v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net loss $ (405,884,200) $ (31,726,600)
Adjustments to reconcile net loss to net cash provided by/(used in) operating activities:    
Non-cash interest expense on debt 11,469,800 186,800
Non-cash interest income (3,452,100) 0
Non-cash barter expense 1,035,000 0
Depreciation and amortization 1,866,400 1,779,200
Stock based compensation 11,829,600 17,851,700
Unrealized loss on digital assets and digital assets pledged 243,961,400 0
Net unrealized loss on investments 124,737,800 0
Operating lease amortization 245,100 222,000
Deferred taxes 98,800 0
Change in operating assets and liabilities    
Prepaid expenses and other current assets 7,684,800 (381,600)
Accounts receivable 23,000 (15,700)
Unearned revenue 1,200 (764,000)
Operating lease liabilities (245,200) (216,200)
Accounts payable and accrued expenses 24,518,600 3,326,600
Net cash provided by/(used in) operating activities 17,890,000 (9,737,800)
Cash flows from investing activities    
Purchases of equity securities (1,933,500) 0
Purchases of property and equipment (7,300) (3,200)
Purchases of short-term investments (2,317,400) (6,306,900)
Proceeds from short-term investments 100,000,000 0
Net cash provided by/(used in) investing activities 95,741,800 (6,310,100)
Cash flows from financing activities    
Repurchase of common stock 0 (8,250,200)
Proceeds from the exercise of warrants, net 80,500 189,400
Net cash provided by/(used in) financing activities 80,500 (8,060,800)
Net change in cash, cash equivalents, and restricted cash 113,712,300 (24,108,700)
Cash, cash equivalents, and restricted cash, beginning of period 165,888,100 170,236,100
Cash, cash equivalents and restricted cash, end of period 279,600,400 146,127,400
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets    
Cash and cash equivalents 249,066,900 [1],[2] 146,127,400
Restricted cash 30,533,500 0
Total cash, cash equivalents, and restricted cash, end of period 279,600,400 146,127,400
Supplemental disclosure of cash flow information    
Cash paid for interest 0 0
Cash paid for taxes 0 0
Noncash investing and financing activities    
Operating lease asset obtained in exchange for operating lease obligation $ 884,700 $ 0
[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.