v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (58,132) $ (13,257)
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in fair value of digital assets 45,992 0
Change in fair value of digital assets receivable, net 3,863 0
Share-based compensation 788 (222)
Gain on derivative liabilities (733) 0
Noncash asset management and advisory expense 1,839 0
Noncash lease expense 0 214
Depreciation expense 0 368
Loss on disposal of property and equipment 0 14
Gain on disposition of nonfinancial asset 0 (500)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (485) 2,117
Other long-term assets (678) 0
Accounts payable 77 (2,991)
Accrued liabilities (488) (4,126)
Net cash used in operating activities (7,957) (18,383)
Cash flows from investing activities:    
Purchases of digital assets (100,000) 0
Proceeds from sale of digital assets 1,925 0
Net proceeds from written covered call options 742 0
Proceeds from maturity of short-term investments 0 34,640
Proceeds from sale of property and equipment 0 10
Proceeds from the disposition of a nonfinancial asset 0 500
Net cash (used in) provided by investing activities (97,333) 35,150
Cash flows from financing activities:    
Proceeds from the issuance of Common Stock and Pre-Funded Warrants in July 2025, net of offering costs 92,190 0
Proceeds from issuance of Common Stock through our ATM Program, net of issuance costs 4,628 0
Repurchase of Common Stock (1,995) 0
Net cash provided by financing activities 94,823 0
Net (decrease) increase in cash and cash equivalents (10,467) 16,767
Cash and cash equivalents at beginning of the period 18,011 3,705
Cash and cash equivalents at end of the period 7,544 20,472
Supplemental cash flow information:    
Issuance of Advisory Warrants for services rendered in the July 2025 PIPE 16,215 0
Issuance of Pre-Funded Warrants to asset manager in lieu of cash fees 1,875 0
Issuance of Advisory Warrants in lieu of cash fees 552 0
Digital assets transferred to digital assets receivable, net 13,575 0
Digital assets returned by GSR Markets $ 1,813 $ 0