
Accounts receivable (693) (350)
ERC receivable 1,724 (930)
Operating lease right-of-use assets 135 66
Other assets (67)
Contract liabilities 21 134
Operating lease liabilities (137) (73)
Net cash used in operating activities (20,769) (8,765)
Investing Activities:    
Purchase of digital assets (295,000)
Purchases of investments – trading securities (811) (5,502)
Proceeds from sale of investments – trading securities 5,724 545
Purchase of LyveCom, Inc., net of cash acquired (4,222)
Purchases of software development costs (100)
Purchases of property and equipment (88) (342)
Purchases of intangible assets (46) (86)
Net cash used in investing activities (294,543) (5,385)
Financing Activities:    
Proceeds from PIPE offering, net of offering costs 361,400
Proceeds from sale of common stock 7,228 18,596
Repurchases of common stock (20,579)
Proceeds from sales of preferred stock offering 5,000
Redemption of Series D – Preferred Stock (6,152)
Payments for offering costs related to common stock offerings (105)
Payments for offering costs related to preferred stock offerings (300) (180)
Payment of note payable (118) (19)
Net cash provided by financing activities 346,479 18,292
Net change in cash, cash equivalents and restricted cash 31,167 4,142
Cash, cash equivalents and restricted cash - beginning of year 8,495 4,353
Cash, cash equivalents and restricted cash - end of year 39,662 8,495
Nonrelated Party [Member]    
Adjustments to reconcile net loss to net cash used in operating activities:    
Non-cash consideration received in the form of TON (2,806)
Effect of changes in assets and liabilities, net of acquisition:    
Prepaid expenses and other current assets (1,098) (58)
Accounts payable, accrued expenses, and accrued interest (650) (438)
Related Party [Member]    
Adjustments to reconcile net loss to net cash used in operating activities:    
Non-cash consideration received in the form of TON (1,738)  
Effect of changes in assets and liabilities, net of acquisition:    
Prepaid expenses and other current assets (2,953)
Accounts payable, accrued expenses, and accrued interest $ 269