v3.26.1
Segment Information - Schedule of Segment Reporting Information (Details) - 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)
Asset Management    
Revenues:    
Total revenues 1,347 1,423
Operating expenses:    
Fund management and administration 1,424 1,411
Employee compensation and benefits 1,291 2,066
General and administrative expense 637 1,906
Marketing and advertising 7 61
Depreciation and amortization 0 52
Total operating expenses 3,359 5,496
Investment gains/(losses):    
Net unrealized loss on digital assets, at fair value 0 0
Net unrealized gain on investments in preferred equity, at fair value 0 0
Total investment gains/(losses), net 0 0
Net operating loss (2,012) (4,073)
Other income/(expense):    
Other income 11 324
Interest expense on long-term notes payable, at fair value 0 0
Change in fair value on long-term notes payable, at fair value 0 0
Loss on extinguishment of debt 0 0
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan 0 0
Transaction costs 0 0
Bargain purchase gain 0 0
Total other income, net 11 324
Net loss before income taxes (2,001) (3,749)
Income tax benefit/(expense) 0 0
Net loss (2,001) (3,749)
Medical Device    
Revenues:    
Total revenues 1,370 0
Operating expenses:    
Fund management and administration 0 0
Employee compensation and benefits 5,178 0
General and administrative expense 2,270 0
Marketing and advertising 0 0
Depreciation and amortization 32 0
Total operating expenses 7,480 0
Investment gains/(losses):    
Net unrealized loss on digital assets, at fair value 0 0
Net unrealized gain on investments in preferred equity, at fair value 0 0
Total investment gains/(losses), net 0 0
Net operating loss (6,110) 0
Other income/(expense):    
Other income 205 0
Interest expense on long-term notes payable, at fair value 0 0
Change in fair value on long-term notes payable, at fair value 0 0
Loss on extinguishment of debt 0 0
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan 0 0
Transaction costs 0 0
Bargain purchase gain 0 0
Total other income, net 205 0
Net loss before income taxes (5,905) 0
Income tax benefit/(expense) 0 0
Net loss (5,905) 0
Corporate & Other    
Revenues:    
Total revenues 43 0
Operating expenses:    
Fund management and administration 0 0
Employee compensation and benefits 6,584 0
General and administrative expense 3,031 0
Marketing and advertising 109 0
Depreciation and amortization 58 0
Total operating expenses 9,782 0
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 (305,027) 0
Other income/(expense):    
Other income 310 0
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 47,027 0
Net loss before income taxes (258,000) 0
Income tax benefit/(expense) 0 0
Net loss (258,000) 0
Investment advisory fees    
Revenues:    
Total revenues 1,347 1,416
Investment advisory fees | Asset Management    
Revenues:    
Total revenues 1,347 1,416
Investment advisory fees | Medical Device    
Revenues:    
Total revenues 0 0
Investment advisory fees | Corporate & Other    
Revenues:    
Total revenues 0 0
Medical device revenues    
Revenues:    
Total revenues 1,370 0
Medical device revenues | Asset Management    
Revenues:    
Total revenues 0 0
Medical device revenues | Medical Device    
Revenues:    
Total revenues 1,370 0
Medical device revenues | Corporate & Other    
Revenues:    
Total revenues 0 0
Other revenue    
Revenues:    
Total revenues 43 7
Other revenue | Asset Management    
Revenues:    
Total revenues 0 7
Other revenue | Medical Device    
Revenues:    
Total revenues 0 0
Other revenue | Corporate & Other    
Revenues:    
Total revenues $ 43 $ 0