v3.26.1
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 95,092 $ 67,499
Investments in preferred equity, at fair value 50,510 0
Prepaid expenses 2,590 2,708
Other current assets 2,787 1,569
Total current assets 150,979 71,776
Digital assets, at fair value 929,396 668,486
Property and equipment, net 872 778
Intangible assets, net 14,994 355
Right-of-use lease assets 3,932 4,037
Other non-current assets 96 95
Total assets 1,100,269 745,527
Current liabilities:    
Compensation and benefits payable 3,667 164
Accounts payable and other liabilities 4,881 8,560
Dividends payable 4,647 2,053
Total current liabilities 13,195 10,777
Long-term notes payable, at fair value 9,701 0
Operating lease liabilities 3,416 3,512
Total liabilities 26,312 14,289
Mezzanine equity:    
Total mezzanine equity 359,174 148,802
Stockholders’ equity:    
Additional paid-in capital 1,468,128 1,055,595
Accumulated deficit (753,414) (474,054)
Total stockholders’ equity 714,783 582,436
Total liabilities, mezzanine equity, and stockholders' equity 1,100,269 745,527
Variable Rate Series A Perpetual Preferred Stock    
Mezzanine equity:    
Total mezzanine equity 359,174 148,802
Class A Common Stock    
Stockholders’ equity:    
Common stock 59 699
Class B Common Stock    
Stockholders’ equity:    
Common stock $ 10 $ 196