v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (265,906) $ (3,749)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 90 52
Accretion of discount on investments, net 0 89
Reduction in carrying amount of right-of-use assets 14 6
Net unrealized loss on digital assets, at fair value 295,778 0
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan 2,594 0
Net unrealized gain on investments in preferred equity, at fair value (490) 0
Change in fair value on long-term notes payable, at fair value 2,165 0
Loss on extinguishment of debt 8,461 0
Share-based compensation expense 6,529 0
Bargain purchase gain (66,704) 0
Changes in operating assets and liabilities:    
Prepaid expenses 717 (214)
Other current assets 613 (359)
Other non-current assets 0 (818)
Compensation and benefits payable 1,145 (107)
Accounts payable and other liabilities (15,995) (488)
Net cash used in operating activities (30,989) (5,588)
Cash flows from investing activities:    
Purchases of digital assets, at fair value (77,282) 0
Purchases of property and equipment 0 (50)
Cash acquired through business combination 3,513 0
Purchases of investments in preferred equity, at fair value (50,499) 0
Proceeds from return of capital dividends 479 0
Purchases of short-term investments 0 (4,222)
Proceeds from short-term investments 0 12,493
Net cash provided by (used in) investing activities (123,789) 8,221
Cash flows from financing activities:    
Proceeds from issuance of Class A common stock 94,953 0
Proceeds from issuance of preferred stock 129,797 0
Preferred stock dividends paid (10,861) 0
Payment of issuance costs (10,820) 0
Payment of withholding tax on vesting of restricted stock (388) 0
Extinguishment of Coinbase loan (20,310) 0
Net cash provided by financing activities 182,371 0
Net increase in cash and cash equivalents 27,593 2,633
Cash and cash equivalents, beginning of period 67,499 6,155
Cash and cash equivalents, end of period 95,092 8,788
Non-cash investing and financing activities:    
Change in declared but unpaid preferred stock dividends 2,593 0
Release of bitcoin held as collateral upon extinguishment of Coinbase Loan 37,971 0
Exchange of preferred stock for extinguishment of long-term notes payable, at fair value 90,108 0
Class A common stock issued as part of business combination 311,183 0
Assets and liabilities resulting from business combination:    
Prepaid expenses 599 0
Other current assets 1,831 0
Digital assets, at fair value 444,029 0
Receivable for bitcoin collateral 37,971 0
Property and equipment, net 175 0
Intangible assets, net 14,650 0
Other non-current assets 1 0
Compensation and benefits payable 2,358 0
Business Combination, Recognized Liability Assumed, Accounts Payable And Other Liability 13,029 0
Long-term notes payable, at fair value 89,495 0
Coinbase Loan $ 20,000 $ 0