v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Current Assets:    
Cash and cash equivalents [1],[2] $ 249,066,900 $ 134,557,600
Restricted cash 30,533,500 31,330,500
Short-term investments 207,370,700 305,053,300
Equity securities 554,142,200 722,069,100
Prepaid expenses and other current assets [1],[2] 10,307,600 9,992,300
Accounts receivable, net 221,600 244,500
Total current assets 1,051,642,500 1,203,247,300
Convertible note receivable 200,000,000 200,000,000
Interest receivable 3,950,700 498,600
Property and equipment, net 2,556,900 3,051,600
Goodwill 120,884,200 120,884,200
Digital assets (Note 4) 700,075,300 904,370,600
Digital assets pledged (Note 4) 135,634,300 175,300,400
Intangible assets, net 18,465,200 19,829,600
Right-of-use assets, net 3,145,000 2,505,300
Total assets 2,236,354,100 2,629,687,600
Current Liabilities:    
Accounts payable and accrued expenses [1],[2] 19,676,700 32,294,300
Convertible notes payable (Note 10) 953,262,200 941,893,900
Related party payables $ 262,000 $ 262,000
Other Liability, Noncurrent, Related Party Type [Extensible Enumeration] Related Party [Member] Related Party [Member]
Unearned revenue $ 1,066,700 $ 30,400
Current portion of long-term debt 4,873,400 4,780,500
Current portion of operating lease liability 1,087,400 836,200
Total current liabilities 980,228,400 980,097,300
Long-term operating lease liability 2,111,900 1,723,500
Long-term debt - other 451,200 442,600
Deferred tax liability 659,000 560,100
Total liabilities 983,450,500 982,823,500
Commitments and contingencies (Note 15)
Stockholders’ Equity:    
Preferred Stock $0.0001 par value – 1,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2026 and December 31, 2025 0 0
Common Stock $0.0001 par value – 999,000,000 shares authorized, 276,953,828 and 276,724,314 shares issued and outstanding at March 31, 2026 and December 31, 2025 28,100 28,100
Paid in capital 5,372,372,500 5,360,448,800
Treasury stock, at cost (4,279,691 and 4,279,691 shares) (56,516,300) (56,516,300)
Accumulated deficit (4,063,060,600) (3,657,247,100)
Total stockholders’ equity 1,252,823,700 1,646,713,500
Noncontrolling interest 79,900 150,600
Total equity 1,252,903,600 1,646,864,100
Total liabilities and stockholders’ equity $ 2,236,354,100 $ 2,629,687,600
[1] As of March 31, 2026, the total assets include $3,723.7 related to the consolidated VIE of which $3,666.6 is included in cash and cash equivalents, and $57.1 in prepaid expenses and other current assets.  Total liabilities included $175.1 related to the consolidated VIE of which $175.1 is included in accounts payable and accrued liabilities.  As of December 31, 2025, the total assets include $1,556.0 related to the consolidated VIE of which $1,556.0 is included in cash and cash equivalents.  Total liabilities included $50.5 related to the consolidated VIE of which $50.5 is included in accounts payable and accrued liabilities.  There is no recourse against us for the liabilities of the consolidated VIE.
[2] Under certain provisions of Accounting Standards Codification (“ASC”) 810, Consolidations (“ASC 810”), we are required to separately disclose on our consolidated balance sheets the assets of the consolidated variable interest entity (“VIE”) that are owned by the consolidated VIE and liabilities of the consolidated VIE as to which there is no recourse against us.