v3.26.1
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income (loss) $ (70,946,833) $ 451,746
Adjustments to reconcile net income (loss) to net cash provided (used) in operating activities:    
Deferred income taxes 0 38,000
Unrealized loss on digital assets and receivable 18,604,938 0
Realized loss on digital assets 34,854,553 0
Impairment of digital asset receivable 1,367,236 0
Net realized and unrealized loss/(gain) on investments 11,223,980 (162,502)
Provision for credit losses 1,151,335 0
Staking income (523,448) 0
Digital lending interest income (70,449) 0
Stock-based compensation 1,993,824 0
Purchases of investments 0 (3,366,196)
Proceeds from sales of investments 0 4,099
Changes in operating assets and liabilities:    
Prepaid expenses 392,389 (16,000)
Interest and dividend receivable (209,984) (150,002)
Other assets 63,890 0
Accounts payable and other liabilities 298,797 (445,730)
Net cash used in operating activities (1,799,772) (3,646,585)
Cash flows from investing activities:    
Investments in equity securities (6,030,000) 0
Proceeds from sales and repayments of investments 900,000 0
Purchases of digital asset receivable (10,000,000) 0
Net cash used in investing activities (15,130,000) 0
Cash flows from financing activities:    
Payments for repurchase of common stock 0 (630,436)
Net cash used in financing activities 0 (630,436)
Net decrease in cash (16,929,772) (4,277,021)
Cash, beginning of period 21,936,274 6,026,110
Cash, end of period 5,006,502 1,749,089
Supplemental disclosure of cash flow information:    
Cash paid for interest 0 0
Non-cash investing activity    
Transfer of digital assets to digital asset receivable $ (11,666,132) $ 0