v3.26.1
FAIR VALUE MEASUREMENT - Fair Value Measurement (Details) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Level 1 [Member]    
Assets    
Money market funds [1] $ 172,595,700 $ 101,800,400
Repurchase agreements 0 0
Exchange traded funds [2] 553,168,300 714,082,400
Purchased option assets [2]   $ 7,986,700
Derivative Asset, Statement of Financial Position [Extensible Enumeration]   Exchange traded funds
Common stock [2] 973,900  
Convertible note receivable 0 $ 0
Digital assets 700,075,300 904,370,600
Digital assets pledged 0 0
Total assets measured at fair value 1,426,813,200 1,728,240,100
Liabilities    
Options premium liabilities [3] 723,300 21,433,900
Convertible notes 0 0
Total liabilities measured at fair value 723,300 21,433,900
Level 2 [Member]    
Assets    
Money market funds [1] 0 0
Repurchase agreements 207,370,700 305,053,300
Exchange traded funds [2] 0 0
Purchased option assets [2]   $ 0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]   Exchange traded funds
Common stock [2] 0  
Convertible note receivable 0 $ 0
Digital assets 0 0
Digital assets pledged 135,634,300 175,300,400
Total assets measured at fair value 343,005,000 480,353,700
Liabilities    
Options premium liabilities [3] 0 0
Convertible notes 0 0
Total liabilities measured at fair value 0 0
Level 3 [Member]    
Assets    
Money market funds [1] 0 0
Repurchase agreements 0 0
Exchange traded funds [2] 0 0
Purchased option assets [2]   $ 0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]   Exchange traded funds
Common stock [2] 0  
Convertible note receivable 185,590,000 $ 149,420,400
Digital assets 0 0
Digital assets pledged 0 0
Total assets measured at fair value 185,590,000 149,420,400
Liabilities    
Options premium liabilities [3] 0 0
Convertible notes 942,186,500 945,197,000
Total liabilities measured at fair value $ 942,186,500 $ 945,197,000
[1] Money market funds are reflected in cash, cash equivalents, and restricted cash in the consolidated balance sheets.
[2] Reflected in equity securities in the consolidated balance sheets.
[3] Reflected in accounts payable and accrued expenses in the consolidated balance sheets.