v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (32,139) $ (12,873)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 808 1,042
Deferred tax benefit (15,627) (7,423)
Impairment of other assets 411 137
Loss on digital assets, net 36,413 28,809
Staking and other (income) loss (110) 136
Other loss, net 3 447
Share-based compensation 4,477 2,707
Accrued interest income (4,586) (648)
Other operating activities settled in digital assets and stablecoins [1] (352) (15,070)
Change in operating assets and liabilities:    
Accounts receivable 28 246
Prepaid expenses 824 (1,592)
Income tax receivable (3,401) 1,456
Other current assets (534) 79
Other long-term assets 8 32
Accounts payable 648 322
Income tax payable 3,554 0
Accrued liabilities 181 (1,073)
Other long-term liabilities 0 12
Net cash used in operating activities (2,592) (6,166)
CASH FLOWS FROM INVESTING ACTIVITIES    
Investment in Simple Agreements for Future Equity notes ("SAFEs") 0 (100)
Purchases of fixed assets (26) (51)
Redemption of treasury bills 0 29,000
Purchases of digital assets (962) (1,571)
Disposal of digital assets held 73,215 6,416
Other investing activities (325) 0
Net cash provided by investing activities 71,902 33,694
CASH FLOWS FROM FINANCING ACTIVITIES    
Repurchase of shares to pay employee withholding taxes (1,329) (5,638)
Net cash used in financing activities (1,329) (5,638)
Change in cash and cash equivalents 67,981 21,890
Cash and cash equivalents, beginning of period 4,938 37,883
Cash and cash equivalents, end of period 72,919 59,773
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Non-cash issuance of stock 14 26
Fixed assets purchased with digital assets 0 (27)
Non-cash capitalized software costs settled in digital assets and stock (including stock-based compensation of $133 and $52, respectively) (542) (450)
Non-cash capitalized interest on loans receivable $ 2,141 $ 0
[1] See "Note 6 - Digital Assets".