v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Total revenues $ 2,760 $ 1,423
Operating expenses:    
Fund management and administration 1,424 1,411
Employee compensation and benefits 13,053 2,066
General and administrative expense 5,938 1,906
Marketing and advertising 116 61
Depreciation and amortization 90 52
Total operating expenses 20,621 5,496
Investment gains/(losses):    
Net unrealized loss on digital assets, at fair value (295,778) 0
Net unrealized gain on investments in preferred equity, at fair value 490 0
Total investment gains/(losses), net (295,288) 0
Net operating loss (313,149) (4,073)
Other income/(expense):    
Other income 526 324
Interest expense on long-term notes payable, at fair value (242) 0
Change in fair value on long-term notes payable, at fair value (2,165) 0
Loss on extinguishment of debt (8,461) 0
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan (2,594) 0
Transaction costs (6,525) 0
Bargain purchase gain 66,704 0
Total other income, net 47,243 324
Net loss before income taxes (265,906) (3,749)
Income tax benefit/(expense) 0 0
Net loss (265,906) (3,749)
Dividends on preferred stock (13,454) 0
Net loss attributable to common stockholders (279,360) (3,749)
Net loss attributable to common stockholders $ (279,360) $ (3,749)
Weighted average number of common shares outstanding:    
Basic (in shares) [1] 61,630,003 2,275,940
Diluted (in shares) [1] 61,630,003 2,275,940
Net loss per common share:    
Basic (in USD per share) [1] $ (4.53) $ (1.65)
Diluted (in USD per share) [1] $ (4.53) $ (1.65)
Investment advisory fees    
Revenues:    
Total revenues $ 1,347 $ 1,416
Medical device revenues    
Revenues:    
Total revenues 1,370 0
Other revenue    
Revenues:    
Total revenues $ 43 $ 7
[1] Basic and diluted earnings per common share for Class A and Class B common stock are the same.